Copper's fall should not put off a revisit of Chile and Peru equities
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Copper price and Chile and Peru equities are back to late 2020 levels; both on big discounts to historic average P/B
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Concerns reflected in valuation: low copper price (wide twin deficits), disrupted copper output, policy under leftists
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Return to pre-Covid copper output alone drives growth, anti-investor policy constrained by opposition-led legislatures
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.