Lundin Mining Corporation

TSX:LUN Stock Report

Market Cap: CA$9.3b

Lundin Mining Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 LUN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LUN (CA$12.35) is trading below our estimate of fair value (CA$42.53)

Significantly Below Fair Value: LUN is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As LUN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for LUN. This is calculated by dividing LUN's market cap by their current earnings.
What is LUN's PE Ratio?
PE Ratio24.3x
EarningsUS$275.43m
Market CapUS$6.46b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for LUN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average120.1x
CS Capstone Copper
189.6x48.4%CA$6.7b
ERO Ero Copper
80.4x37.5%CA$1.9b
TKO Taseko Mines
18.6x43.9%CA$840.5m
ALDE Aldebaran Resources
191.6xn/aCA$297.3m
LUN Lundin Mining
24.2x38.6%CA$9.3b

Price-To-Earnings vs Peers: LUN is good value based on its Price-To-Earnings Ratio (24.2x) compared to the peer average (120.1x).

Price to Earnings Ratio vs Industry

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

36 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SLI Standard Lithium
2.4xn/aUS$258.37m
THX Thor Explorations
2.8x2.5%US$135.05m
APM Andean Precious Metals
2.3x-42.9%US$124.05m
STGO Steppe Gold
2.1x-11.5%US$105.56m
LUN 24.3xIndustry Avg. 12.8xNo. of Companies36PE01632486480+
36 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: LUN is expensive based on its Price-To-Earnings Ratio (24.2x) compared to the Canadian Metals and Mining industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is LUN'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.

LUN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.3x
Fair PE Ratio32x

Price-To-Earnings vs Fair Ratio: LUN is good value based on its Price-To-Earnings Ratio (24.2x) compared to the estimated Fair Price-To-Earnings Ratio (32x).

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 LUN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$12.35
CA$17.70
+43.3%
11.9%CA$24.13CA$14.59n/a19
Dec ’25CA$13.74
CA$17.24
+25.5%
14.9%CA$23.47CA$9.55n/a20
Nov ’25CA$13.68
CA$17.45
+27.6%
14.3%CA$23.23CA$9.51n/a20
Oct ’25CA$14.22
CA$16.76
+17.9%
12.5%CA$19.53CA$9.52n/a19
Sep ’25CA$13.98
CA$17.04
+21.9%
13.0%CA$19.53CA$9.52n/a19
Aug ’25CA$13.32
CA$17.60
+32.2%
13.6%CA$20.09CA$9.52n/a19
Jul ’25CA$15.23
CA$17.90
+17.5%
15.1%CA$22.08CA$8.53n/a21
Jun ’25CA$15.67
CA$17.38
+10.9%
15.0%CA$20.06CA$8.52n/a21
May ’25CA$15.35
CA$15.78
+2.8%
16.3%CA$20.05CA$7.81n/a21
Apr ’25CA$14.16
CA$12.95
-8.6%
18.7%CA$17.92CA$6.41n/a21
Mar ’25CA$10.81
CA$11.98
+10.8%
15.1%CA$14.55CA$6.42n/a20
Feb ’25CA$11.08
CA$11.49
+3.7%
13.7%CA$12.97CA$7.39n/a19
Jan ’25CA$10.84
CA$11.17
+3.1%
13.2%CA$12.99CA$7.40n/a19
Dec ’24CA$9.80
CA$11.18
+14.0%
11.1%CA$12.93CA$8.10CA$13.7420
Nov ’24CA$8.74
CA$11.70
+33.9%
11.7%CA$13.25CA$8.09CA$13.6820
Oct ’24CA$10.13
CA$11.92
+17.6%
10.5%CA$13.23CA$8.53CA$14.2220
Sep ’24CA$10.81
CA$11.70
+8.2%
10.8%CA$13.25CA$8.54CA$13.9821
Aug ’24CA$11.75
CA$11.44
-2.6%
10.0%CA$13.06CA$8.61CA$13.3221
Jul ’24CA$10.38
CA$11.01
+6.1%
9.6%CA$12.76CA$8.49CA$15.2320
Jun ’24CA$9.63
CA$10.99
+14.2%
9.7%CA$13.09CA$8.71CA$15.6720
May ’24CA$10.50
CA$10.71
+2.0%
9.7%CA$12.13CA$8.09CA$15.3519
Apr ’24CA$9.18
CA$9.59
+4.5%
12.0%CA$11.95CA$6.99CA$14.1619
Mar ’24CA$8.99
CA$9.70
+7.9%
14.2%CA$13.01CA$7.02CA$10.8119
Feb ’24CA$10.12
CA$9.03
-10.8%
12.7%CA$11.94CA$7.13CA$11.0819
Jan ’24CA$8.31
CA$9.35
+12.6%
16.2%CA$13.14CA$7.09CA$10.8421
Dec ’23CA$8.45
CA$9.08
+7.5%
17.4%CA$12.99CA$6.94CA$9.8021

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 22:48
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Lundin Mining Corporation is covered by 58 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Olof GrenmarkABG Sundal Collier
Farooq HamedBarclays
Charlie ClarkBerenberg