MAG Silver Corp.

TSX:MAG Stock Report

Market Cap: CA$2.3b

MAG Silver Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Discounted Cash Flow
Simply Wall St
CA$29.45
Fair Value
23.8% undervalued intrinsic discount
9
Number of Analysts

Below Fair Value: MAG (CA$22.43) is trading below our estimate of fair value (CA$29.45)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MAG. This is calculated by dividing MAG's market cap by their current earnings.
What is MAG's PE Ratio?
PE Ratio21.9x
EarningsUS$74.50m
Market CapUS$1.63b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MAG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average52.8x
FVI Fortuna Mining
55.1xn/aCA$2.0b
AYA Aya Gold & Silver
142.5x89.8%CA$1.6b
SVM Silvercorp Metals
11x16.5%CA$1.1b
APM Andean Precious Metals
2.8x-49.9%CA$218.7m
MAG MAG Silver
21.9x-5.7%CA$2.3b

Price-To-Earnings vs Peers: MAG is good value based on its Price-To-Earnings Ratio (21.9x) compared to the peer average (52.8x).

Price to Earnings Ratio vs Industry

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

42 CompaniesPrice / EarningsEstimated GrowthMarket Cap
IMG IAMGOLD
4x-6.8%US$3.28b
SLI Standard Lithium
2.3xn/aUS$258.31m
THX Thor Explorations
3.7x1.6%US$184.39m
DRX ADF Group
4x-5.9%US$170.04m
MAG 21.9xIndustry Avg. 12.2xNo. of Companies42PE020406080100+
42 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MAG is expensive based on its Price-To-Earnings Ratio (21.9x) compared to the Canadian Metals and Mining industry average (12.2x).

Price to Earnings Ratio vs Fair Ratio

What is MAG'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.

MAG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.9x
Fair PE Ratio10.6x

Price-To-Earnings vs Fair Ratio: MAG is expensive based on its Price-To-Earnings Ratio (21.9x) compared to the estimated Fair Price-To-Earnings Ratio (10.6x).

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 MAG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$22.43
CA$27.39
+22.1%
5.6%CA$30.30CA$25.61n/a9
Feb ’26CA$22.84
CA$27.74
+21.5%
5.1%CA$30.34CA$26.07n/a9
Jan ’26CA$19.53
CA$27.41
+40.3%
5.3%CA$30.00CA$25.72n/a10
Dec ’25CA$21.80
CA$26.68
+22.4%
5.3%CA$29.23CA$25.06n/a10
Nov ’25CA$23.41
CA$25.82
+10.3%
10.1%CA$29.36CA$20.16n/a9
Oct ’25CA$19.37
CA$22.55
+16.4%
8.0%CA$25.45CA$19.48n/a9
Sep ’25CA$17.62
CA$22.51
+27.8%
8.5%CA$25.81CA$19.75n/a9
Aug ’25CA$18.28
CA$22.99
+25.7%
7.5%CA$25.87CA$20.60n/a8
Jul ’25CA$15.98
CA$22.01
+37.7%
5.7%CA$23.99CA$20.55n/a8
Jun ’25CA$18.24
CA$21.39
+17.2%
8.6%CA$23.98CA$17.18n/a10
May ’25CA$17.07
CA$20.67
+21.1%
11.1%CA$24.12CA$15.86n/a10
Apr ’25CA$14.64
CA$19.55
+33.5%
11.8%CA$24.07CA$15.63n/a10
Mar ’25CA$11.73
CA$19.97
+70.2%
11.4%CA$24.02CA$15.58n/a10
Feb ’25CA$12.56
CA$19.78
+57.5%
11.4%CA$23.80CA$15.42CA$22.8410
Jan ’25CA$13.79
CA$20.90
+51.6%
10.5%CA$23.87CA$17.08CA$19.5310
Dec ’24CA$16.41
CA$20.92
+27.5%
10.1%CA$23.41CA$17.17CA$21.8010
Nov ’24CA$14.04
CA$22.25
+58.5%
8.6%CA$24.22CA$17.49CA$23.4110
Oct ’24CA$14.04
CA$22.88
+62.9%
7.4%CA$24.57CA$18.99CA$19.379
Sep ’24CA$14.98
CA$22.94
+53.1%
7.3%CA$24.67CA$19.46CA$17.628
Aug ’24CA$15.22
CA$23.40
+53.7%
8.6%CA$25.64CA$19.25CA$18.288
Jul ’24CA$14.75
CA$23.65
+60.3%
9.7%CA$25.89CA$18.86CA$15.988
Jun ’24CA$17.14
CA$24.07
+40.4%
7.9%CA$26.16CA$20.93CA$18.248
May ’24CA$17.62
CA$24.41
+38.5%
8.3%CA$27.23CA$21.14CA$17.078
Apr ’24CA$17.08
CA$24.41
+42.9%
8.5%CA$26.96CA$20.85CA$14.648
Mar ’24CA$16.55
CA$25.12
+51.8%
10.8%CA$29.31CA$20.60CA$11.739
Feb ’24CA$18.57
CA$24.65
+32.8%
9.6%CA$27.47CA$20.93CA$12.565
Analyst Price Target
Consensus Narrative from 9 Analysts
CA$27.39
Fair Value
18.1% undervalued intrinsic discount
9
Number of Analysts

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 Analysis2025/02/22 04:57
End of Day Share Price 2025/02/21 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.

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 Github.

Analyst Sources

MAG Silver Corp. is covered by 28 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kevin O'HalloranBMO Capital Markets Equity Research
Michael FairbairnCanaccord Genuity
Carey MacRuryCanaccord Genuity