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Trekor Metals Limited logo

Trekor Metals Limited

TKO.L
43
Copper · Basic Materials
Price
495.00 GBp
-40.00 (-7.48%)
Market Cap
£1.54B
Exchange
London Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+12.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 287.5M (2021) → 323.5M (2025)

Taseko Mines Limited is a Canadian copper mining company. Its main asset is the Gibraltar Mine in British Columbia, Canada, which is one of the largest open-pit copper mines in North America. The company digs copper out of the ground and sells it primarily to industrial buyers, including manufacturers who use copper in wiring, construction, and electronics.

Taseko makes money by selling copper concentrate — a processed form of the ore — at prices set by global commodity markets. The company operates almost entirely in Canada, though it is also developing the Florence Copper project in Arizona, which would be its first U.S. operation. Its competitive position depends heavily on keeping production costs low, since it has little control over the price it receives for copper. The main growth driver is the Florence project, which uses an in-situ recovery method that could lower costs significantly, but permitting delays and copper price swings remain key risks.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+68.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+146.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$-4M/ year

-0.6% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.9%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$169M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Trekor Metals Limited grew revenue 68% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
34.7%
Modest — 34.7% gross margin
Operating Margin
28.5%
Excellent — 28.5% operating margin
ROCE
4.0%
Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+27.9%
Fast-growing sales (27.9% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
1451%
Turns 1451% of profit into real cash
FCF Margin
2.5%
Thin free cash flow (2.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
1.05
Elevated debt (1.05)
Interest Cover
2.08x
Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
246.9x
Expensive — P/E 246.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
-239.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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