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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -87,1x - -96,2x | -91,6x |
Selected Fwd EBITDA Multiple | 8,7x - 9,6x | 9,1x |
Fair Value | €14,63 - €15,69 | €15,16 |
Upside | -19,2% - -13,3% | -16,3% |
Benchmarks | Ticker | Full Ticker |
First Majestic Silver Corp. | AG | TSX:AG |
Hudbay Minerals Inc. | HBM | TSX:HBM |
Dundee Precious Metals Inc. | DPM | TSX:DPM |
Bear Creek Mining Corporation | BCM | TSXV:BCM |
Ero Copper Corp. | ERO | TSX:ERO |
MAG Silver Corp. | MQ8 | DB:MQ8 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
AG | HBM | DPM | BCM | ERO | MQ8 | ||
TSX:AG | TSX:HBM | TSX:DPM | TSXV:BCM | TSX:ERO | DB:MQ8 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 6.8% | 13.3% | 18.2% | NM- | 6.7% | NM- | |
3Y CAGR | -7.6% | 27.7% | -1.0% | NM- | -15.2% | NM- | |
Latest Twelve Months | 983.6% | 12.8% | 27.8% | -53.2% | 30.4% | -6.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 17.8% | 37.8% | 51.5% | 5.1% | 49.3% | NA | |
Prior Fiscal Year | -2.5% | 42.0% | 52.0% | 16.5% | 39.8% | NA | |
Latest Fiscal Year | 22.9% | 42.4% | 53.1% | 9.5% | 40.8% | NA | |
Latest Twelve Months | 31.8% | 44.0% | 54.1% | 7.2% | 44.2% | NA | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.36x | 2.43x | 3.08x | 1.14x | 4.69x | NA | |
EV / LTM EBITDA | 20.0x | 5.5x | 5.7x | 15.9x | 10.6x | -108.9x | |
EV / LTM EBIT | 67.1x | 10.5x | 7.4x | -3.9x | 16.9x | -104.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.5x | 10.6x | 20.0x | ||||
Historical EV / LTM EBITDA | -205.2x | -98.2x | -41.7x | ||||
Selected EV / LTM EBITDA | -87.1x | -91.6x | -96.2x | ||||
(x) LTM EBITDA | (15) | (15) | (15) | ||||
(=) Implied Enterprise Value | 1,348 | 1,418 | 1,489 | ||||
(-) Non-shareholder Claims * | 552 | 552 | 552 | ||||
(=) Equity Value | 1,899 | 1,970 | 2,041 | ||||
(/) Shares Outstanding | 103.5 | 103.5 | 103.5 | ||||
Implied Value Range | 18.36 | 19.04 | 19.73 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 15.68 | 16.27 | 16.85 | 18.10 | |||
Upside / (Downside) | -13.4% | -10.1% | -6.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AG | HBM | DPM | BCM | ERO | MQ8 | |
Enterprise Value | 4,432 | 5,039 | 1,967 | 111 | 2,267 | 1,640 | |
(+) Cash & Short Term Investments | 417 | 583 | 763 | 7 | 81 | 156 | |
(+) Investments & Other | 0 | 34 | 4 | 0 | 0 | 398 | |
(-) Debt | (235) | (1,261) | (15) | (73) | (665) | (2) | |
(-) Other Liabilities | (411) | (93) | 0 | 0 | (5) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,203 | 4,302 | 2,719 | 45 | 1,678 | 2,192 | |
(/) Shares Outstanding | 484.6 | 395.0 | 166.9 | 292.2 | 103.6 | 103.5 | |
Implied Stock Price | 8.67 | 10.89 | 16.29 | 0.15 | 16.20 | 21.19 | |
FX Conversion Rate to Trading Currency | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 1.17 | |
Implied Stock Price (Trading Cur) | 11.86 | 14.89 | 22.27 | 0.21 | 22.15 | 18.10 | |
Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
FX Rate to Reporting Currency | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 1.17 |