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

2/6

Valuation Score 2/6

  • 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.

Below Fair Value: MAG (CA$21.99) is trading below our estimate of fair value (CA$24.5)

Significantly Below Fair Value: MAG is trading below fair value, but not by a significant amount.

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 Ratio21.8x
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 Average58.8x
FVI Fortuna Mining
60.5x28.7%CA$2.1b
AYA Aya Gold & Silver
158.4x95.0%CA$1.8b
SVM Silvercorp Metals
13.9x41.3%CA$1.2b
APM Andean Precious Metals
2.3x-42.9%CA$188.2m
MAG MAG Silver
21.8x-10.9%CA$2.3b

Price-To-Earnings vs Peers: MAG is good value based on its Price-To-Earnings Ratio (21.8x) compared to the peer average (58.8x).

Price to Earnings Ratio vs Industry

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

34 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SLI Standard Lithium
2.7xn/aUS$324.28m
APM Andean Precious Metals
2.3x-42.9%US$134.61m
STGO Steppe Gold
2.1xn/aUS$117.54m
DC.A Dundee
2.4xn/aUS$113.81m
MAG 21.8xIndustry Avg. 13.5xNo. of Companies34PE01632486480+
34 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MAG is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the Canadian Metals and Mining industry average (13.5x).

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 Ratio21.8x
Fair PE Ratio11.1x

Price-To-Earnings vs Fair Ratio: MAG is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the estimated Fair Price-To-Earnings Ratio (11.1x).

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$21.99
CA$26.34
+19.8%
6.9%CA$29.39CA$23.12n/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$15.42n/a10
Jan ’25CA$13.79
CA$20.90
+51.6%
10.5%CA$23.87CA$17.08n/a10
Dec ’24CA$16.41
CA$20.92
+27.5%
10.1%CA$23.41CA$17.17n/a10
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
Jan ’24CA$21.15
CA$24.52
+15.9%
11.2%CA$28.55CA$20.47CA$13.799
Dec ’23CA$21.88
CA$24.40
+11.5%
11.7%CA$28.40CA$19.80CA$16.419
Nov ’23CA$18.66
CA$24.16
+29.5%
10.1%CA$28.92CA$20.16CA$14.049

Analyst Forecast: Target price is less than 20% higher than the current share price.

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