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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 2.3x - 2.5x | 2.4x |
Selected Fwd Ps Multiple | 1.9x - 2.1x | 2.0x |
Fair Value | C$45.14 - C$49.90 | C$47.52 |
Upside | -0.2% - 10.3% | 5.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Lundin Mining Corporation | - | TSX:LUN |
Hudbay Minerals Inc. | - | TSX:HBM |
Barrick Mining Corporation | - | TSX:ABX |
ERAMET S.A. | - | OTCPK:ERMA.F |
Alcoa Corporation | - | BMV:AA1* |
Teck Resources Limited | - | TSX:TECK.B |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
LUN | HBM | ABX | ERMA.F | AA1 * | TECK.B | |||
TSX:LUN | TSX:HBM | TSX:ABX | OTCPK:ERMA.F | BMV:AA1* | TSX:TECK.B | |||
Historical Sales Growth | ||||||||
5Y CAGR | 12.6% | 10.3% | 5.9% | -4.0% | 2.7% | -5.4% | ||
3Y CAGR | 0.9% | 10.4% | 2.5% | -6.6% | -0.7% | -10.8% | ||
Latest Twelve Months | 27.5% | 8.9% | 15.7% | -9.4% | 19.4% | 37.3% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 14.0% | -4.6% | 22.7% | -0.3% | -0.4% | 11.4% | ||
Prior Fiscal Year | 7.4% | 3.9% | 11.2% | 3.1% | -6.2% | -3.3% | ||
Latest Fiscal Year | 0.3% | 3.8% | 16.6% | 0.5% | 0.5% | -8.8% | ||
Latest Twelve Months | 3.1% | 7.4% | 17.5% | 0.5% | 7.7% | -1.1% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 9.4x | 5.1x | 6.7x | 10.7x | 3.6x | 8.1x | ||
Price / LTM Sales | 2.4x | 1.9x | 2.8x | 0.5x | 0.6x | 2.3x | ||
LTM P/E Ratio | 78.5x | 25.2x | 16.1x | 115.0x | 8.1x | -204.6x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.5x | 1.9x | 2.8x | |||||
Historical LTM P/S Ratio | 1.0x | 1.7x | 3.0x | |||||
Selected Price / Sales Multiple | 2.3x | 2.4x | 2.5x | |||||
(x) LTM Sales | 9,957 | 9,957 | 9,957 | |||||
(=) Equity Value | 22,886 | 24,090 | 25,295 | |||||
(/) Shares Outstanding | 488.9 | 488.9 | 488.9 | |||||
Implied Value Range | 46.81 | 49.27 | 51.74 | |||||
FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 46.81 | 49.27 | 51.74 | 45.23 | ||||
Upside / (Downside) | 3.5% | 8.9% | 14.4% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | LUN | HBM | ABX | ERMA.F | AA1 * | TECK.B | |
Value of Common Equity | 8,707 | 3,905 | 37,439 | 1,737 | 8,264 | 22,113 | |
(/) Shares Outstanding | 856.0 | 395.0 | 1,719.5 | 32.1 | 258.9 | 488.9 | |
Implied Stock Price | 10.17 | 9.89 | 21.77 | 54.12 | 31.92 | 45.23 | |
FX Conversion Rate to Trading Currency | 0.73 | 0.73 | 0.73 | 0.85 | 0.05 | 1.00 | |
Implied Stock Price (Trading Cur) | 13.94 | 13.55 | 29.84 | 63.57 | 592.00 | 45.23 | |
Trading Currency | CAD | CAD | CAD | USD | MXN | CAD | |
FX Rate to Reporting Currency | 0.73 | 0.73 | 0.73 | 0.85 | 0.05 | 1.00 |