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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.9x - 1.0x | 0.9x |
| Historical Pb Multiple | 0.5x - 1.7x | 1.3x |
| Fair Value | C$17.05 - C$18.84 | C$17.94 |
| Upside | 5.9% - 17.0% | 11.4% |
| Benchmarks | - | Full Ticker |
| Ivanhoe Mines Ltd. | - | TSX:IVN |
| Capstone Copper Corp. | - | TSX:CS |
| Ero Copper Corp. | - | TSX:ERO |
| Hudbay Minerals Inc. | - | TSX:HBM |
| Kinross Gold Corporation | - | TSX:K |
| First Quantum Minerals Ltd. | - | TSX:FM |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| IVN | CS | ERO | HBM | K | FM | |||
| TSX:IVN | TSX:CS | TSX:ERO | TSX:HBM | TSX:K | TSX:FM | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 64.0% | 49.7% | NM- | NM- | 5.7% | NM- | ||
| 3Y CAGR | 60.4% | -28.5% | NM- | NM- | NM- | -86.6% | ||
| Latest Twelve Months | -28.5% | 181.5% | -173.8% | 15.5% | 127.9% | 100.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 473.6% | 7.7% | 21.5% | -6.6% | 10.9% | -1.0% | ||
| Prior Fiscal Year | NA | -7.6% | 21.7% | 3.9% | 9.8% | -14.8% | ||
| Latest Fiscal Year | 558.9% | 5.2% | -14.6% | 3.8% | 18.4% | 0.0% | ||
| Latest Twelve Months | 558.9% | 5.2% | -14.6% | 3.8% | 18.4% | 0.0% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 5.7% | 5.7% | 31.1% | -4.2% | 9.3% | 1.2% | ||
| Prior Fiscal Year | 9.6% | -3.8% | 13.8% | 3.6% | 7.0% | -9.0% | ||
| Latest Twelve Months | 5.3% | 2.9% | -9.8% | 3.3% | 14.7% | 0.0% | ||
| Next Fiscal Year | 9.8% | 6.3% | 30.2% | 9.5% | 15.4% | -1.5% | ||
| Two Fiscal Years Forward | 12.6% | 13.3% | 33.0% | 11.5% | 14.6% | 4.8% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 281.0x | 2.0x | 2.3x | 1.3x | 3.4x | 2.0x | ||
| Price / LTM EPS | 50.3x | 38.8x | -15.8x | 35.4x | 18.6x | 4798.7x | ||
| Price / Book | 2.3x | 1.1x | 1.8x | 1.1x | 2.6x | 0.8x | ||
| Price / Fwd Book | 2.1x | 1.0x | 1.4x | 1.0x | 2.3x | 0.8x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.1x | 1.8x | 2.6x | |||||
| Historical P/B Ratio | 0.5x | 1.3x | 1.7x | |||||
| Selected P/B Multiple | 0.9x | 0.9x | 1.0x | |||||
| (x) Book Value | 11,469 | 11,469 | 11,469 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | IVN | CS | ERO | HBM | K | FM | |
| Value of Common Equity | 11,471 | 3,215 | 1,084 | 2,718 | 17,654 | 9,597 | |
| (/) Shares Outstanding | 1,352.6 | 762.1 | 103.6 | 394.9 | 1,230.4 | 828.0 | |
| Implied Stock Price | 8.48 | 4.22 | 10.47 | 6.88 | 14.35 | 11.59 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | |
| Implied Stock Price (Trading Cur) | 11.78 | 5.86 | 14.54 | 9.56 | 19.93 | 16.10 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | |