Marimaca Copper Corp.

TSX:MARI Stock Report

Market Cap: CA$457.6m

Marimaca Copper Valuation

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

Below Fair Value: MARI (CA$4.8) is trading below our estimate of fair value (CA$89.73)

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

Key Valuation Metric

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

Key metric: As MARI 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 MARI. This is calculated by dividing MARI's market cap by their current book value.
What is MARI's PB Ratio?
PB Ratio3x
BookUS$112.91m
Market CapUS$324.79m

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for MARI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average2.3x
III Imperial Metals
0.4xn/aCA$333.5m
ALDE Aldebaran Resources
2.7xn/aCA$324.5m
TKO Taseko Mines
1.8x46.1%CA$824.8m
FDY Faraday Copper
4.3x-6.3%CA$184.8m
MARI Marimaca Copper
3x57.4%CA$457.6m

Price-To-Book vs Peers: MARI is expensive based on its Price-To-Book Ratio (3x) compared to the peer average (2.3x).

Price to Book Ratio vs Industry

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

88 CompaniesPrice / BookEstimated GrowthMarket Cap
S Sherritt International
0.1xn/aUS$50.76m
WM Wallbridge Mining
0.2xn/aUS$46.88m
NCU Nevada Copper
0.1xn/aUS$31.56m
VGCX Victoria Gold
0.06xn/aUS$24.21m
MARI 3.0xIndustry Avg. 1.4xNo. of Companies159PB01.22.43.64.86+
88 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: MARI is expensive based on its Price-To-Book Ratio (3x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is MARI'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.

MARI PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio3x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MARI'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 MARI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$4.80
CA$6.46
+34.5%
12.0%CA$8.17CA$5.53n/a7
Nov ’25CA$4.43
CA$6.34
+43.0%
11.6%CA$7.99CA$5.54n/a7
Oct ’25CA$3.90
CA$6.13
+57.1%
8.8%CA$7.27CA$5.49n/a7
Sep ’25CA$3.88
CA$6.12
+57.7%
8.8%CA$7.30CA$5.50n/a7
Aug ’25CA$3.87
CA$6.27
+62.1%
9.0%CA$7.50CA$5.56n/a7
Jul ’25CA$3.84
CA$6.02
+56.8%
4.9%CA$6.48CA$5.50n/a6
Jun ’25CA$3.97
CA$6.04
+52.1%
4.7%CA$6.49CA$5.54n/a6
May ’25CA$3.90
CA$6.03
+54.7%
4.8%CA$6.47CA$5.50n/a6
Apr ’25CA$3.56
CA$5.78
+62.4%
6.9%CA$6.09CA$5.02n/a6
Mar ’25CA$3.55
CA$5.77
+62.5%
6.8%CA$6.07CA$5.01n/a6
Feb ’25CA$3.28
CA$5.72
+74.3%
7.3%CA$6.02CA$4.88n/a6
Jan ’25CA$3.43
CA$6.35
+85.2%
22.8%CA$9.73CA$4.90n/a7
Dec ’24CA$3.50
CA$6.44
+84.0%
22.4%CA$9.81CA$4.95n/a7
Nov ’24CA$3.72
CA$6.55
+76.2%
22.5%CA$9.99CA$4.99CA$4.437
Oct ’24CA$4.00
CA$6.48
+62.0%
21.6%CA$9.73CA$5.08CA$3.907
Sep ’24CA$4.05
CA$6.50
+60.4%
21.6%CA$9.76CA$5.10CA$3.887
Aug ’24CA$4.24
CA$6.39
+50.8%
21.4%CA$9.58CA$5.00CA$3.877
Jul ’24CA$4.19
CA$6.22
+48.5%
23.1%CA$9.55CA$4.53CA$3.847
Jun ’24CA$3.95
CA$6.30
+59.6%
22.7%CA$9.56CA$4.53CA$3.977
May ’24CA$4.10
CA$6.32
+54.1%
24.2%CA$9.51CA$4.48CA$3.906
Apr ’24CA$3.77
CA$5.66
+50.1%
9.3%CA$6.17CA$4.59CA$3.566
Mar ’24CA$3.60
CA$5.56
+54.5%
9.2%CA$6.05CA$4.50CA$3.556
Feb ’24CA$3.58
CA$5.54
+54.8%
9.0%CA$6.02CA$4.51CA$3.286
Jan ’24CA$3.22
CA$5.43
+68.5%
9.2%CA$5.99CA$4.47CA$3.436
Dec ’23CA$3.15
CA$5.25
+66.6%
8.3%CA$5.81CA$4.49CA$3.505
Nov ’23CA$3.25
CA$5.40
+66.1%
9.3%CA$6.04CA$4.50CA$3.725

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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