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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 23.9x - 26.4x | 25.1x |
| Selected Fwd P/E Multiple | 20.0x - 22.1x | 21.1x |
| Fair Value | €15.79 - €17.45 | €16.62 |
| Upside | -13.1% - -4.0% | -8.6% |
| Benchmarks | - | Full Ticker |
| First Majestic Silver Corp. | - | TSX:AG |
| Hudbay Minerals Inc. | - | TSX:HBM |
| Dundee Precious Metals Inc. | - | TSX:DPM |
| Bear Creek Mining Corporation | - | TSXV:BCM |
| Ero Copper Corp. | - | TSX:ERO |
| MAG Silver Corp. | - | DB:MQ8 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| AG | HBM | DPM | BCM | ERO | MQ8 | |||
| TSX:AG | TSX:HBM | TSX:DPM | TSXV:BCM | TSX:ERO | DB:MQ8 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | NM- | 8.4% | NM- | NM- | 134.6% | ||
| Latest Twelve Months | -79.2% | 86.0% | 33.5% | -40.9% | -69.3% | 55.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -11.2% | -4.6% | 27.2% | -54.8% | 21.3% | NA | ||
| Prior Fiscal Year | -23.5% | 3.9% | 35.0% | -43.7% | 21.7% | NA | ||
| Latest Fiscal Year | -18.2% | 3.8% | 40.1% | -64.4% | -14.6% | NA | ||
| Latest Twelve Months | -12.3% | 7.4% | 37.8% | -63.0% | 3.9% | NA | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 19.6x | 5.5x | 5.4x | 15.8x | 11.2x | -105.6x | ||
| Price / LTM Sales | 5.9x | 2.1x | 4.2x | 0.4x | 3.7x | NA | ||
| LTM P/E Ratio | -47.7x | 27.9x | 11.1x | -0.7x | 95.6x | 23.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -47.7x | 11.1x | 95.6x | |||||
| Historical LTM P/E Ratio | -131.9x | 33.3x | 387.4x | |||||
| Selected P/E Multiple | 23.9x | 25.1x | 26.4x | |||||
| (x) LTM Net Income | 92 | 92 | 92 | |||||
| (=) Equity Value | 2,189 | 2,304 | 2,419 | |||||
| (/) Shares Outstanding | 103.5 | 103.5 | 103.5 | |||||
| Implied Value Range | 21.15 | 22.27 | 23.38 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.99 | 18.94 | 19.89 | 18.18 | ||||
| Upside / (Downside) | -1.0% | 4.2% | 9.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AG | HBM | DPM | BCM | ERO | MQ8 | |
| Value of Common Equity | 4,128 | 4,335 | 2,653 | 44 | 1,811 | 2,212 | |
| (/) Shares Outstanding | 484.6 | 395.0 | 166.9 | 292.2 | 103.6 | 103.5 | |
| Implied Stock Price | 8.52 | 10.97 | 15.89 | 0.15 | 17.49 | 21.38 | |
| FX Conversion Rate to Trading Currency | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 1.18 | |
| Implied Stock Price (Trading Cur) | 11.55 | 14.88 | 21.55 | 0.21 | 23.71 | 18.18 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 1.18 | |