Actionable insights — SSR miners coverage comp table

1. Maintain a comp sheet for the whole universe — rank it, don't cherry-pick it

1. Define a complete coverage universe by group (copper miners, explorers, gold miners, streamers) and put every name on the same sheet with the same columns — price, your rating, your target, upside to target, P/NAV, EV/EBITDA, P/E, FCF and sustaining-FCF yield, dividend, cash costs, AISC, EV/reserves.
2. Compute group means/medians so each name is judged against its peer set, not the market: a streamer at 18× EBITDA and a miner at 5× aren't comparable, but each vs its group median is.
3. Let the ranking drive the ratings: Buys where upside, P/NAV and FCF yield line up cheap vs peers; Holds where quality is real but fully priced. The discipline is covering the whole universe, so the Holds prove the Buys aren't just enthusiasm.
4. Re-run the sheet on price moves — a rating is a function of the numbers, so it changes when they do.

• Names whose sheet metrics dislocate from their group median after a selloff; a Hold whose numbers quietly cross into Buy territory on a price drop (that's the alert trigger).

2. Back out the implied commodity price at NAV = share price — buy the widest gap to spot

1. For each producer, solve for the commodity price at which the company's NAV would equal today's share price (levered and unlevered) — that's the gold/copper price the stock is actually discounting, a cleaner mispricing gauge than P/NAV alone because it's denominated in the commodity everyone watches.
2. Compare it to spot: a big gap below spot means you're buying the ounces cheap and need no commodity forecast for upside; an implied price at or above spot means the equity already assumes the rally (or more).
3. Buy the widest gaps (subject to the quality/cost columns); Hold or avoid the names discounting spot or better — even the great ones.
4. Use the levered vs unlevered spread as a balance-sheet read: a large spread means debt (or cash) is doing the work in the equity math.

• The implied-price gap widening on equity selloffs while spot holds; implied prices crossing above spot on your holdings (the sell/trim signal); the sheet's cheapest-implied name as the next deep-dive candidate.

3. Screen first, underwrite second — the sheet feeds the deep dive

1. Treat the comp sheet as the funnel, not the conclusion: it surfaces which name earns the fresh, bottom-up research ("deep-research underwriting") before capital is committed.
2. When the deep dive is done, set the actionable target from your underwriting — even if it lands well below the sheet's screening target — and only act if the idea still clears the rating hurdle at the conservative number.

• Which sheet name gets his next deep dive (highest upside + lowest implied price + clean balance sheet is the pattern); screening targets vs final underwritten targets.