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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -80.9x - -89.5x | -85.2x |
| Selected Fwd EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | €17.23 - €18.56 | €17.89 |
| Upside | -12.6% - -5.8% | -9.2% |
| Benchmarks | Ticker | Full Ticker |
| First Majestic Silver Corp. | AG | TSX:AG |
| Hudbay Minerals Inc. | HBM | TSX:HBM |
| Dundee Precious Metals Inc. | DPM | TSX:DPM |
| Ero Copper Corp. | ERO | TSX:ERO |
| Bear Creek Mining Corporation | BCM | TSXV:BCM |
| MAG Silver Corp. | MQ8 | DB:MQ8 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AG | HBM | DPM | ERO | BCM | MQ8 | ||
| TSX:AG | TSX:HBM | TSX:DPM | TSX:ERO | TSXV:BCM | DB:MQ8 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.8% | 13.3% | 18.2% | 6.7% | NM- | NM- | |
| 3Y CAGR | -7.6% | 27.7% | -1.0% | -15.2% | NM- | NM- | |
| Latest Twelve Months | 1548.7% | 19.6% | 28.3% | 40.1% | -40.6% | -34.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.5% | 38.3% | 52.0% | 49.0% | 5.3% | NA | |
| Prior Fiscal Year | -2.5% | 42.0% | 52.0% | 39.8% | 16.5% | NA | |
| Latest Fiscal Year | 22.9% | 42.4% | 53.1% | 40.8% | 9.5% | NA | |
| Latest Twelve Months | 35.3% | 46.5% | 55.2% | 44.2% | 8.4% | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.30x | 2.29x | 3.98x | 3.79x | 0.98x | NA | |
| EV / LTM EBITDA | 15.0x | 4.9x | 7.2x | 8.6x | 11.7x | -90.8x | |
| EV / LTM EBIT | 45.3x | 8.5x | 9.2x | 12.0x | -3.4x | -87.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.9x | 8.6x | 15.0x | ||||
| Historical EV / LTM EBITDA | -205.2x | -98.2x | -41.7x | ||||
| Selected EV / LTM EBITDA | -80.9x | -85.2x | -89.5x | ||||
| (x) LTM EBITDA | (20) | (20) | (20) | ||||
| (=) Implied Enterprise Value | 1,629 | 1,715 | 1,801 | ||||
| (-) Non-shareholder Claims * | 548 | 548 | 548 | ||||
| (=) Equity Value | 2,177 | 2,263 | 2,349 | ||||
| (/) Shares Outstanding | 103.7 | 103.7 | 103.7 | ||||
| Implied Value Range | 21.00 | 21.83 | 22.66 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.13 | 18.84 | 19.56 | 19.70 | |||
| Upside / (Downside) | -8.0% | -4.3% | -0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AG | HBM | DPM | ERO | BCM | MQ8 | |
| Enterprise Value | 4,425 | 5,007 | 2,741 | 2,042 | 104 | 1,818 | |
| (+) Cash & Short Term Investments | 467 | 626 | 332 | 68 | 5 | 172 | |
| (+) Investments & Other | 0 | 39 | 3 | 0 | 0 | 378 | |
| (-) Debt | (235) | (1,216) | (15) | (653) | (75) | (2) | |
| (-) Other Liabilities | (405) | 0 | 0 | (6) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,252 | 4,456 | 3,060 | 1,451 | 34 | 2,366 | |
| (/) Shares Outstanding | 488.6 | 395.7 | 166.9 | 103.6 | 292.2 | 103.7 | |
| Implied Stock Price | 8.70 | 11.26 | 18.33 | 14.01 | 0.11 | 22.82 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.16 | |
| Implied Stock Price (Trading Cur) | 12.11 | 15.67 | 25.51 | 19.49 | 0.16 | 19.70 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.16 | |