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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.1x - 1.2x | 1.2x |
| Historical Pb Multiple | 0.5x - 1.7x | 1.3x |
| Fair Value | C$22.03 - C$24.34 | C$23.18 |
| Upside | 11.3% - 23.0% | 17.2% |
| Benchmarks | - | Full Ticker |
| Capstone Copper Corp. | - | TSX:CS |
| Ero Copper Corp. | - | TSX:ERO |
| Nevada Copper Corp. | - | OTCPK:NEVD.Q |
| Ivanhoe Mines Ltd. | - | TSX:IVN |
| Hudbay Minerals Inc. | - | TSX:HBM |
| First Quantum Minerals Ltd. | - | TSX:FM |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| CS | ERO | NEVD.Q | IVN | HBM | FM | |||
| TSX:CS | TSX:ERO | OTCPK:NEVD.Q | TSX:IVN | TSX:HBM | TSX:FM | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 49.7% | NM- | NM- | 64.0% | NM- | NM- | ||
| 3Y CAGR | -28.5% | NM- | NM- | 60.4% | NM- | -86.6% | ||
| Latest Twelve Months | 181.5% | -173.8% | 89.2% | -28.5% | 15.5% | 100.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.7% | 21.5% | -1824.3% | 473.6% | -6.6% | -1.0% | ||
| Prior Fiscal Year | -7.6% | 21.7% | -3939.5% | NA | 3.9% | -14.8% | ||
| Latest Fiscal Year | 5.2% | -14.6% | -1332.4% | 558.9% | 3.8% | 0.0% | ||
| Latest Twelve Months | 5.2% | -14.6% | -510.7% | 558.9% | 3.8% | 0.0% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 5.7% | 31.1% | -28.9% | 5.7% | -4.2% | 1.2% | ||
| Prior Fiscal Year | -3.8% | 13.8% | -101.2% | 9.6% | 3.6% | -9.0% | ||
| Latest Twelve Months | 2.9% | -9.8% | -21.2% | 5.3% | 3.3% | 0.0% | ||
| Next Fiscal Year | 6.5% | 31.9% | -15.0% | 8.4% | 9.5% | -0.2% | ||
| Two Fiscal Years Forward | 11.8% | 28.1% | 8.0% | 13.3% | 11.7% | 6.9% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.7x | 2.9x | 3.2x | 324.9x | 1.6x | 2.5x | ||
| Price / LTM EPS | 52.2x | -19.8x | -0.6x | 58.1x | 41.1x | 6060.9x | ||
| Price / Book | 1.4x | 2.3x | 0.1x | 2.7x | 1.2x | 1.1x | ||
| Price / Fwd Book | 1.3x | 1.6x | 0.1x | 2.3x | 1.1x | 1.0x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.1x | 1.4x | 2.7x | |||||
| Historical P/B Ratio | 0.5x | 1.3x | 1.7x | |||||
| Selected P/B Multiple | 1.1x | 1.2x | 1.2x | |||||
| (x) Book Value | 11,469 | 11,469 | 11,469 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CS | ERO | NEVD.Q | IVN | HBM | FM | |
| Value of Common Equity | 4,114 | 1,267 | 26 | 12,471 | 3,032 | 11,446 | |
| (/) Shares Outstanding | 761.9 | 103.6 | 1,429.6 | 1,352.6 | 394.9 | 828.0 | |
| Implied Stock Price | 5.40 | 12.24 | 0.02 | 9.22 | 7.68 | 13.82 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 1.00 | 0.70 | 0.70 | 0.70 | |
| Implied Stock Price (Trading Cur) | 7.73 | 17.52 | 0.02 | 13.20 | 10.99 | 19.79 | |
| Trading Currency | CAD | CAD | USD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.70 | 0.70 | 1.00 | 0.70 | 0.70 | 0.70 | |