Bell Asset Management Limited - Bell Australian Small Companies Fund (Class A) on Capstone Copper Corp.
Thesis
Capstone Copper rose following a good quarterly production update. The company has invested in improving the reliability of its operations, and the fund believes those investments are now translating into better outcomes. The managers continue to see upside because Capstone trades at a materially lower valuation multiple than other diversified copper producers.
“We continue to see upside in the stock as it is trading at a much lower valuation multiple than other diversified copper producers.”