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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10.4x - 11.5x | 10.9x |
Selected Fwd EBIT Multiple | 5.7x - 6.2x | 6.0x |
Fair Value | A$3.04 - A$3.29 | A$3.17 |
Upside | -4.8% - 2.8% | -1.0% |
Benchmarks | Ticker | Full Ticker |
Westgold Resources Limited | WGX | ASX:WGX |
IGO Limited | IGO | ASX:IGO |
Beacon Minerals Limited | BCN | ASX:BCN |
Capricorn Metals Ltd | CMM | ASX:CMM |
Catalyst Metals Limited | CYL | ASX:CYL |
Gold Road Resources Limited | GOR | ASX:GOR |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
WGX | IGO | BCN | CMM | CYL | GOR | ||
ASX:WGX | ASX:IGO | ASX:BCN | ASX:CMM | ASX:CYL | ASX:GOR | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | 6.4% | NM- | -19.6% | NM- | 335.7% | 55.8% | |
Latest Twelve Months | 136.9% | 40.0% | -148.4% | 72.9% | 1949.5% | 23.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.3% | -19.0% | 26.1% | -2780.3% | -1.3% | 29.5% | |
Prior Fiscal Year | 1.1% | -74.1% | 10.6% | 14.6% | -2.8% | 35.6% | |
Latest Fiscal Year | 17.7% | -70.4% | 18.9% | 35.2% | 31.2% | 39.2% | |
Latest Twelve Months | 15.7% | -92.1% | -10.8% | 32.4% | 31.2% | 39.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.12x | 2.68x | 1.52x | 9.91x | 5.24x | 5.09x | |
EV / LTM EBITDA | 7.8x | -8.5x | 8.7x | 26.2x | 13.2x | 9.5x | |
EV / LTM EBIT | 13.5x | -2.9x | -14.1x | 30.6x | 16.8x | 13.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -14.1x | 13.5x | 30.6x | ||||
Historical EV / LTM EBIT | 11.3x | 15.3x | 18.0x | ||||
Selected EV / LTM EBIT | 10.4x | 10.9x | 11.5x | ||||
(x) LTM EBIT | 207 | 207 | 207 | ||||
(=) Implied Enterprise Value | 2,155 | 2,269 | 2,382 | ||||
(-) Non-shareholder Claims * | 789 | 789 | 789 | ||||
(=) Equity Value | 2,944 | 3,057 | 3,171 | ||||
(/) Shares Outstanding | 1,086.4 | 1,086.4 | 1,086.4 | ||||
Implied Value Range | 2.71 | 2.81 | 2.92 | ||||
FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2.71 | 2.81 | 2.92 | 3.20 | |||
Upside / (Downside) | -15.3% | -12.1% | -8.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WGX | IGO | BCN | CMM | CYL | GOR | |
Enterprise Value | 2,533 | 1,840 | 115 | 3,777 | 1,221 | 2,688 | |
(+) Cash & Short Term Investments | 181 | 291 | 17 | 356 | 39 | 166 | |
(+) Investments & Other | 47 | 1,646 | 5 | 0 | 0 | 742 | |
(-) Debt | (147) | (43) | (9) | (80) | (26) | (119) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,612 | 3,734 | 127 | 4,052 | 1,234 | 3,476 | |
(/) Shares Outstanding | 943.1 | 755.8 | 105.7 | 431.1 | 251.8 | 1,086.4 | |
Implied Stock Price | 2.77 | 4.94 | 1.21 | 9.40 | 4.90 | 3.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.77 | 4.94 | 1.21 | 9.40 | 4.90 | 3.20 | |
Trading Currency | AUD | AUD | AUD | AUD | AUD | AUD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |