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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 5.0x - 5.5x | 5.2x |
Selected Fwd Ps Multiple | 2.5x - 2.8x | 2.6x |
Fair Value | €0.33 - €0.37 | €0.35 |
Upside | -1.3% - 9.1% | 3.9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Largo Physical Vanadium Corp. | - | TSXV:VAND |
Eastern Platinum Limited | - | TSX:ELR |
TRX Gold Corporation | - | TSX:TRX |
Aris Mining Corporation | - | TSX:ARIS |
Lithium Royalty Corp. | - | TSX:LIRC |
Empress Royalty Corp. | - | DB:53G |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
VAND | ELR | TRX | ARIS | LIRC | 53G | |||
TSXV:VAND | TSX:ELR | TSX:TRX | TSX:ARIS | TSX:LIRC | DB:53G | |||
Historical Sales Growth | ||||||||
5Y CAGR | NM- | 9.8% | NM- | 10.3% | 11.3% | NM- | ||
3Y CAGR | NM- | -2.9% | NM- | 10.1% | 18.8% | 261.8% | ||
Latest Twelve Months | 926.2% | -41.1% | 26.5% | 22.3% | -44.5% | 162.2% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -10972.3% | -3.4% | -10.9% | 4.3% | 202.9% | -272.0% | ||
Prior Fiscal Year | NA | 12.9% | 5.9% | 2.6% | -91.3% | -83.3% | ||
Latest Fiscal Year | NA | -20.4% | -1.1% | 4.8% | -90.2% | 12.6% | ||
Latest Twelve Months | -487.6% | -30.4% | -4.7% | 4.9% | -84.8% | 20.2% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | -1.3x | 7.1x | 9.2x | -61.0x | 5.6x | ||
Price / LTM Sales | 20.7x | 0.4x | 2.0x | 2.0x | 70.8x | 4.9x | ||
LTM P/E Ratio | -4.3x | -1.3x | -41.8x | 41.1x | -83.5x | 24.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.4x | 2.0x | 70.8x | |||||
Historical LTM P/S Ratio | 4.4x | 7.8x | 27.8x | |||||
Selected Price / Sales Multiple | 5.0x | 5.2x | 5.5x | |||||
(x) LTM Sales | 10 | 10 | 10 | |||||
(=) Equity Value | 49 | 51 | 54 | |||||
(/) Shares Outstanding | 118.9 | 118.9 | 118.9 | |||||
Implied Value Range | 0.41 | 0.43 | 0.45 | |||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
Implied Value Range (Trading Cur) | 0.36 | 0.38 | 0.40 | 0.34 | ||||
Upside / (Downside) | 6.7% | 12.3% | 17.9% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | VAND | ELR | TRX | ARIS | LIRC | 53G | |
Value of Common Equity | 10 | 24 | 92 | 1,139 | 208 | 46 | |
(/) Shares Outstanding | 16.8 | 202.5 | 282.1 | 178.1 | 55.6 | 118.9 | |
Implied Stock Price | 0.59 | 0.12 | 0.33 | 6.40 | 3.74 | 0.38 | |
FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.13 | |
Implied Stock Price (Trading Cur) | 0.81 | 0.17 | 0.45 | 8.84 | 5.17 | 0.34 | |
Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.13 |