Nexa Resources (NYSE:NEXA) reported its first quarter 2026 results, with net revenues of US$888 million, Adjusted EBITDA of US$283 million, and net income of US$118 million, supported by higher metal prices and stronger operations.

The strong first quarter has come alongside very sharp share price moves, with a 27.21% 1 month share price return and 58.48% year to date. The 1 year total shareholder return of 168.84% and 3 year total shareholder return of 140.64% suggest powerful longer term momentum despite the recent 16.69% 1 day share price decline.

If Nexa’s recent swing has you thinking about where else to look in metals, this could be a useful moment to scan 8 top copper producer stocks

With Nexa now trading at US$13.93 and showing an intrinsic discount of about 10% while sitting below the average analyst price target, you have to ask: is there still value here, or is the stock already pricing in future growth?

Most Popular Narrative: 7.1% Undervalued

Compared to Nexa’s last close at $13.93, the most followed narrative on the stock points to a fair value of $15, suggesting a modest valuation gap.

Nexa is one of the cheaper ways to gain exposure to zinc and related base metals, but the investment case is stronger than a simple commodity beta trade. The company combines mining and smelting, giving it a more integrated operating model than many peers, and its earnings are supported not only by zinc but also by copper, lead, silver, and gold by-products.

The valuation story here leans on strong recent profitability, an integrated mine to smelter setup, and earnings power that the narrative argues the market is still discounting. According to HedgeY, the fair value hinges on healthy margins, improving leverage, and an earnings outlook that treats current results as more than a one off.

Result: Fair Value of $15 (UNDERVALUED)

However, investors still have to watch for weaker zinc prices or setbacks at Nexa’s Latin American mines and smelters, which could quickly challenge this undervaluation story.

Next Steps

If this mix of optimism and concern around Nexa resonates with you, take the time to review the data for yourself and consider both perspectives using the 4 key rewards and 3 important warning signs

Looking for more investment ideas?

If Nexa has caught your attention, do not stop here. Broader opportunities often emerge when you scan across quality, income, and lower risk ideas side by side.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.