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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 11.7x - 12.9x | 12.3x |
| Selected Fwd Revenue Multiple | 6.7x - 7.4x | 7.1x |
| Fair Value | C$3.82 - C$4.20 | C$4.01 |
| Upside | -8.6% - 0.4% | -4.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Lundin Gold Inc. | LUG | TSX:LUG |
| Dundee Precious Metals Inc. | DPM | TSX:DPM |
| Kinross Gold Corporation | K | TSX:K |
| Dynacor Group Inc. | DNG | TSX:DNG |
| Gold Royalty Corp. | GROY | NYSEAM:GROY |
| Vox Royalty Corp. | VOXR | TSX:VOXR |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| LUG | DPM | K | DNG | GROY | VOXR | |||
| TSX:LUG | TSX:DPM | TSX:K | TSX:DNG | NYSEAM:GROY | TSX:VOXR | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 8.5% | 8.0% | 22.6% | NM- | NM- | ||
| 3Y CAGR | 17.6% | -1.8% | 25.6% | 13.2% | 274.7% | 44.6% | ||
| Latest Twelve Months | 32.2% | 16.7% | 21.4% | 13.7% | 231.5% | -10.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 35.5% | 34.6% | 21.2% | 9.4% | -960.6% | -3301.5% | ||
| Prior Fiscal Year | 43.3% | 36.3% | 18.0% | 8.8% | -287.9% | 14.0% | ||
| Latest Fiscal Year | 52.8% | 39.2% | 27.7% | 9.1% | -39.7% | 9.9% | ||
| Latest Twelve Months | 52.8% | 39.2% | 27.7% | 9.1% | -39.7% | 9.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 5.95x | 2.77x | 3.19x | 0.40x | 29.00x | 12.54x | ||
| EV / LTM EBIT | 11.3x | 7.0x | 11.5x | 4.4x | -73.1x | 126.6x | ||
| Price / LTM Sales | 6.24x | 3.79x | 3.00x | 0.49x | 24.30x | 13.34x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.40x | 3.19x | 29.00x | |||||
| Historical EV / LTM Revenue | 8.29x | 14.29x | 7012.25x | |||||
| Selected EV / LTM Revenue | 11.68x | 12.29x | 12.91x | |||||
| (x) LTM Revenue | 11 | 11 | 11 | |||||
| (=) Implied Enterprise Value | 129 | 136 | 143 | |||||
| (-) Non-shareholder Claims * | 9 | 9 | 9 | |||||
| (=) Equity Value | 138 | 145 | 151 | |||||
| (/) Shares Outstanding | 50.7 | 50.7 | 50.7 | |||||
| Implied Value Range | 2.72 | 2.85 | 2.98 | |||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.91 | 4.10 | 4.29 | 4.18 | ||||
| Upside / (Downside) | -6.6% | -2.0% | 2.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LUG | DPM | K | DNG | GROY | VOXR | |
| Enterprise Value | 7,106 | 1,673 | 16,391 | 114 | (428) | 139 | |
| (+) Cash & Short Term Investments | 349 | 635 | 628 | 26 | 2 | 9 | |
| (+) Investments & Other | 0 | 3 | 66 | 0 | 721 | 0 | |
| (-) Debt | 0 | (14) | (1,453) | (1) | (50) | 0 | |
| (-) Other Liabilities | 0 | 0 | (139) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,455 | 2,297 | 15,494 | 139 | 245 | 147 | |
| (/) Shares Outstanding | 240.6 | 173.2 | 1,229.1 | 42.2 | 170.5 | 50.7 | |
| Implied Stock Price | 30.98 | 13.27 | 12.61 | 3.28 | 1.44 | 2.91 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 0.70 | 0.70 | 1.00 | 0.70 | |
| Implied Stock Price (Trading Cur) | 44.56 | 19.08 | 18.13 | 4.72 | 1.44 | 4.18 | |
| Trading Currency | CAD | CAD | CAD | CAD | USD | CAD | |
| FX Rate to Reporting Currency | 0.70 | 0.70 | 0.70 | 0.70 | 1.00 | 0.70 | |