enCore Energy Corp.

TSXV:EU Stock Report

Market Cap: CA$981.4m

enCore Energy Valuation

Is EU 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: EU (CA$5.4) is trading below our estimate of fair value (CA$31.11)

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

Key Valuation Metric

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

Key metric: As EU is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for EU. This is calculated by dividing EU's market cap by their current revenue.
What is EU's PS Ratio?
PS Ratio15.6x
SalesUS$44.97m
Market CapUS$702.10m

Price to Sales Ratio vs Peers

How does EU's PS Ratio compare to its peers?

The above table shows the PS ratio for EU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average19x
URC Uranium Royalty
10.5x18.4%CA$448.6m
URE Ur-Energy
29.5x43.4%CA$680.9m
EFR Energy Fuels
35.4x45.4%CA$1.9b
SGQ SouthGobi Resources
0.4xn/aCA$201.7m
EU enCore Energy
15.6x41.2%CA$981.4m

Price-To-Sales vs Peers: EU is good value based on its Price-To-Sales Ratio (15.6x) compared to the peer average (19x).

Price to Sales Ratio vs Industry

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

15 CompaniesPrice / SalesEstimated GrowthMarket Cap
PKI Parkland
0.2x2.2%US$4.22b
GEI Gibson Energy
0.3x-5.8%US$2.79b
SES Secure Energy Services
0.4x-56.0%US$2.74b
SGQ SouthGobi Resources
0.4xn/aUS$144.33m
EU 15.6xIndustry Avg. 1.9xNo. of Companies17PS01.63.24.86.48+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: EU is expensive based on its Price-To-Sales Ratio (15.6x) compared to the Canadian Oil and Gas industry average (1.9x).

Price to Sales Ratio vs Fair Ratio

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

EU PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio15.6x
Fair PS Ratio0.5x

Price-To-Sales vs Fair Ratio: EU is expensive based on its Price-To-Sales Ratio (15.6x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

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 EU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$5.40
CA$8.00
+48.1%
15.3%CA$10.00CA$7.00n/a4
Nov ’25CA$5.31
CA$8.13
+53.0%
15.3%CA$10.00CA$7.00n/a4
Oct ’25CA$5.54
CA$8.13
+46.7%
15.3%CA$10.00CA$7.00n/a4
Sep ’25CA$4.83
CA$8.00
+65.6%
15.3%CA$10.00CA$7.00n/a4
Aug ’25CA$5.06
CA$8.13
+60.6%
14.0%CA$10.00CA$7.00n/a4
Jul ’25CA$5.37
CA$8.31
+54.8%
11.9%CA$10.00CA$7.50n/a4
Jun ’25CA$6.56
CA$8.31
+26.7%
11.9%CA$10.00CA$7.50n/a4
May ’25CA$6.42
CA$8.58
+33.7%
11.7%CA$10.00CA$7.75n/a3
Apr ’25CA$6.20
CA$8.25
+33.1%
15.5%CA$10.00CA$7.00n/a3
Mar ’25CA$5.37
CA$7.83
+45.9%
19.7%CA$10.00CA$6.50n/a3
Feb ’25CA$6.46
CA$7.17
+10.9%
8.7%CA$8.00CA$6.50n/a3
Jan ’25CA$5.21
CA$7.17
+37.6%
8.7%CA$8.00CA$6.50n/a3
Dec ’24CA$5.27
CA$6.42
+21.8%
12.0%CA$7.50CA$5.75n/a3
Nov ’24CA$4.52
CA$6.42
+42.0%
12.0%CA$7.50CA$5.75CA$5.313
Oct ’24CA$4.47
CA$5.83
+30.5%
10.7%CA$6.50CA$5.00CA$5.543
Sep ’24CA$3.52
CA$5.83
+65.7%
10.7%CA$6.50CA$5.00CA$4.833
Aug ’24CA$3.33
CA$5.83
+75.2%
10.7%CA$6.50CA$5.00CA$5.063
Jul ’24CA$3.20
CA$5.83
+82.3%
10.7%CA$6.50CA$5.00CA$5.373
Jun ’24CA$3.10
CA$5.83
+88.2%
10.7%CA$6.50CA$5.00CA$6.563
May ’24CA$2.87
CA$5.87
+104.4%
9.9%CA$6.50CA$5.10CA$6.423
Apr ’24CA$2.94
CA$5.87
+99.5%
9.9%CA$6.50CA$5.10CA$6.203

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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