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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 4.4x - 4.9x | 4.7x |
| Historical Pb Multiple | 2.7x - 5.8x | 4.3x |
| Fair Value | C$16.78 - C$18.55 | C$17.67 |
| Upside | 0.8% - 11.4% | 6.1% |
| Benchmarks | - | Full Ticker |
| Equinox Gold Corp. | - | TSX:EQX |
| Eldorado Gold Corporation | - | TSX:ELD |
| K92 Mining Inc. | - | TSX:KNT |
| New Gold Inc. | - | TSX:NGD |
| IAMGOLD Corporation | - | TSX:IMG |
| Wesdome Gold Mines Ltd. | - | TSX:WDO |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| EQX | ELD | KNT | NGD | IMG | WDO | |||
| TSX:EQX | TSX:ELD | TSX:KNT | TSX:NGD | TSX:IMG | TSX:WDO | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 30.1% | 27.9% | NM- | NM- | 27.0% | ||
| 3Y CAGR | -15.1% | 143.3% | 59.8% | -10.0% | NM- | 1.1% | ||
| Latest Twelve Months | 1074.7% | 183.4% | 235.4% | 259.1% | 831.4% | 2289.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 12.2% | -4.1% | 21.7% | -2.4% | -2.8% | 18.4% | ||
| Prior Fiscal Year | 2.7% | 10.5% | 16.6% | -8.2% | 8.9% | -1.9% | ||
| Latest Fiscal Year | 22.4% | 22.8% | 31.7% | 11.1% | 50.2% | 24.3% | ||
| Latest Twelve Months | 22.4% | 22.8% | 31.7% | 11.1% | 50.2% | 24.3% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 6.2% | 2.9% | 18.5% | -1.4% | 1.2% | 15.8% | ||
| Prior Fiscal Year | 1.2% | 3.2% | 10.0% | -7.4% | 4.1% | -1.5% | ||
| Latest Twelve Months | 11.6% | 8.1% | 26.9% | 11.1% | 29.6% | 27.1% | ||
| Next Fiscal Year | 12.1% | 8.0% | 41.4% | 22.1% | 10.4% | 39.9% | ||
| Two Fiscal Years Forward | 18.2% | 11.5% | 34.7% | 33.6% | 13.2% | 26.8% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.0x | 2.9x | 6.3x | 2.9x | 2.5x | 4.6x | ||
| Price / LTM EPS | 9.0x | 13.0x | 19.9x | 26.5x | 5.1x | 18.9x | ||
| Price / Book | 0.9x | 1.0x | 4.7x | 2.6x | 1.2x | 4.5x | ||
| Price / Fwd Book | 0.8x | 0.9x | 3.1x | 2.1x | 1.1x | 2.9x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.9x | 1.2x | 4.7x | |||||
| Historical P/B Ratio | 2.7x | 4.3x | 5.8x | |||||
| Selected P/B Multiple | 4.4x | 4.7x | 4.9x | |||||
| (x) Book Value | 571 | 571 | 571 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EQX | ELD | KNT | NGD | IMG | WDO | |
| Value of Common Equity | 3,103 | 3,966 | 2,210 | 2,749 | 4,128 | 2,501 | |
| (/) Shares Outstanding | 456.1 | 204.6 | 240.1 | 791.3 | 575.1 | 150.2 | |
| Implied Stock Price | 6.80 | 19.39 | 9.20 | 3.47 | 7.18 | 16.65 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.44 | 26.90 | 12.77 | 4.82 | 9.96 | 16.65 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.00 | |