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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -255.4x - -282.3x | -268.8x |
Selected Fwd EBIT Multiple | 5.1x - 5.6x | 5.3x |
Fair Value | C$0.066 - C$0.098 | C$0.082 |
Upside | -39.7% - -10.5% | -25.1% |
Benchmarks | Ticker | Full Ticker |
Gold Royalty Corp. | GROY | NYSEAM:GROY |
TRX Gold Corporation | TRX | TSX:TRX |
EMX Royalty Corporation | EMX | TSXV:EMX |
Avino Silver & Gold Mines Ltd. | ASM | TSX:ASM |
Cerro de Pasco Resources Inc. | CDPR | TSXV:CDPR |
Atico Mining Corporation | ATY | TSXV:ATY |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
GROY | TRX | EMX | ASM | CDPR | ATY | ||
NYSEAM:GROY | TSX:TRX | TSXV:EMX | TSX:ASM | TSXV:CDPR | TSXV:ATY | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | 54.3% | 16.0% | -67.3% | 5074.9% | NM | 74.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -960.6% | 2.7% | -76.8% | -23.5% | -75.8% | 12.4% | |
Prior Fiscal Year | -287.9% | 36.2% | 11.1% | 0.7% | -128.8% | 13.5% | |
Latest Fiscal Year | -39.7% | 29.3% | 3.5% | 23.1% | -138.0% | -8.3% | |
Latest Twelve Months | -39.7% | 25.3% | 3.5% | 23.1% | -142.5% | -0.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 29.51x | 2.25x | 6.79x | 4.11x | 6.46x | 0.42x | |
EV / LTM EBITDA | -410.1x | 7.3x | 24.9x | 14.4x | -4.6x | 1.7x | |
EV / LTM EBIT | -74.3x | 8.9x | 193.3x | 17.8x | -4.5x | -299.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -74.3x | 8.9x | 193.3x | ||||
Historical EV / LTM EBIT | -80.3x | 3.9x | 6.8x | ||||
Selected EV / LTM EBIT | -255.4x | -268.8x | -282.3x | ||||
(x) LTM EBIT | (0) | (0) | (0) | ||||
(=) Implied Enterprise Value | 25 | 27 | 28 | ||||
(-) Non-shareholder Claims * | (21) | (21) | (21) | ||||
(=) Equity Value | 5 | 6 | 7 | ||||
(/) Shares Outstanding | 121.3 | 121.3 | 121.3 | ||||
Implied Value Range | 0.04 | 0.05 | 0.06 | ||||
FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | |||
Implied Value Range (Trading Cur) | 0.05 | 0.07 | 0.08 | 0.11 | |||
Upside / (Downside) | -51.1% | -37.1% | -23.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GROY | TRX | EMX | ASM | CDPR | ATY | |
Enterprise Value | (423) | 101 | 186 | 272 | 97 | 30 | |
(+) Cash & Short Term Investments | 2 | 7 | 33 | 27 | 11 | 6 | |
(+) Investments & Other | 721 | 0 | 61 | 1 | 0 | 0 | |
(-) Debt | (50) | (4) | (35) | (3) | (3) | (24) | |
(-) Other Liabilities | 0 | (13) | 0 | 0 | 0 | (3) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 251 | 91 | 245 | 298 | 105 | 10 | |
(/) Shares Outstanding | 170.5 | 282.1 | 108.8 | 140.9 | 509.4 | 121.3 | |
Implied Stock Price | 1.47 | 0.32 | 2.26 | 2.11 | 0.21 | 0.08 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | |
Implied Stock Price (Trading Cur) | 1.47 | 0.45 | 3.13 | 2.93 | 0.29 | 0.11 | |
Trading Currency | USD | CAD | CAD | CAD | CAD | CAD | |
FX Rate to Reporting Currency | 1.00 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |