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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.9x - 7.7x | 7.3x |
| Selected Fwd EBIT Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | $19.92 - $22.25 | $21.08 |
| Upside | 3.3% - 15.3% | 9.3% |
| Benchmarks | Ticker | Full Ticker |
| Dundee Precious Metals Inc. | DPML.F | OTCPK:DPML.F |
| Hochschild Mining plc | HCHD.F | OTCPK:HCHD.F |
| Perseus Mining Limited | PMNX.F | OTCPK:PMNX.F |
| Newmont Corporation | NEM | NYSE:NEM |
| Pan African Resources PLC | PAFR.F | OTCPK:PAFR.F |
| Caledonia Mining Corporation Plc | CMCL | NYSEAM:CMCL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DPML.F | HCHD.F | PMNX.F | NEM | PAFR.F | CMCL | ||
| OTCPK:DPML.F | OTCPK:HCHD.F | OTCPK:PMNX.F | NYSE:NEM | OTCPK:PAFR.F | NYSEAM:CMCL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 30.8% | 14.9% | NM- | 27.8% | 24.9% | 15.7% | |
| 3Y CAGR | -0.4% | 6.3% | 53.1% | 43.6% | 3.0% | 12.9% | |
| Latest Twelve Months | 43.7% | 173.1% | 16.0% | 504.3% | -10.2% | 113.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.5% | 16.2% | 31.2% | 19.1% | 29.6% | 30.4% | |
| Prior Fiscal Year | 36.3% | 11.9% | 39.8% | 6.0% | 30.0% | 13.3% | |
| Latest Fiscal Year | 39.2% | 23.8% | 45.1% | 31.6% | 33.1% | 31.5% | |
| Latest Twelve Months | 41.3% | 23.8% | 44.5% | 35.4% | 28.7% | 33.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.92x | 2.20x | 2.20x | 3.10x | 3.99x | 2.17x | |
| EV / LTM EBITDA | 5.4x | 5.4x | 3.8x | 6.2x | 11.2x | 5.2x | |
| EV / LTM EBIT | 7.1x | 9.2x | 5.0x | 8.8x | 13.9x | 6.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.0x | 8.8x | 13.9x | ||||
| Historical EV / LTM EBIT | 3.7x | 4.9x | 12.4x | ||||
| Selected EV / LTM EBIT | 6.9x | 7.3x | 7.7x | ||||
| (x) LTM EBIT | 64 | 64 | 64 | ||||
| (=) Implied Enterprise Value | 446 | 470 | 493 | ||||
| (-) Non-shareholder Claims * | (42) | (42) | (42) | ||||
| (=) Equity Value | 404 | 428 | 451 | ||||
| (/) Shares Outstanding | 19.3 | 19.3 | 19.3 | ||||
| Implied Value Range | 20.95 | 22.17 | 23.39 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.95 | 22.17 | 23.39 | 19.29 | |||
| Upside / (Downside) | 8.6% | 14.9% | 21.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DPML.F | HCHD.F | PMNX.F | NEM | PAFR.F | CMCL | |
| Enterprise Value | 1,855 | 2,091 | 2,492 | 61,454 | 1,655 | 414 | |
| (+) Cash & Short Term Investments | 763 | 97 | 628 | 4,716 | 17 | 9 | |
| (+) Investments & Other | 4 | 16 | 67 | 4,856 | 0 | 0 | |
| (-) Debt | (15) | (319) | (3) | (7,986) | (244) | (28) | |
| (-) Other Liabilities | 0 | (76) | (205) | (183) | 2 | (23) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,607 | 1,809 | 2,979 | 62,857 | 1,430 | 372 | |
| (/) Shares Outstanding | 166.9 | 514.5 | 1,356.2 | 1,107.4 | 2,349.9 | 19.3 | |
| Implied Stock Price | 15.62 | 3.52 | 2.20 | 56.76 | 0.61 | 19.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.62 | 3.52 | 2.20 | 56.76 | 0.61 | 19.29 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |