Berenberg Lifts Fresnillo FY26 Estimates After Q2 Production Report

08:35 AM EDT, 07/24/2026 (MT Newswires) -- Berenberg tweaked its earnings estimates for Fresnillo (FRES.L) amid a model update following the London-listed precious metals miner's second-quarter production report. The company's gold volumes and base metals production figures came in ahead of expectations, offsetting weaker-than-anticipated silver volumes for the quarter, according to a note published Thursday. For the first half, Fresnillo is projected to report $3.6 billion in revenue and EPS of $2.13 for the first six months when it releases its half-year results on Aug. 4, higher than the consensus estimates of $3.3 billion and $1.63, respectively. As such, analysts raised their full-year 2026 sales and EPS estimates by 1.3% and 2.2%. "We also expect Fresnillo to generate meaningful FCF during the half, and forecast an H1 dividend of USD0.41 per share (consensus: USD0.59 per share), with a net-cash balance at period-end of USD1.5bn. We further note that our FY26 dividend is H2-weighted and, therefore, we have a noticeably lower dividend forecast in H1 compared to consensus," the research firm said. "We maintain our Hold rating, reiterating our view that robust medium-term free cash flow generation will underpin a substantial net-cash position of USD2.7bn by FY27, but we see limited additional upside for the share price except for the silver price." The price target was also left unchanged at 33 pounds sterling.