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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,9x - 5,5x | 5,2x |
| Selected Fwd EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | $18,83 - $21,04 | $19,94 |
| Upside | -2,4% - 9,0% | 3,3% |
| Benchmarks | Ticker | Full Ticker |
| Newmont Corporation | NEM | NYSE:NEM |
| Perseus Mining Limited | PMNX.F | OTCPK:PMNX.F |
| Hochschild Mining plc | HCHD.F | OTCPK:HCHD.F |
| Dundee Precious Metals Inc. | DPML.F | OTCPK:DPML.F |
| Alamos Gold Inc. | AGI | NYSE:AGI |
| Caledonia Mining Corporation Plc | CMCL | NYSEAM:CMCL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NEM | PMNX.F | HCHD.F | DPML.F | AGI | CMCL | ||
| NYSE:NEM | OTCPK:PMNX.F | OTCPK:HCHD.F | OTCPK:DPML.F | NYSE:AGI | NYSEAM:CMCL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.6% | 42.5% | 5.2% | 18.2% | 18.7% | 18.1% | |
| 3Y CAGR | 25.8% | 41.7% | 4.4% | -1.0% | 18.6% | 12.4% | |
| Latest Twelve Months | 127.7% | 13.9% | 67.5% | 27.8% | 38.1% | 74.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 39.0% | 49.3% | 35.6% | 51.5% | 47.8% | 39.3% | |
| Prior Fiscal Year | 25.9% | 55.2% | 33.0% | 52.0% | 48.6% | 23.7% | |
| Latest Fiscal Year | 47.4% | 58.9% | 40.5% | 53.1% | 50.8% | 40.6% | |
| Latest Twelve Months | 53.1% | 58.7% | 40.5% | 54.1% | 49.8% | 42.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.14x | 2.18x | 2.33x | 3.15x | 7.55x | 2.17x | |
| EV / LTM EBITDA | 5.9x | 3.7x | 5.8x | 5.8x | 15.2x | 5.2x | |
| EV / LTM EBIT | 8.0x | 4.9x | 9.8x | 7.6x | 21.8x | 6.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 5.8x | 15.2x | ||||
| Historical EV / LTM EBITDA | 3.0x | 3.8x | 7.8x | ||||
| Selected EV / LTM EBITDA | 4.9x | 5.2x | 5.5x | ||||
| (x) LTM EBITDA | 80 | 80 | 80 | ||||
| (=) Implied Enterprise Value | 396 | 417 | 438 | ||||
| (-) Non-shareholder Claims * | (42) | (42) | (42) | ||||
| (=) Equity Value | 354 | 375 | 396 | ||||
| (/) Shares Outstanding | 19.3 | 19.3 | 19.3 | ||||
| Implied Value Range | 18.36 | 19.44 | 20.52 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.36 | 19.44 | 20.52 | 19.30 | |||
| Upside / (Downside) | -4.9% | 0.7% | 6.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEM | PMNX.F | HCHD.F | DPML.F | AGI | CMCL | |
| Enterprise Value | 65,118 | 2,451 | 2,176 | 1,962 | 10,634 | 414 | |
| (+) Cash & Short Term Investments | 6,653 | 628 | 97 | 763 | 319 | 9 | |
| (+) Investments & Other | 4,455 | 67 | 16 | 4 | 0 | 0 | |
| (-) Debt | (7,607) | (3) | (319) | (15) | (283) | (28) | |
| (-) Other Liabilities | (175) | (205) | (76) | 0 | 0 | (23) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 68,444 | 2,938 | 1,894 | 2,714 | 10,670 | 372 | |
| (/) Shares Outstanding | 1,098.4 | 1,348.0 | 514.5 | 166.9 | 420.6 | 19.3 | |
| Implied Stock Price | 62.31 | 2.18 | 3.68 | 16.26 | 25.37 | 19.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 62.31 | 2.18 | 3.68 | 16.26 | 25.37 | 19.30 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |