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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd EBIT Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | C$16.29 - C$17.91 | C$17.10 |
| Upside | -3.3% - 6.4% | 1.5% |
| Benchmarks | Ticker | Full Ticker |
| IAMGOLD Corporation | IMG | TSX:IMG |
| Equinox Gold Corp. | EQX | TSX:EQX |
| K92 Mining Inc. | KNT | TSX:KNT |
| Eldorado Gold Corporation | ELD | TSX:ELD |
| New Gold Inc. | NGD | TSX:NGD |
| Wesdome Gold Mines Ltd. | WDO | TSX:WDO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IMG | EQX | KNT | ELD | NGD | WDO | ||
| TSX:IMG | TSX:EQX | TSX:KNT | TSX:ELD | TSX:NGD | TSX:WDO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 34.1% | 32.8% | 45.9% | 76.7% | 26.8% | |
| 3Y CAGR | NM- | 16.5% | 51.1% | 25.0% | 10.0% | 25.4% | |
| Latest Twelve Months | 33700.0% | 381.2% | 208.0% | 142.3% | 211.0% | 3698.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.8% | 11.6% | 34.3% | 20.0% | 8.2% | 24.0% | |
| Prior Fiscal Year | 0.1% | 4.6% | 27.0% | 17.0% | 7.3% | 1.6% | |
| Latest Fiscal Year | 29.0% | 15.8% | 47.5% | 31.4% | 19.2% | 36.4% | |
| Latest Twelve Months | 29.0% | 15.8% | 47.5% | 31.4% | 19.2% | 36.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.73x | 2.93x | 5.52x | 2.51x | 3.41x | 4.30x | |
| EV / LTM EBITDA | 6.8x | 10.1x | 9.9x | 5.0x | 7.4x | 8.0x | |
| EV / LTM EBIT | 9.4x | 18.5x | 11.6x | 8.0x | 17.8x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.0x | 11.6x | 18.5x | ||||
| Historical EV / LTM EBIT | -827.5x | 16.2x | 22.1x | ||||
| Selected EV / LTM EBIT | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBIT | 203 | 203 | 203 | ||||
| (=) Implied Enterprise Value | 2,467 | 2,597 | 2,727 | ||||
| (-) Non-shareholder Claims * | 126 | 126 | 126 | ||||
| (=) Equity Value | 2,593 | 2,723 | 2,853 | ||||
| (/) Shares Outstanding | 149.9 | 149.9 | 149.9 | ||||
| Implied Value Range | 17.30 | 18.17 | 19.03 | ||||
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.30 | 18.17 | 19.03 | 16.84 | |||
| Upside / (Downside) | 2.7% | 7.9% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IMG | EQX | KNT | ELD | NGD | WDO | |
| Enterprise Value | 4,431 | 4,376 | 1,926 | 3,305 | 3,140 | 2,398 | |
| (+) Cash & Short Term Investments | 349 | 245 | 141 | 996 | 110 | 123 | |
| (+) Investments & Other | 24 | 32 | 0 | 33 | 0 | 4 | |
| (-) Debt | (1,153) | (1,530) | (66) | (930) | (400) | (1) | |
| (-) Other Liabilities | (64) | 0 | 0 | 8 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,587 | 3,124 | 2,002 | 3,412 | 2,850 | 2,524 | |
| (/) Shares Outstanding | 572.4 | 456.1 | 240.0 | 204.6 | 791.3 | 149.9 | |
| Implied Stock Price | 6.27 | 6.85 | 8.34 | 16.68 | 3.60 | 16.84 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.01 | 9.85 | 11.99 | 23.98 | 5.18 | 16.84 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.00 | |