Aeris Resources' (ASX:AIS) near-term multiples are supported by commodity strength and cash accumulation, according to Jefferies in a Tuesday note.

It delivered group copper equivalent production of 42,100 tonnes in fiscal year 2026, within its guidance range of 40,000 tonnes to 49,000 tonnes.

Near-term commodity strength and working-capital release drove an around AU$50 million build in cash and receivables to AU$202 million, funding the integration of Constellation and Peel, although AU$135 million fiscal year 2027 growth capital expenditure tempers near-term cash conversion.

Jefferies forecasts AU$337 million earnings before interest, taxes, depreciation, and amortization (EBITDA) and AU$231 million year-end net cash for fiscal year 2027.

The investment firm retained a buy rating on Aeris with a price target of AU$0.55 per share.