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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.8x - 16.3x | 15.6x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 4.9x |
| Fair Value | €7.13 - €7.95 | €7.54 |
| Upside | -4.3% - 6.6% | 1.2% |
| Benchmarks | Ticker | Full Ticker |
| AngloGold Ashanti plc | AU | NYSE:AU |
| Resolute Mining Limited | RMGG.F | OTCPK:RMGG.F |
| IAMGOLD Corporation | IAG | NYSE:IAG |
| Fortuna Mining Corp. | FSM | NYSE:FSM |
| Ero Copper Corp. | ERO | NYSE:ERO |
| Coeur Mining, Inc. | CDM1 | DB:CDM1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AU | RMGG.F | IAG | FSM | ERO | CDM1 | ||
| NYSE:AU | OTCPK:RMGG.F | NYSE:IAG | NYSE:FSM | NYSE:ERO | DB:CDM1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.1% | 15.5% | 37.0% | 38.4% | 6.7% | 27.4% | |
| 3Y CAGR | 22.6% | NM- | 76.1% | 22.0% | -15.2% | 15.1% | |
| Latest Twelve Months | 149.7% | -24.0% | 244.6% | 47.8% | 40.1% | 329.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.3% | 9.2% | 21.3% | 40.8% | 49.0% | 20.6% | |
| Prior Fiscal Year | 25.6% | 22.9% | 11.7% | 38.1% | 39.8% | 9.4% | |
| Latest Fiscal Year | 39.0% | 13.7% | 40.3% | 44.7% | 40.8% | 30.9% | |
| Latest Twelve Months | 48.7% | 13.7% | 39.4% | 45.4% | 44.2% | 33.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.42x | 0.94x | 2.74x | 1.67x | 3.68x | 4.98x | |
| EV / LTM EBITDA | 7.0x | 6.9x | 7.0x | 3.7x | 8.3x | 14.7x | |
| EV / LTM EBIT | 9.3x | 27.3x | 9.6x | 7.0x | 11.7x | 24.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 7.0x | 8.3x | ||||
| Historical EV / LTM EBITDA | 6.4x | 14.7x | 22.6x | ||||
| Selected EV / LTM EBITDA | 14.8x | 15.6x | 16.3x | ||||
| (x) LTM EBITDA | 408 | 408 | 408 | ||||
| (=) Implied Enterprise Value | 6,025 | 6,342 | 6,659 | ||||
| (-) Non-shareholder Claims * | (433) | (433) | (433) | ||||
| (=) Equity Value | 5,592 | 5,909 | 6,227 | ||||
| (/) Shares Outstanding | 639.7 | 639.7 | 639.7 | ||||
| Implied Value Range | 8.74 | 9.24 | 9.73 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.55 | 7.98 | 8.41 | 7.45 | |||
| Upside / (Downside) | 1.3% | 7.1% | 12.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AU | RMGG.F | IAG | FSM | ERO | CDM1 | |
| Enterprise Value | 26,190 | 742 | 4,822 | 1,918 | 1,980 | 5,951 | |
| (+) Cash & Short Term Investments | 2,001 | 69 | 317 | 309 | 68 | 78 | |
| (+) Investments & Other | 607 | 0 | 25 | 0 | 0 | 0 | |
| (-) Debt | (2,312) | (44) | (1,149) | (198) | (653) | (510) | |
| (-) Other Liabilities | (1,875) | 55 | (71) | (69) | (6) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,611 | 822 | 3,945 | 1,961 | 1,389 | 5,518 | |
| (/) Shares Outstanding | 504.7 | 2,129.7 | 575.1 | 307.0 | 103.6 | 639.7 | |
| Implied Stock Price | 48.76 | 0.39 | 6.86 | 6.39 | 13.41 | 8.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 48.76 | 0.39 | 6.86 | 6.39 | 13.41 | 7.45 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |