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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 345.6x - 381.9x | 363.8x |
| Selected Fwd P/E Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | $5.86 - $6.48 | $6.17 |
| Upside | -8.5% - 1.1% | -3.7% |
| Benchmarks | - | Full Ticker |
| Kinross Gold Corporation | - | TSX:K |
| Barrick Gold Corporation | - | TSX:ABX |
| Hudbay Minerals Inc. | - | TSX:HBM |
| Dundee Precious Metals Inc. | - | TSX:DPM |
| Agnico Eagle Mines Limited | - | TSX:AEM |
| Lundin Mining Corporation | - | OTCPK:LUNM.F |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| K | ABX | HBM | DPM | AEM | LUNM.F | |||
| TSX:K | TSX:ABX | TSX:HBM | TSX:DPM | TSX:AEM | OTCPK:LUNM.F | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 5.7% | -11.6% | NM- | NM- | 32.0% | -41.8% | ||
| 3Y CAGR | NM- | 2.0% | NM- | 8.4% | 50.0% | -75.7% | ||
| Latest Twelve Months | 127.9% | 68.6% | 15.5% | 33.7% | -2.4% | -94.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.9% | 23.9% | -6.6% | 25.1% | 19.6% | 13.7% | ||
| Prior Fiscal Year | 9.8% | 11.2% | 3.9% | 35.0% | 29.3% | 7.4% | ||
| Latest Fiscal Year | 18.4% | 16.6% | 3.8% | 40.1% | 22.9% | 0.3% | ||
| Latest Twelve Months | 18.4% | 16.6% | 3.8% | 40.1% | 22.9% | 0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.2x | 6.1x | 3.9x | 4.8x | 11.6x | 6.6x | ||
| Price / LTM Sales | 3.0x | 2.4x | 1.3x | 3.6x | 6.3x | 1.8x | ||
| LTM P/E Ratio | 16.1x | 14.7x | 33.9x | 9.0x | 27.5x | 549.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 9.0x | 16.1x | 33.9x | |||||
| Historical LTM P/E Ratio | 8.6x | 18.2x | 549.4x | |||||
| Selected P/E Multiple | 345.6x | 363.8x | 381.9x | |||||
| (x) LTM Net Income | 11 | 11 | 11 | |||||
| (=) Equity Value | 3,851 | 4,054 | 4,256 | |||||
| (/) Shares Outstanding | 865.9 | 865.9 | 865.9 | |||||
| Implied Value Range | 4.45 | 4.68 | 4.92 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.45 | 4.68 | 4.92 | 6.41 | ||||
| Upside / (Downside) | -30.6% | -27.0% | -23.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | K | ABX | HBM | DPM | AEM | LUNM.F | |
| Value of Common Equity | 14,719 | 30,338 | 2,408 | 2,129 | 50,401 | 5,550 | |
| (/) Shares Outstanding | 1,229.1 | 1,727.1 | 394.9 | 171.6 | 502.3 | 865.9 | |
| Implied Stock Price | 11.98 | 17.57 | 6.10 | 12.41 | 100.35 | 6.41 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.03 | 24.98 | 8.67 | 17.65 | 142.70 | 6.41 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.00 | |