Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 26 Nov, 25 | NEXA | Buy | USD 6.5 | USD 6.8 | USD 7.3 | 7 days | Closed |
12.31%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Nexa Resources S.A., together with its subsidiaries, engages in the zinc mining and smelting business. The company operates through two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cement, silver concentrate, and cadmium/sponge deposits. The company owns and operates six polymetallic mines, including three located in the Central Andes of Peru; two located in the State of Minas Gerais in Brazil; and one located in the State of Mato Grosso in Brazil. It also owns and operates three zinc smelters comprising one located in Cajamarquilla in Peru; and two located in the State of Minas Gerais in Brazil, which recovers and produces metallic zinc, zinc oxide, and by-products, such as sulfuric acid. The company also exports its products. Its products are used in civil construction, transportation, energy, agriculture, health, and consumer goods industries. The company was formerly known as VM Holding S.A. and changed its name to Nexa Resources S.A. in September 2017. The company was founded in 1956 and is based in Luxembourg, Luxembourg. Nexa Resources S.A. operates as a subsidiary of Votorantim S.A.
Higher Adjusted EBITDA: Adjusted EBITDA increased from USD 183 million in 3Q24 to USD 186 million in 3Q25, reflecting a 2% YoY improvement, supported by stronger operational performance and higher by-product prices
Revenue Growth: Net revenues increased from USD 709 million in 3Q24 to USD 764 million in 3Q25, representing an 8% YoY growth
Smelting Cash Cost Increase: Smelting segment cash cost rose from USD 1.24/lb (3Q24) to USD 1.32/lb (3Q25), reflecting a USD 0.08/lb YoY increase amid operational cost pressures
Lower Total Zinc Sales: Smelting zinc sales declined from 153 kt in 3Q24 to 150 kt in 3Q25, a 2% YoY decrease as part of strategic volume guidance
Nexa’s investment risk is primarily driven by exposure to commodity-price volatility, operational variability in key assets such as Aripuanã, and sensitivity to treatment-charge dynamics that materially influence margins
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 6.5 | 5.7 | 6.8 | 7.3 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strong Consolidated Performance: Nexa Resources delivered robust third-quarter 2025 results, supported by disciplined operational execution, firmer metal prices, and improved mining output. Consolidated net revenues reached USD 764 million, rising 8% year-over-year, while Adjusted EBITDA increased to USD 186 million, with a margin of 24%, reflecting healthier by-product credits and stronger volumes . The company also reported USD 100 million in net income, highlighting the rebound from earlier-year disruptions.
Mining Segment Recovery: The mining division recorded notable momentum, producing 84 kt of zinc, up 1% YoY and 14% QoQ, driven by recoveries at Vazante and a record quarter at Aripuanã . Segment revenues rose to USD 372 million, supported by cost improvements. Consolidated cash cost net of by-products decreased to USD (0.49)/lb, helped by higher by-product credits and lower treatment charges, positioning costs better than year-to-date guidance.
Aripuanã Achieves Record Output: Aripuanã continued advancing toward stable, long-term performance, treating 420 kt of ore and producing 10.4 kt of zinc, a new record, marking +70% QoQ growth . Installation of the fourth tailings filter, already arrived on site, is progressing for commissioning in early 2026, enabling nameplate capacity in 2H26. Cost performance also improved due to operational optimization and volume gains.
Progress on Cerro Pasco Integration: The Cerro Pasco Integration Project maintained steady progress under Phase I, which includes execution of tailings pumping systems, civil works, and completion of key procurement packages . The project is expected to extend mine life to 15+ years and deliver 20–30% NSR uplift, strengthening long-term profitability within a high-potential mineral district.
Smelting Segment Performance: Smelting sales totaled 150 kt, down 2% YoY but consistent with annual guidance, as production normalized across units, including a record quarter at Cajamarquilla . Net revenues reached USD 541 million, while Adjusted EBITDA was USD 23 million, reflecting industry-wide margin pressures amid higher zinc prices and evolving treatment charge dynamics.
Strengthened Cash Flow and Liquidity: Free cash flow improved to USD 52 million, driven by strong operating performance and a positive USD 19 million working-capital contribution . Liquidity remains solid at USD 790 million, including an undrawn USD 320 million revolving credit facility, while net leverage declined to 2.2x, supported by higher EBITDA and disciplined capex of USD 90 million in the quarter.
ESG and Strategic Positioning: Nexa reinforced its sustainability commitments, earning the PERUMIN Seal of Excellence in Gender Equity, the GHG Protocol Brazil Gold Seal, and achieving compliance with LME Responsible Sourcing standards . The company reiterated its priorities: completing Aripuanã’s ramp-up, advancing Cerro Pasco Integration, strengthening balance-sheet resiliency, and maintaining disciplined capital allocation to drive long-term, sustainable cash generation.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Nexa Resources (NYSE: NEXA) at the closing market price of USD 6.50, as on Nov 25, 2025
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Other Industrial Metals & Mining
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| NEXA Nexa Resources SA |
0.59 4.66% | 13.25 | - | 4.91 | 0.32 | 0.69 | 0.77 | 9.68 |
| BHP BHP Group Limited |
3.32 4.78% | 72.71 | 13.32 | 11.30 | 3.15 | 3.88 | 3.35 | 6.30 |
| BHPLF BHP Group Limited |
- -% | 34.00 | 13.29 | 11.21 | 3.18 | 3.85 | 3.35 | 6.30 |
| RTNTF Rio Tinto Group |
- -% | 107.00 | 17.11 | 11.85 | 2.81 | 2.79 | 2.88 | 7.27 |
| RTPPF Rio Tinto Group |
0.0025 0.0027% | 93.15 | 14.16 | 9.87 | 2.26 | 2.29 | 2.35 | 5.93 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on November 26, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2026 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
