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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.6x - 12.8x | 12.2x |
| Selected Fwd EBIT Multiple | 9.7x - 10.8x | 10.3x |
| Fair Value | $8.70 - $9.94 | $9.32 |
| Upside | 2.6% - 17.3% | 10.0% |
| Benchmarks | Ticker | Full Ticker |
| Hudbay Minerals Inc. | HBM | TSX:HBM |
| Kinross Gold Corporation | K | TSX:K |
| Wheaton Precious Metals Corp. | WPM | TSX:WPM |
| Dundee Precious Metals Inc. | DPM | TSX:DPM |
| Teck Resources Limited | TECK.B | TSX:TECK.B |
| Lundin Mining Corporation | LUNM.F | PINC:LUNM.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HBM | K | WPM | DPM | TECK.B | LUNM.F | ||
| TSX:HBM | TSX:K | TSX:WPM | TSX:DPM | TSX:TECK.B | PINC:LUNM.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 47.5% | 10.7% | 38.1% | 30.8% | 3.2% | 20.4% | |
| 3Y CAGR | 148.5% | 121.3% | -6.1% | -0.4% | -42.3% | -14.8% | |
| Latest Twelve Months | 39.4% | 86.5% | 22.9% | 26.0% | 197.4% | 65.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.1% | 21.2% | 50.4% | 34.6% | 17.6% | 22.0% | |
| Prior Fiscal Year | 17.8% | 18.0% | 50.4% | 36.3% | 0.5% | 17.2% | |
| Latest Fiscal Year | 20.7% | 27.7% | 49.0% | 39.2% | 10.3% | 22.8% | |
| Latest Twelve Months | 20.7% | 27.7% | 49.0% | 39.2% | 14.5% | 22.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.85x | 3.56x | 27.94x | 2.52x | 2.88x | 2.94x | |
| EV / LTM EBITDA | 4.4x | 7.1x | 36.4x | 4.7x | 8.8x | 7.5x | |
| EV / LTM EBIT | 9.0x | 12.9x | 57.0x | 6.4x | 19.9x | 12.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.4x | 12.9x | 57.0x | ||||
| Historical EV / LTM EBIT | 5.8x | 12.9x | 20.0x | ||||
| Selected EV / LTM EBIT | 11.6x | 12.2x | 12.8x | ||||
| (x) LTM EBIT | 781 | 781 | 781 | ||||
| (=) Implied Enterprise Value | 9,066 | 9,543 | 10,020 | ||||
| (-) Non-shareholder Claims * | (2,682) | (2,682) | (2,682) | ||||
| (=) Equity Value | 6,384 | 6,861 | 7,338 | ||||
| (/) Shares Outstanding | 860.2 | 860.2 | 860.2 | ||||
| Implied Value Range | 7.42 | 7.98 | 8.53 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.42 | 7.98 | 8.53 | 8.47 | |||
| Upside / (Downside) | -12.4% | -5.9% | 0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HBM | K | WPM | DPM | TECK.B | LUNM.F | |
| Enterprise Value | 3,711 | 18,211 | 35,751 | 1,556 | 28,037 | 9,970 | |
| (+) Cash & Short Term Investments | 582 | 628 | 818 | 635 | 6,214 | 408 | |
| (+) Investments & Other | 12 | 66 | 139 | 3 | 1,231 | 10 | |
| (-) Debt | (1,259) | (1,453) | (5) | (14) | (9,930) | (2,006) | |
| (-) Other Liabilities | (94) | (139) | 0 | 0 | (1,145) | (1,094) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,952 | 17,314 | 36,703 | 2,180 | 24,407 | 7,288 | |
| (/) Shares Outstanding | 395.0 | 1,230.4 | 453.8 | 170.2 | 498.0 | 860.2 | |
| Implied Stock Price | 7.47 | 14.07 | 80.88 | 12.80 | 49.01 | 8.47 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.32 | 19.43 | 111.68 | 17.68 | 49.01 | 8.47 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 1.00 | 1.00 | |