Hochschild Mining (HOC)
- Share Price:
- 430.80p
- Market Cap:
- £2,216.29m
- Change Today:
-
-15.80p
- Sector:
- Mining
Berenberg raises target price on Hochschild Mining
By Iain Gilbert
Date: Friday 28 Aug 2026
LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg lifted their target price on Hochschild Mining from 570p to 800p on Friday, citing a materially stronger long‑term growth profile and a supportive precious‑metals backdrop.
Berenberg said it continues to view Hochschild as a compelling production‑growth story, with volumes set to rise around 55% on a gold‑equivalent basis between 2026 and 2030 as Mara Rosa's recovery progresses and new projects come online.
It highlighted the planned restart of Pallancata in Peru, targeting the Royropata vein system from 2028, and the Monte do Carmo gold project in Brazil, where a final investment decision was expected by the end of 2026 and first output likely in late 2028.
Berenberg said the projects provided clear catalysts for the shares over the coming quarters, alongside ongoing operational improvements at Mara Rosa. It also noted that permit progress at Royropata will be closely watched, but said management's timelines appeared credible.
The German bank updated its model following Hochschild's interim results, lowering medium‑term admin and exploration cost assumptions and adding Monte do Carmo to its valuation. It also raised its enterprise value-to-underlying earnings multiple to 5.5x from 4x and its price-to-net asset value multiple to 1.5x, reflecting "attractive growth potential".
Berenberg added that the precious‑metals complex continues to benefit from the broader "debasement trade" and concerns over the US fiscal backdrop, themes that could further support Hochschild's shares. The stock currently trades on 1.16x NAV and 5.1x 2026 EBITDA, with the broker reiterating its 'buy' stance on the stock.
Reporting by Iain Gilbert at Sharecast.com
HOC Market Data
| Currency | UK Pounds |
| Price | 430.80p |
| Change Today | -15.80p |
| 52 Week High | 795.00p |
| 52 Week Low | 316.40p |
| Volume | 3,947,724 |
| Shares Issued | 514.46m |
| Market Cap | £2,216.29m |
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What The Brokers Say
| Strong Buy | 4 |
| Buy | 4 |
| Neutral | 2 |
| Sell | 0 |
| Strong Sell | 0 |
| Total | 10 |
