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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -46.1x - -50.9x | -48.5x |
| Selected Fwd EBITDA Multiple | 3.2x - 3.5x | 3.4x |
| Fair Value | €0.30 - €0.34 | €0.32 |
| Upside | -31.7% - -23.8% | -27.8% |
| Benchmarks | Ticker | Full Ticker |
| Eldorado Gold Corporation | ELD | TSX:ELD |
| EMX Royalty Corporation | EMX | TSXV:EMX |
| TRX Gold Corporation | TRX | TSX:TRX |
| Torex Gold Resources Inc. | TXG | TSX:TXG |
| Aris Mining Corporation | ARIS | TSX:ARIS |
| Sierra Madre Gold and Silver Ltd. | 409 | DB:409 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ELD | EMX | TRX | TXG | ARIS | 409 | ||
| TSX:ELD | TSXV:EMX | TSX:TRX | TSX:TXG | TSX:ARIS | DB:409 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.7% | NM- | NM- | 10.5% | 1.4% | NM- | |
| 3Y CAGR | 18.0% | NM- | NM- | 3.1% | -3.7% | NM- | |
| Latest Twelve Months | 62.0% | -15.8% | 19.0% | 29.0% | 31.6% | 78.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 44.0% | -38.2% | 6.8% | 53.2% | 40.0% | -82.8% | |
| Prior Fiscal Year | 43.3% | 30.7% | 40.1% | 47.7% | 34.3% | NA | |
| Latest Fiscal Year | 50.7% | 27.3% | 34.9% | 49.2% | 29.8% | -48.0% | |
| Latest Twelve Months | 52.0% | 31.6% | 30.9% | 51.4% | 33.5% | -9.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.83x | 8.27x | 2.32x | 2.80x | 3.28x | 7.77x | |
| EV / LTM EBITDA | 5.4x | 26.2x | 7.5x | 5.5x | 9.8x | -79.3x | |
| EV / LTM EBIT | 8.4x | 83.3x | 9.2x | 8.1x | 12.2x | -49.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 7.5x | 26.2x | ||||
| Historical EV / LTM EBITDA | -11.4x | -9.8x | -8.8x | ||||
| Selected EV / LTM EBITDA | -46.1x | -48.5x | -50.9x | ||||
| (x) LTM EBITDA | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 51 | 54 | 56 | ||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | ||||
| (=) Equity Value | 46 | 49 | 51 | ||||
| (/) Shares Outstanding | 138.0 | 138.0 | 138.0 | ||||
| Implied Value Range | 0.33 | 0.35 | 0.37 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.29 | 0.30 | 0.32 | 0.44 | |||
| Upside / (Downside) | -35.3% | -31.6% | -27.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELD | EMX | TRX | TXG | ARIS | 409 | |
| Enterprise Value | 4,127 | 249 | 107 | 2,935 | 1,815 | 76 | |
| (+) Cash & Short Term Investments | 978 | 26 | 7 | 107 | 240 | 0 | |
| (+) Investments & Other | 34 | 61 | 0 | 0 | 12 | 0 | |
| (-) Debt | (948) | (35) | (4) | (280) | (527) | (5) | |
| (-) Other Liabilities | 7 | 0 | (13) | 0 | (287) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,199 | 301 | 97 | 2,762 | 1,252 | 71 | |
| (/) Shares Outstanding | 205.1 | 108.0 | 282.1 | 86.2 | 178.1 | 138.0 | |
| Implied Stock Price | 20.47 | 2.79 | 0.34 | 32.04 | 7.03 | 0.52 | |
| FX Conversion Rate to Trading Currency | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 1.17 | |
| Implied Stock Price (Trading Cur) | 28.01 | 3.82 | 0.47 | 43.85 | 9.62 | 0.44 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 1.17 | |