# Atalaya Mining (ATYM.LSE)

Canonical: https://gigainvestors.com/s/ATYM.LSE

Analysis as of: 2026-10-16T07:40:50.425Z. Financial observations: FY2011–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 988.00 per share; close as of 2026-10-15.

Estimated value: low GBX 422.87 per share, central GBX 523.50 per share, high GBX 582.09 per share. Buy at or below the central value GBX 523.50 per share. Valuation as of 2026-10-16T07:40:50.425Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.15×

- FY2018: 0.24×

- FY2019: 0.20×

- FY2020: 0.14×

- FY2021: 0.41×

- FY2022: 0.06×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.27×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.1%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 18.1%

- Recent gross margin (lower of latest and 3-year median): 16.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.4%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.4%

- FY2017: 10.3%

- FY2018: 15.5%

- FY2019: 10.0%

- FY2020: 10.7%

- FY2021: 34.4%

- FY2022: 4.8%

- FY2023: 7.8%

- FY2024: 6.1%

- FY2025: 23.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 264M

- Net income, five-year total: EUR 323M

- Return on incremental invested capital: 58.0%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 5.4 pp

- Working capital / revenue, final three-year average: -6.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.38×

- FY2023: 0.55×

- FY2024: 0.41×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.3% vs 7.8%

- Per-share earnings: 0.09 to 0.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: EUR 1.3B

- Cumulative retained earnings: EUR 270M

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.0%

- Per-share value change: EUR 0.18

- Per-share value, starting three-year median: EUR 0.09

- Per-share value, ending three-year median: EUR 0.27

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 132M

- Cumulative net income, 10 years: EUR 457M

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 7.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.09

- FY2017: EUR 0.13

- FY2018: EUR 0.25

- FY2019: EUR 0.27

- FY2020: EUR 0.23

- FY2021: EUR 0.97

- FY2022: EUR 0.23

- FY2023: EUR 0.27

- FY2024: EUR 0.22

- FY2025: EUR 0.58

### accounting: pass

- Sloan accruals: -13.5%

- Receivables to sales index (DSRI): 1.34×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: -3.3%

- FY2018: -5.1%

- FY2019: -0.1%

- FY2020: -6.2%

- FY2021: -2.6%

- FY2022: -0.8%

- FY2023: -3.9%

- FY2024: -3.2%

- FY2025: -13.5%

## Holders

## Price story

Price needs cash profits to grow 17.6% a year for ten years · sales +47.8%

Story as of 2026-10-16T10:00:11.680Z; price observation 2026-10-15.

Price needs cash profits to grow 17.6% a year for ten years

### Sales · FY2024–2025

sales +47.8%; source https://filings.xbrl.org/549300QNQPXVRXGXOX56/2025-12-31/ESEF/GB/0/549300QNQPXVRXGXOX56-2025-12-31/reports/549300QNQPXVRXGXOX56-2025-12-31-T01.xhtml; observed 2026-05-12.

- FY2016: EUR 98M 

- FY2017: EUR 161M 

- FY2018: EUR 196M 

- FY2019: EUR 188M 

- FY2020: EUR 253M 

- FY2021: EUR 406M 

- FY2022: EUR 362M 

- FY2023: EUR 340M 

- FY2024: EUR 327M 

- FY2025: EUR 483M 

### Gross margin · FY2025

gross margin 32%; source https://filings.xbrl.org/549300QNQPXVRXGXOX56/2025-12-31/ESEF/GB/0/549300QNQPXVRXGXOX56-2025-12-31/reports/549300QNQPXVRXGXOX56-2025-12-31-T01.xhtml; observed 2026-05-12.

- FY2016: 9.3% 

- FY2017: 18.2% 

- FY2018: 27.4% 

- FY2019: 26.4% 

- FY2020: 18.0% 

- FY2021: 44.7% 

- FY2022: 10.9% 

- FY2023: 16.4% 

- FY2024: 15.1% 

- FY2025: 32.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in copper; annual sales are EUR 482.9 million.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2025-12-31 (filed 2026-05-12); FY2025: revenue 482915000; grossProfit 154406000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15.1% to 32% during 2023–25; it earns 10.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2023-12-31 (filed 2026-05-12); FY2023: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2024-12-31 (filed 2026-05-12); FY2024: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2025-12-31 (filed 2026-05-12); FY2025: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); 10-year return on capital observations [[2016,0.01396924488837666],[2017,0.10265990261113707],[2018,0.15455524065978124],[2019,0.10003344365859082],[2020,0.10650226950080145],[2021,0.34366946668492715],[2022,0.04767227474794858],[2023,0.07817967594192114],[2024,0.061308677098150785],[2025,0.2345380159790279]]; median 0.10134667313486395. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Realised copper prices, excluding QPs, were US$5.10/lb in Q4 2025, compared with US$4.10/lb in Q4 2024.

- Source: https://filings.xbrl.org/549300QNQPXVRXGXOX56/2025-12-31/ESEF/GB/0/549300QNQPXVRXGXOX56-2025-12-31/reports/549300QNQPXVRXGXOX56-2025-12-31-T01.xhtml (filed 2026-05-12); The increase was primarily due to higher concentrate sales volumes, higher realised copper price and lower TC/RC prices. Realised copper prices, excluding QPs, were US$5.10/lb in Q4 2025, compared with US$4.10/lb in Q4 2024. Including QPs, the realised price was approximately US$4.85/lb.

### Where the cash goes

Spends 40.3% of cash earnings on expansion; earns 58% on new investment.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2016-12-31 (filed 2026-05-12); FY2016: growth capex 20037000; upkeep 11292000; owner earnings 12037000. Growth capex / owner earnings = 1.664617429592091.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2017-12-31 (filed 2026-05-12); FY2017: growth capex 3549000; upkeep 16671000; owner earnings 18239000. Growth capex / owner earnings = 0.1945830363506771.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2018-12-31 (filed 2026-05-12); FY2018: growth capex 49786000; upkeep 13430000; owner earnings 34715000. Growth capex / owner earnings = 1.434135100100821.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2020-12-31 (filed 2026-05-12); FY2020: growth capex 0; upkeep 27046000; owner earnings 34062400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2021-12-31 (filed 2026-05-12); FY2021: growth capex 164000; upkeep 32276000; cash acquisitions 53000000; owner earnings 132542000. Growth capex plus acquisitions / owner earnings = 0.40111059135971994.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2022-12-31 (filed 2026-05-12); FY2022: growth capex 0; upkeep 53594000; cash acquisitions 0; owner earnings 12697200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2023-12-31 (filed 2026-05-12); FY2023: growth capex 0; upkeep 54297000; owner earnings 21396400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2024-12-31 (filed 2026-05-12); FY2024: growth capex 0; upkeep 61410000; owner earnings 13132800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/E5S1.F.json#2025-12-31 (filed 2026-05-12); FY2025: growth capex 34128000; upkeep 47520000; owner earnings 84682400. Growth capex / owner earnings = 0.40301172380565503.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Incremental return on capital 0.5799518910232596, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Dividend observations: [[2016,0],[2017,0],[2018,47290000],[2019,47290000],[2020,47290000],[2021,47290000],[2022,5099000],[2023,11478000],[2024,10306000],[2025,10055000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 11.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATYM.LSE SharesStats.PercentInsiders = 11.475 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Ten-year compound average after fade. Initial solved rate 0.24234986770454958. Price 988; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.8484698446908744 → FY2025 0.5765256937447237. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 79.50 per share

- 2016-11: GBX 137.00 per share

- 2016-12: GBX 122.00 per share

- 2017-01: GBX 153.50 per share

- 2017-02: GBX 146.25 per share

- 2017-03: GBX 129.50 per share

- 2017-04: GBX 141.50 per share

- 2017-05: GBX 126.00 per share

- 2017-06: GBX 120.00 per share

- 2017-07: GBX 137.50 per share

- 2017-08: GBX 177.00 per share

- 2017-09: GBX 156.00 per share

- 2017-10: GBX 167.50 per share

- 2017-11: GBX 175.00 per share

- 2017-12: GBX 165.00 per share

- 2018-01: GBX 186.00 per share

- 2018-02: GBX 198.50 per share

- 2018-03: GBX 212.50 per share

- 2018-04: GBX 253.00 per share

- 2018-05: GBX 238.50 per share

- 2018-06: GBX 251.00 per share

- 2018-07: GBX 239.00 per share

- 2018-08: GBX 216.00 per share

- 2018-09: GBX 258.00 per share

- 2018-10: GBX 232.50 per share

- 2018-11: GBX 211.50 per share

- 2018-12: GBX 209.50 per share

- 2019-01: GBX 236.00 per share

- 2019-02: GBX 230.50 per share

- 2019-03: GBX 229.50 per share

- 2019-04: GBX 218.00 per share

- 2019-05: GBX 212.00 per share

- 2019-06: GBX 204.50 per share

- 2019-07: GBX 217.50 per share

- 2019-08: GBX 190.00 per share

- 2019-09: GBX 198.00 per share

- 2019-10: GBX 193.00 per share

- 2019-11: GBX 189.50 per share

- 2019-12: GBX 192.00 per share

- 2020-01: GBX 202.50 per share

- 2020-02: GBX 161.00 per share

- 2020-03: GBX 85.00 per share

- 2020-04: GBX 113.50 per share

- 2020-05: GBX 121.00 per share

- 2020-06: GBX 147.50 per share

- 2020-07: GBX 207.50 per share

- 2020-08: GBX 183.00 per share

- 2020-09: GBX 165.50 per share

- 2020-10: GBX 175.00 per share

- 2020-11: GBX 214.00 per share

- 2020-12: GBX 235.00 per share

- 2021-01: GBX 272.00 per share

- 2021-02: GBX 330.00 per share

- 2021-03: GBX 310.50 per share

- 2021-04: GBX 326.00 per share

- 2021-05: GBX 357.00 per share

- 2021-06: GBX 306.50 per share

- 2021-07: GBX 302.00 per share

- 2021-08: GBX 320.00 per share

- 2021-09: GBX 315.00 per share

- 2021-10: GBX 405.00 per share

- 2021-11: GBX 409.00 per share

- 2021-12: GBX 411.50 per share

- 2022-01: GBX 412.00 per share

- 2022-02: GBX 435.00 per share

- 2022-03: GBX 405.00 per share

- 2022-04: GBX 377.50 per share

- 2022-05: GBX 386.00 per share

- 2022-06: GBX 322.50 per share

- 2022-07: GBX 280.00 per share

- 2022-08: GBX 222.50 per share

- 2022-09: GBX 191.00 per share

- 2022-10: GBX 276.00 per share

- 2022-11: GBX 304.00 per share

- 2022-12: GBX 330.00 per share

- 2023-01: GBX 349.00 per share

- 2023-02: GBX 361.00 per share

- 2023-03: GBX 341.00 per share

- 2023-04: GBX 331.00 per share

- 2023-05: GBX 306.00 per share

- 2023-06: GBX 320.00 per share

- 2023-07: GBX 330.00 per share

- 2023-08: GBX 325.00 per share

- 2023-09: GBX 340.00 per share

- 2023-10: GBX 300.00 per share

- 2023-11: GBX 315.00 per share

- 2023-12: GBX 361.00 per share

- 2024-01: GBX 348.00 per share

- 2024-02: GBX 328.00 per share

- 2024-03: GBX 388.00 per share

- 2024-04: GBX 444.50 per share

- 2024-05: GBX 433.00 per share

- 2024-06: GBX 434.00 per share

- 2024-07: GBX 380.00 per share

- 2024-08: GBX 387.00 per share

- 2024-09: GBX 403.00 per share

- 2024-10: GBX 369.00 per share

- 2024-11: GBX 356.00 per share

- 2024-12: GBX 359.00 per share

- 2025-01: GBX 344.00 per share

- 2025-02: GBX 365.00 per share

- 2025-03: GBX 331.50 per share

- 2025-04: GBX 363.00 per share

- 2025-05: GBX 437.50 per share

- 2025-06: GBX 454.00 per share

- 2025-07: GBX 458.00 per share

- 2025-08: GBX 538.00 per share

- 2025-09: GBX 627.00 per share

- 2025-10: GBX 684.00 per share

- 2025-11: GBX 711.00 per share

- 2025-12: GBX 855.00 per share

- 2026-01: GBX 1,028.00 per share

- 2026-02: GBX 1,028.00 per share

- 2026-03: GBX 709.00 per share

- 2026-04: GBX 743.00 per share

- 2026-05: GBX 875.00 per share

- 2026-06: GBX 816.50 per share

- 2026-07: GBX 885.50 per share

- 2026-08: GBX 1,109.00 per share

- 2026-09: GBX 1,080.00 per share

- 2026-10: GBX 988.00 per share

## Annual estimated value (GBX per share)

- FY2020: low GBX 226.89 per share, central GBX 255.43 per share, high GBX 293.42 per share

- FY2021: low GBX 505.61 per share, central GBX 700.27 per share, high GBX 813.62 per share

- FY2022: low GBX 462.43 per share, central GBX 630.46 per share, high GBX 728.30 per share

- FY2023: low GBX 237.32 per share, central GBX 310.34 per share, high GBX 352.86 per share

- FY2024: low GBX 157.36 per share, central GBX 175.35 per share, high GBX 199.29 per share

- FY2025: low GBX 327.54 per share, central GBX 429.28 per share, high GBX 488.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:28.509Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300QNQPXVRXGXOX56/2025-12-31/ESEF/GB/0/549300QNQPXVRXGXOX56-2025-12-31/reports/549300QNQPXVRXGXOX56-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-05-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.