Materials Canadian Investing Ideas

CA$11
44.5% undervalued intrinsic discount
Fair Value
Revenue
20.55% p.a.
Profit Margin
20.91%
Future PE
7.28x
Price in 2031
CA$18.47
CA$3.5
94.0% undervalued intrinsic discount
Fair Value
Profit Margin
12.41%
Future PE
19.35x
Price in 2029
CA$4.33
CA$8.1
40.6% undervalued intrinsic discount
Fair Value
My fair value of CA$8.10 is based on an earnings-multiple approach. MAI reported about US$0.10 in EPS in Q1 2026. If that level of profitability is roughly repeatable, it implies about US$0.40 in annual EPS. Converting that to Canadian dollars gives approximately CA$0.54 in annual EPS. I then apply a 15x earnings multiple, which gives a fair value of about CA$8.10 per share. This is a bullish valuation because it assumes Q1 was not just a one-off quarter, but I think it is reasonable if gold prices remain strong, Pan continues producing near guidance, and the market begins valuing MAI as a profitable gold producer rather than only a junior development story. US$0.10 quarterly EPS × 4 = US$0.40 annual EPS US$0.40 × 1.35 CAD/USD = CA$0.54 EPS CA$0.54 × 15 P/E = CA$8.10 fair value
CA$5.73
81.2% undervalued intrinsic discount
Fair Value
Comparable Canadian companies are valued at around C$94 per resource ounce (we used C$78 in February). Applying the updated multiple to the existing 3.3Moz, and the valuation lifts to C$5.73 per share.