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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.4x - 17.0x | 16.2x |
| Selected Fwd EBIT Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | C$4.16 - C$4.66 | C$4.41 |
| Upside | -19.6% - -10.1% | -14.9% |
| Benchmarks | Ticker | Full Ticker |
| Fortuna Mining Corp. | FVI | TSX:FVI |
| Capstone Copper Corp. | CS | TSX:CS |
| Galiano Gold Inc. | GAU | TSX:GAU |
| China Gold International Resources Corp. Ltd. | CGG | TSX:CGG |
| Ero Copper Corp. | ERO | TSX:ERO |
| New Gold Inc. | NGD | TSX:NGD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FVI | CS | GAU | CGG | ERO | NGD | ||
| TSX:FVI | TSX:CS | TSX:GAU | TSX:CGG | TSX:ERO | TSX:NGD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 36.5% | 57.4% | NM- | -6.8% | 2.0% | 76.7% | |
| 3Y CAGR | 18.6% | -26.1% | NM- | -43.0% | -26.7% | 10.0% | |
| Latest Twelve Months | 435.6% | 638.7% | 399.8% | 337.2% | 15.2% | 211.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.9% | 15.0% | -1.1% | 15.3% | 35.9% | 8.2% | |
| Prior Fiscal Year | 5.2% | 1.4% | NA | 6.1% | 21.6% | 7.3% | |
| Latest Fiscal Year | 22.2% | 8.9% | 22.4% | 16.3% | 22.7% | 19.2% | |
| Latest Twelve Months | 22.2% | 8.9% | 22.4% | 16.3% | 22.7% | 19.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.79x | 3.64x | 1.12x | 4.12x | 3.92x | 3.41x | |
| EV / LTM EBITDA | 4.0x | 16.5x | 4.0x | 11.8x | 9.6x | 7.4x | |
| EV / LTM EBIT | 8.0x | 40.7x | 5.0x | 25.3x | 17.3x | 17.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.0x | 17.3x | 40.7x | ||||
| Historical EV / LTM EBIT | 10.1x | 23.4x | 202.9x | ||||
| Selected EV / LTM EBIT | 15.4x | 16.2x | 17.0x | ||||
| (x) LTM EBIT | 178 | 178 | 178 | ||||
| (=) Implied Enterprise Value | 2,729 | 2,873 | 3,017 | ||||
| (-) Non-shareholder Claims * | (289) | (289) | (289) | ||||
| (=) Equity Value | 2,440 | 2,583 | 2,727 | ||||
| (/) Shares Outstanding | 791.3 | 791.3 | 791.3 | ||||
| Implied Value Range | 3.08 | 3.26 | 3.45 | ||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.43 | 4.69 | 4.96 | 5.18 | |||
| Upside / (Downside) | -14.4% | -9.4% | -4.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FVI | CS | GAU | CGG | ERO | NGD | |
| Enterprise Value | 1,892 | 5,780 | 258 | 3,104 | 1,836 | 3,140 | |
| (+) Cash & Short Term Investments | 231 | 145 | 106 | 302 | 50 | 110 | |
| (+) Investments & Other | 0 | 12 | 0 | 48 | 0 | 0 | |
| (-) Debt | (194) | (1,433) | (39) | (743) | (620) | (400) | |
| (-) Other Liabilities | (62) | (408) | (4) | (24) | (4) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,867 | 4,097 | 320 | 2,688 | 1,262 | 2,850 | |
| (/) Shares Outstanding | 306.5 | 762.1 | 257.2 | 396.4 | 103.6 | 791.3 | |
| Implied Stock Price | 6.09 | 5.38 | 1.24 | 6.78 | 12.18 | 3.60 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Implied Stock Price (Trading Cur) | 8.76 | 7.73 | 1.79 | 9.75 | 17.52 | 5.18 | |
| 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 | |