Buenaventura: Net Cash, Record Earnings, And A Discount The Market Won't Close

Buenaventura (BVN) delivers strong Q1 results, with net income up 139% YoY and a net cash position for the first time in years. San Gabriel mine is a structural catalyst, expected to double BVN's gold output and sustain relevance as Orcopampa nears depletion. BVN trades at discounted multiples (EV/EBITDA 5.7x, P/B 2.09x) due to Peru concentration, regulatory, and execution risks, despite sector-leading ROE.