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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.3x - 4.8x | 4.6x |
| Selected Fwd EBITDA Multiple | 2.2x - 2.5x | 2.3x |
| Fair Value | €3.14 - €3.35 | €3.24 |
| Upside | 9.0% - 16.1% | 12.6% |
| Benchmarks | Ticker | Full Ticker |
| Lundin Gold Inc. | LUG | TSX:LUG |
| Alamos Gold Inc. | AGI | TSX:AGI |
| Barrick Mining Corporation | ABX | TSX:ABX |
| Amerigo Resources Ltd. | ARG | TSX:ARG |
| OR Royalties Inc. | OR | TSX:OR |
| Dynacor Group Inc. | OA5 | DB:OA5 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LUG | AGI | ABX | ARG | OR | OA5 | ||
| TSX:LUG | TSX:AGI | TSX:ABX | TSX:ARG | TSX:OR | DB:OA5 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 18.7% | 6.2% | 38.6% | 15.7% | 23.3% | |
| 3Y CAGR | 21.4% | 18.6% | -1.5% | -10.9% | 7.5% | 7.8% | |
| Latest Twelve Months | 85.2% | 38.5% | 24.3% | 31.3% | 18.7% | -14.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 59.5% | 48.2% | 49.3% | 28.5% | 75.1% | 10.9% | |
| Prior Fiscal Year | 58.4% | 48.6% | 46.1% | 17.3% | 78.0% | 10.1% | |
| Latest Fiscal Year | 64.3% | 50.8% | 47.6% | 30.8% | 84.5% | 10.4% | |
| Latest Twelve Months | 68.1% | 51.4% | 51.1% | 29.2% | 83.7% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.09x | 7.89x | 3.54x | 1.30x | 26.45x | 0.28x | |
| EV / LTM EBITDA | 13.4x | 15.3x | 6.9x | 4.4x | 31.6x | 3.6x | |
| EV / LTM EBIT | 15.4x | 21.2x | 8.5x | 7.5x | 38.7x | 4.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 13.4x | 31.6x | ||||
| Historical EV / LTM EBITDA | 2.3x | 3.4x | 4.2x | ||||
| Selected EV / LTM EBITDA | 4.3x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 24 | 24 | 24 | ||||
| (=) Implied Enterprise Value | 106 | 112 | 117 | ||||
| (-) Non-shareholder Claims * | 58 | 58 | 58 | ||||
| (=) Equity Value | 164 | 169 | 175 | ||||
| (/) Shares Outstanding | 41.9 | 41.9 | 41.9 | ||||
| Implied Value Range | 3.91 | 4.05 | 4.18 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.34 | 3.45 | 3.57 | 2.88 | |||
| Upside / (Downside) | 16.0% | 19.9% | 23.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LUG | AGI | ABX | ARG | OR | OA5 | |
| Enterprise Value | 13,384 | 11,884 | 49,095 | 251 | 5,660 | 84 | |
| (+) Cash & Short Term Investments | 493 | 378 | 4,802 | 23 | 98 | 58 | |
| (+) Investments & Other | 0 | 0 | 4,147 | 0 | 95 | 0 | |
| (-) Debt | 0 | (280) | (4,729) | (7) | (41) | (1) | |
| (-) Other Liabilities | 0 | 0 | (8,595) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,877 | 11,982 | 44,720 | 267 | 5,812 | 141 | |
| (/) Shares Outstanding | 241.3 | 421.9 | 1,706.0 | 161.5 | 188.2 | 41.9 | |
| Implied Stock Price | 57.52 | 28.40 | 26.21 | 1.66 | 30.88 | 3.38 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.17 | |
| Implied Stock Price (Trading Cur) | 79.54 | 39.27 | 36.25 | 2.29 | 42.71 | 2.88 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.17 | |