Carnaby Resources Limited

CHIA:CNB Stock Report

Market Cap: AU$62.8m

Carnaby Resources Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: CNB (A$0.36) is trading below our estimate of fair value (A$14.11)

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

Key Valuation Metric

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

Key metric: As CNB is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for CNB. This is calculated by dividing CNB's market cap by their current book value.
What is CNB's PB Ratio?
PB Ratio2.3x
BookAU$26.78m
Market CapAU$62.76m

Price to Book Ratio vs Peers

How does CNB's PB Ratio compare to its peers?

The above table shows the PB ratio for CNB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average4.6x
PTR Petratherm
11.4xn/aAU$57.7m
HAS Hastings Technology Metals
0.2x12.6%AU$49.7m
TGN Tungsten Mining
2xn/aAU$58.2m
ESS Essential Metals
4.8xn/aAU$135.3m
CNB Carnaby Resources
2.3x63.6%AU$62.8m

Price-To-Book vs Peers: CNB is good value based on its Price-To-Book Ratio (2.3x) compared to the peer average (4.3x).

Price to Book Ratio vs Industry

How does CNB's PB Ratio compare vs other companies in the AU Metals and Mining Industry?

15 CompaniesPrice / BookEstimated GrowthMarket Cap
HAS Hastings Technology Metals
0.2x12.6%US$32.32m
JRV Jervois Global
0.1xn/aUS$19.32m
ADN Andromeda Metals
0.2x25.5%US$15.59m
CTO Citigold
0.1xn/aUS$7.80m
CNB 2.3xIndustry Avg. 1.1xNo. of Companies98PB00.81.62.43.24+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: CNB is expensive based on its Price-To-Book Ratio (2.3x) compared to the Australian Metals and Mining industry average (1.1x).

Price to Book Ratio vs Fair Ratio

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

CNB PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio2.3x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate CNB's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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