Denison Mines (TSX:DML) Stock Valuation, Peer Comparison & Price Targets

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

DML (CA$3.32) is trading above our estimate of [[fair value]] (CA$1.77)

Share Price vs Fair Value

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

Below Fair Value: DML (CA$3.32) is trading above our estimate of fair value (CA$1.77)

Significantly Below Fair Value: DML is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As DML barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for DML. This is calculated by dividing DML's market cap by their current book value.
What is DML's PB Ratio?
PB Ratio	5.1x
Book	CA$584.91m
Market Cap	CA$2.96b

DML 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	721.7x
Enterprise Value/EBITDA	-60.5x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for DML vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	3.2x
NXE NexGen Energy	5.8x	-58.8%	CA$7.0b
FCU Fission Uranium	1.4x	79.0%	CA$755.7m
ISO IsoEnergy	1.9x	70.1%	CA$634.8m
EFR Energy Fuels	3.7x	66.4%	CA$1.9b
DML Denison Mines	5.1x	28.8%	CA$3.0b

Price-To-Book vs Peers: DML is expensive based on its Price-To-Book Ratio (5.1x) compared to the peer average (3.2x).

Price to Book Ratio vs Industry

How does DML's PB Ratio compare vs other companies in the CA Oil and Gas Industry?

11 Companies	Price / Book	Estimated Growth	Market Cap
BNE Bonterra Energy	0.2x	-82.7%	US$96.67m
YGR Yangarra Resources	0.2x	n/a	US$71.34m
TWM Tidewater Midstream and Infrastructure	0.2x	110.6%	US$40.03m
LCFS Tidewater Renewables	0.2x	110.5%	US$23.39m

11 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: DML is expensive based on its Price-To-Book Ratio (5.1x) compared to the Canadian Oil and Gas industry average (1.3x).

Price to Book Ratio vs Fair Ratio

What is DML'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.

DML PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	5.1x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate DML'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?

The above table shows the analyst DML 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$3.32	CA$4.23 +27.5%	30.0%	CA$8.04	CA$3.01	n/a	11
Nov ’25	CA$2.91	CA$4.21 +44.6%	31.7%	CA$8.23	CA$3.09	n/a	11
Oct ’25	CA$2.56	CA$4.05 +58.2%	32.2%	CA$8.00	CA$3.00	n/a	11
Sep ’25	CA$2.23	CA$4.19 +88.0%	33.3%	CA$7.99	CA$2.94	n/a	9
Aug ’25	CA$2.42	CA$4.16 +72.0%	34.8%	CA$8.16	CA$3.00	n/a	9
Jul ’25	CA$2.74	CA$4.34 +58.3%	34.1%	CA$8.08	CA$3.00	n/a	8
Jun ’25	CA$3.29	CA$4.31 +31.0%	34.1%	CA$8.03	CA$2.99	n/a	8
May ’25	CA$2.82	CA$4.33 +53.5%	34.1%	CA$8.06	CA$3.00	n/a	8
Apr ’25	CA$2.83	CA$4.22 +49.1%	35.9%	CA$8.01	CA$3.00	n/a	8
Mar ’25	CA$2.61	CA$4.16 +59.2%	37.8%	CA$8.00	CA$2.50	n/a	8
Feb ’25	CA$2.86	CA$3.75 +31.0%	33.6%	CA$6.71	CA$2.49	n/a	8
Jan ’25	CA$2.32	CA$3.54 +52.6%	35.5%	CA$6.54	CA$2.46	n/a	8
Dec ’24	CA$2.44	CA$3.61 +47.9%	37.2%	CA$6.77	CA$2.30	n/a	8
Nov ’24	CA$2.25	CA$3.63 +61.3%	36.8%	CA$6.77	CA$2.33	CA$2.91	8
Oct ’24	CA$2.23	CA$3.25 +45.8%	35.3%	CA$6.16	CA$2.30	CA$2.56	8
Sep ’24	CA$1.92	CA$3.07 +60.1%	41.1%	CA$6.17	CA$1.69	CA$2.23	8
Aug ’24	CA$1.68	CA$2.99 +78.0%	41.3%	CA$6.01	CA$1.65	CA$2.42	8
Jul ’24	CA$1.66	CA$3.01 +81.1%	41.3%	CA$6.04	CA$1.65	CA$2.74	8
Jun ’24	CA$1.58	CA$2.82 +78.6%	36.7%	CA$5.26	CA$1.50	CA$3.29	8
May ’24	CA$1.41	CA$2.83 +100.7%	37.0%	CA$5.29	CA$1.50	CA$2.82	8
Apr ’24	CA$1.47	CA$2.81 +90.9%	40.3%	CA$5.33	CA$1.50	CA$2.83	7
Mar ’24	CA$1.74	CA$2.81 +61.6%	39.1%	CA$5.29	CA$1.60	CA$2.61	7
Feb ’24	CA$1.99	CA$2.80 +40.7%	39.0%	CA$5.26	CA$1.61	CA$2.86	7
Jan ’24	CA$1.55	CA$2.80 +80.7%	38.4%	CA$5.20	CA$1.60	CA$2.32	7
Dec ’23	CA$1.61	CA$2.82 +75.3%	39.6%	CA$5.32	CA$1.51	CA$2.44	7
Nov ’23	CA$1.68	CA$2.80 +66.9%	39.6%	CA$5.25	CA$1.48	CA$2.25	7

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Denison Mines Valuation