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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 15.3x - 16.9x | 16.1x |
| Selected Fwd P/E Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | $5.86 - $6.47 | $6.16 |
| Upside | -21.8% - -13.6% | -17.7% |
| Benchmarks | - | Full Ticker |
| Lundin Gold Inc. | - | TSX:LUG |
| B2Gold Corp. | - | TSX:BTO |
| Kinross Gold Corporation | - | TSX:K |
| OceanaGold Corporation | - | TSX:OGC |
| Barrick Gold Corporation | - | TSX:ABX |
| Centerra Gold Inc. | - | NYSE:CGAU |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| LUG | BTO | K | OGC | ABX | CGAU | |||
| TSX:LUG | TSX:BTO | TSX:K | TSX:OGC | TSX:ABX | NYSE:CGAU | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | 5.7% | 66.8% | -11.6% | NM- | ||
| 3Y CAGR | 24.4% | NM- | NM- | NM- | 2.0% | -43.6% | ||
| Latest Twelve Months | 137.4% | -6338.4% | 127.9% | 125.5% | 68.6% | -24.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -18.7% | 16.3% | 10.9% | 0.2% | 23.9% | -1.6% | ||
| Prior Fiscal Year | 19.9% | 0.5% | 9.8% | 8.1% | 11.2% | -7.4% | ||
| Latest Fiscal Year | 35.7% | -33.1% | 18.4% | 14.5% | 16.6% | 6.6% | ||
| Latest Twelve Months | 35.7% | -33.1% | 18.4% | 14.5% | 16.6% | 6.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 13.6x | 4.5x | 7.6x | 4.5x | 6.4x | 2.7x | ||
| Price / LTM Sales | 9.0x | 2.2x | 3.6x | 2.0x | 2.6x | 1.3x | ||
| LTM P/E Ratio | 25.3x | -6.7x | 19.8x | 13.9x | 15.5x | 35.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -6.7x | 15.5x | 25.3x | |||||
| Historical LTM P/E Ratio | -123.8x | 3.5x | 11.5x | |||||
| Selected P/E Multiple | 15.3x | 16.1x | 16.9x | |||||
| (x) LTM Net Income | 44 | 44 | 44 | |||||
| (=) Equity Value | 679 | 714 | 750 | |||||
| (/) Shares Outstanding | 209.9 | 209.9 | 209.9 | |||||
| Implied Value Range | 3.23 | 3.40 | 3.57 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.23 | 3.40 | 3.57 | 7.49 | ||||
| Upside / (Downside) | -56.8% | -54.5% | -52.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | LUG | BTO | K | OGC | ABX | CGAU | |
| Value of Common Equity | 10,791 | 4,197 | 18,764 | 2,606 | 33,134 | 1,572 | |
| (/) Shares Outstanding | 240.8 | 1,319.6 | 1,230.4 | 698.2 | 1,719.9 | 209.9 | |
| Implied Stock Price | 44.81 | 3.18 | 15.25 | 3.73 | 19.27 | 7.49 | |
| FX Conversion Rate to Trading Currency | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.70 | 4.38 | 21.00 | 5.14 | 26.53 | 7.49 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 1.00 | |