Ivanhoe Mines Valuation

Q: What is the Fair Price of IVN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

IVN (CA$18.74) is trading below our estimate of [[fair value]] (CA$21.06)

Is IVN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IVN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IVN (CA$18.74) is trading below our estimate of fair value (CA$21.06)

Significantly Below Fair Value: IVN is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IVN?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for IVN. This is calculated by dividing IVN's market cap by their current preferred multiple.
What is IVN's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$17.86b

IVN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	-154.6x
PEG Ratio	2.7x

Price to Earnings Ratio vs Peers

How does IVN's PE Ratio compare to its peers?

The above table shows the PE ratio for IVN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	44.2x
TECK.B Teck Resources	26.4x	14.4%	CA$33.2b
HBM Hudbay Minerals	43.7x	51.1%	CA$4.9b
AFM Alphamin Resources	20.8x	n/a	CA$1.5b
ALS Altius Minerals	85.8x	16.7%	CA$1.2b
IVN Ivanhoe Mines	115.9x	43.3%	CA$24.9b

Price-To-Earnings vs Peers: IVN is expensive based on its Price-To-Earnings Ratio (115.9x) compared to the peer average (44.2x).

Price to Earnings Ratio vs Industry

How does IVN's PE Ratio compare vs other companies in the CA Metals and Mining Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	43.8%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	43.8%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: IVN is expensive based on its Price-To-Earnings Ratio (115.9x) compared to the Canadian Metals and Mining industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is IVN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IVN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	116.1x
Fair PE Ratio	39.6x

Price-To-Earnings vs Fair Ratio: IVN is expensive based on its Price-To-Earnings Ratio (115.9x) compared to the estimated Fair Price-To-Earnings Ratio (39.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IVN forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CA$18.74	CA$24.77 +32.2%	10.2%	CA$30.32	CA$21.51	n/a	14
Oct ’25	CA$20.30	CA$24.04 +18.4%	8.6%	CA$29.30	CA$20.77	n/a	14
Sep ’25	CA$17.97	CA$23.73 +32.1%	10.0%	CA$29.62	CA$19.87	n/a	14
Aug ’25	CA$16.54	CA$24.20 +46.3%	9.7%	CA$30.13	CA$19.75	n/a	14
Jul ’25	CA$17.65	CA$23.02 +30.4%	14.7%	CA$29.89	CA$13.87	n/a	14
Jun ’25	CA$19.68	CA$22.18 +12.7%	17.9%	CA$29.86	CA$13.86	n/a	14
May ’25	CA$18.60	CA$20.44 +9.9%	19.5%	CA$30.03	CA$13.93	n/a	12
Apr ’25	CA$16.49	CA$17.12 +3.8%	10.3%	CA$19.07	CA$14.11	n/a	12
Mar ’25	CA$14.34	CA$16.70 +16.5%	10.0%	CA$19.08	CA$14.11	n/a	12
Feb ’25	CA$14.31	CA$16.04 +12.1%	12.9%	CA$18.96	CA$12.18	n/a	12
Jan ’25	CA$12.85	CA$15.19 +18.2%	13.6%	CA$18.67	CA$12.11	n/a	12
Dec ’24	CA$12.45	CA$15.41 +23.7%	13.5%	CA$18.99	CA$12.32	n/a	12
Nov ’24	CA$10.06	CA$15.59 +55.0%	13.1%	CA$19.26	CA$12.68	CA$18.74	12
Oct ’24	CA$11.64	CA$15.72 +35.1%	11.6%	CA$18.97	CA$12.39	CA$20.30	12
Sep ’24	CA$12.30	CA$16.12 +31.1%	8.8%	CA$18.79	CA$14.20	CA$17.97	11
Aug ’24	CA$13.71	CA$15.93 +16.2%	9.1%	CA$18.59	CA$13.99	CA$16.54	11
Jul ’24	CA$12.10	CA$15.85 +31.0%	9.2%	CA$18.22	CA$13.90	CA$17.65	11
Jun ’24	CA$10.47	CA$16.20 +54.7%	9.0%	CA$18.69	CA$14.02	CA$19.68	11
May ’24	CA$12.02	CA$15.73 +30.9%	7.7%	CA$17.93	CA$13.97	CA$18.60	10
Apr ’24	CA$12.21	CA$14.79 +21.2%	7.0%	CA$16.98	CA$12.84	CA$16.49	10
Mar ’24	CA$11.99	CA$14.88 +24.1%	5.6%	CA$16.49	CA$13.22	CA$14.34	10
Feb ’24	CA$12.51	CA$14.53 +16.2%	6.2%	CA$16.46	CA$12.94	CA$14.31	10
Jan ’24	CA$10.70	CA$14.52 +35.7%	10.9%	CA$17.49	CA$11.88	CA$12.85	10
Dec ’23	CA$12.01	CA$13.83 +15.2%	12.2%	CA$17.10	CA$11.62	CA$12.45	10
Nov ’23	CA$9.85	CA$13.96 +41.7%	13.3%	CA$17.45	CA$11.85	CA$10.06	10

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.