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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 213.7x - 236.2x | 224.9x |
| Selected Fwd Ps Multiple | 11.6x - 12.8x | 12.2x |
| Fair Value | C$9.02 - C$9.97 | C$9.50 |
| Upside | -26.3% - -18.5% | -22.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Capstone Copper Corp. | - | TSX:CS |
| First Quantum Minerals Ltd. | - | TSX:FM |
| IAMGOLD Corporation | - | TSX:IMG |
| Hudbay Minerals Inc. | - | TSX:HBM |
| Lundin Mining Corporation | - | TSX:LUN |
| Ivanhoe Mines Ltd. | - | TSX:IVN |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CS | FM | IMG | HBM | LUN | IVN | |||
| TSX:CS | TSX:FM | TSX:IMG | TSX:HBM | TSX:LUN | TSX:IVN | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 30.7% | 3.4% | 8.9% | 10.3% | 12.6% | NM- | ||
| 3Y CAGR | 26.2% | -12.7% | 23.1% | 10.4% | 0.9% | NM- | ||
| Latest Twelve Months | 18.9% | -16.5% | 65.4% | 19.6% | 24.8% | NM | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.7% | -0.7% | -2.8% | -6.6% | 13.7% | 473.6% | ||
| Prior Fiscal Year | -7.6% | -14.8% | 8.9% | 3.9% | 7.4% | NA | ||
| Latest Fiscal Year | 5.2% | 0.0% | 50.2% | 3.8% | 0.3% | 558.9% | ||
| Latest Twelve Months | 5.2% | NA | 50.2% | 3.8% | 0.3% | 558.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 15.3x | 10.1x | 7.4x | 4.3x | 7.4x | -74.2x | ||
| Price / LTM Sales | 2.3x | 2.2x | 2.5x | 1.4x | 2.1x | 299.2x | ||
| LTM P/E Ratio | 43.9x | 79.7x | 4.9x | 37.2x | 633.3x | 53.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.4x | 2.2x | 2.5x | |||||
| Historical LTM P/S Ratio | 299.2x | 299.2x | 299.2x | |||||
| Selected Price / Sales Multiple | 213.7x | 224.9x | 236.2x | |||||
| (x) LTM Sales | 41 | 41 | 41 | |||||
| (=) Equity Value | 8,722 | 9,181 | 9,640 | |||||
| (/) Shares Outstanding | 1,336.5 | 1,336.5 | 1,336.5 | |||||
| Implied Value Range | 6.53 | 6.87 | 7.21 | |||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 9.02 | 9.49 | 9.96 | 12.24 | ||||
| Upside / (Downside) | -26.3% | -22.5% | -18.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CS | FM | IMG | HBM | LUN | IVN | |
| Value of Common Equity | 3,664 | 11,096 | 4,067 | 2,868 | 7,024 | 11,842 | |
| (/) Shares Outstanding | 762.2 | 828.0 | 575.1 | 395.0 | 860.2 | 1,336.5 | |
| Implied Stock Price | 4.81 | 13.40 | 7.07 | 7.26 | 8.17 | 8.86 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | |
| Implied Stock Price (Trading Cur) | 6.64 | 18.51 | 9.77 | 10.03 | 11.28 | 12.24 | |
| 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 | |