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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.8x - 0.8x | 0.8x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | C$10.68 - C$11.35 | C$11.01 |
| Upside | 27.6% - 35.7% | 31.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Dundee Precious Metals Inc. | DPM | TSX:DPM |
| Lundin Gold Inc. | LUG | TSX:LUG |
| Hudbay Minerals Inc. | HBM | TSX:HBM |
| OceanaGold Corporation | OGC | TSX:OGC |
| Ero Copper Corp. | ERO | TSX:ERO |
| Centerra Gold Inc. | 0UP5 | LSE:0UP5 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| DPM | LUG | HBM | OGC | ERO | 0UP5 | |||
| TSX:DPM | TSX:LUG | TSX:HBM | TSX:OGC | TSX:ERO | LSE:0UP5 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.5% | NM- | 10.3% | 14.7% | 10.5% | -0.6% | ||
| 3Y CAGR | -1.8% | 17.6% | 10.4% | 20.2% | -1.4% | 14.9% | ||
| Latest Twelve Months | 16.7% | 32.2% | 19.6% | 26.1% | 10.0% | 30.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 34.6% | 35.5% | 10.1% | 5.2% | 35.9% | 8.6% | ||
| Prior Fiscal Year | 36.3% | 43.3% | 17.8% | 20.3% | 21.6% | 6.4% | ||
| Latest Fiscal Year | 39.2% | 52.8% | 20.7% | 21.8% | 22.7% | 0.8% | ||
| Latest Twelve Months | 39.2% | 52.8% | 20.7% | 21.8% | 22.7% | 15.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.61x | 5.92x | 1.89x | 1.53x | 4.00x | 0.51x | ||
| EV / LTM EBIT | 6.6x | 11.2x | 9.1x | 7.0x | 17.6x | 3.3x | ||
| Price / LTM Sales | 3.63x | 6.22x | 1.51x | 1.54x | 2.78x | 0.98x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.53x | 2.61x | 5.92x | |||||
| Historical EV / LTM Revenue | 0.62x | 1.62x | 3.58x | |||||
| Selected EV / LTM Revenue | 0.75x | 0.79x | 0.83x | |||||
| (x) LTM Revenue | 1,252 | 1,252 | 1,252 | |||||
| (=) Implied Enterprise Value | 941 | 990 | 1,040 | |||||
| (-) Non-shareholder Claims * | 627 | 627 | 627 | |||||
| (=) Equity Value | 1,568 | 1,617 | 1,667 | |||||
| (/) Shares Outstanding | 211.3 | 211.3 | 211.3 | |||||
| Implied Value Range | 7.42 | 7.65 | 7.89 | |||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 10.66 | 10.99 | 11.33 | 8.37 | ||||
| Upside / (Downside) | 27.4% | 31.4% | 35.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DPM | LUG | HBM | OGC | ERO | 0UP5 | |
| Enterprise Value | 1,581 | 7,067 | 3,803 | 1,979 | 1,879 | 604 | |
| (+) Cash & Short Term Investments | 635 | 349 | 582 | 194 | 50 | 608 | |
| (+) Investments & Other | 3 | 0 | 12 | 0 | 0 | 41 | |
| (-) Debt | (14) | 0 | (1,259) | (72) | (620) | (22) | |
| (-) Other Liabilities | 0 | 0 | (94) | (107) | (4) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,205 | 7,417 | 3,044 | 1,994 | 1,306 | 1,231 | |
| (/) Shares Outstanding | 173.2 | 240.6 | 394.9 | 702.0 | 103.6 | 211.3 | |
| Implied Stock Price | 12.73 | 30.82 | 7.71 | 2.84 | 12.61 | 5.82 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Implied Stock Price (Trading Cur) | 18.29 | 44.27 | 11.07 | 4.08 | 18.11 | 8.37 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | |