Fresnillo (FRES)

Up
Share Price:
3,168.00p
Market Cap:
£23,345m
Change Today:
83.00p
Sector:
Mining

Citi reiterates 'buy' on Fresnillo, hikes price target

By Michele Maatouk

Date: Monday 05 Jan 2026

LONDON (ShareCast) - (Sharecast News) - Citi lifted its price target on Fresnillo on Monday to 3,900p from 3,000p and reiterated its 'buy' recommendation on the precious metals miner as it raised estimates for earnings and cash flow to factor in higher silver and gold prices.
Citi now forecasts 2026 EBITDA at $3.9bn, up 27% versus a year earlier, while 2026 free cash flow is expected at $2.1bn, up from $1.6bn in 2025.

"Our base case estimates are based on $58 and $4,375 silver and gold prices, compared to spot prices at $80 and $4,562," the bank noted. "Our revised EBITDA and FCF estimates for 2026 could be higher between 28-32% on spot commodity prices, implying a solid mark-to-market momentum for the stock."

Citi said it sees Fresnillo paying a $1bn cash dividend in 2026, while a $0.6bn outflow for the Probe Gold acquisition "is likely to build a solid pipeline for organic growth".

It said the valuation at 7.7x 26 estimated EBITDA and a 6.8% FCF yield are attractive even after a rally of more than 400% year-to-date.

At 1120 GMT, Fresnillo shares were up 4.1% at 3,490p, in line with a broader rally in the sector, as gold prices were boosted by a flight to safety after the US capture over the weekend of Venezuelan leader Nicolas Maduro.

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Fresnillo Market Data

Currency UK Pounds
Price 3,168.00p
Change Today 83.00p
52 Week High 4,448.00p
52 Week Low 1,647.00p
Volume 3,115,465
Shares Issued 736.89m
Market Cap £23,345m

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