TSX:MAX

Stock Analysis Report

Executive Summary

Midas Gold Corp. engages in the mineral exploration activities in the United States.


Snowflake Analysis

Worrying balance sheet with weak fundamentals.

Share Price & News

How has Midas Gold's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MAX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.6%

MAX

-1.3%

CA Metals and Mining

-4.8%

CA Market


1 Year Return

-32.6%

MAX

6.3%

CA Metals and Mining

0.1%

CA Market

Return vs Industry: MAX underperformed the Canadian Metals and Mining industry which returned 4.9% over the past year.

Return vs Market: MAX underperformed the Canadian Market which returned 0.5% over the past year.


Shareholder returns

MAXIndustryMarket
7 Day3.6%-1.3%-4.8%
30 Day3.6%3.6%-3.2%
90 Day-14.7%9.3%-1.0%
1 Year-32.6%-32.6%7.1%6.3%3.3%0.1%
3 Year-23.7%-23.7%1.3%-0.5%12.9%2.7%
5 Year19.6%19.6%27.5%23.8%29.2%10.3%

Price Volatility Vs. Market

How volatile is Midas Gold's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Midas Gold undervalued compared to its fair value and its price relative to the market?

2.7x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate MAX's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate MAX's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: MAX is unprofitable, so we can't compare its PE Ratio to the Metals and Mining industry average.

PE vs Market: MAX is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MAX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MAX is overvalued based on its PB Ratio (2.7x) compared to the CA Metals and Mining industry average (1.5x).


Next Steps

Future Growth

How is Midas Gold forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-130.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAX is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: MAX is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: MAX is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: Insufficient data to determine if MAX's revenue is forecast to grow faster than the Canadian market.

High Growth Revenue: Insufficient data to determine if MAX's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MAX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Midas Gold performed over the past 5 years?

-17.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAX is currently unprofitable.

Growing Profit Margin: MAX is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: MAX is unprofitable, and losses have increased over the past 5 years at a rate of -17.9% per year.

Accelerating Growth: Unable to compare MAX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MAX is unprofitable, making it difficult to compare its past year earnings growth to the Metals and Mining industry (11.8%).


Return on Equity

High ROE: MAX has a negative Return on Equity (-13.26%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Midas Gold's financial position?


Financial Position Analysis

Short Term Liabilities: MAX's short term assets ($26.4M) exceed its short term liabilities ($4.2M).

Long Term Liabilities: MAX's short term assets ($26.4M) do not cover its long term liabilities ($50.5M).


Debt to Equity History and Analysis

Debt Level: MAX's debt to equity ratio (59.8%) is considered high.

Reducing Debt: MAX's debt to equity ratio has increased from 0.09% to 59.8% over the past 5 years.


Balance Sheet

Inventory Level: MAX has a high level of physical assets or inventory.

Debt Coverage by Assets: MAX's debt is covered by short term assets (assets are 1x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MAX has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: MAX has less than a year of cash runway if free cash flow continues to reduce at historical rates of -4.3% each year


Next Steps

Dividend

What is Midas Gold's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.0%markettop25%5.8%industryaverage1.2%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate MAX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate MAX's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MAX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MAX's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MAX's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

8.8yrs

Average management tenure


CEO

Steve Quin (59yo)

9yrs

Tenure

US$414,517

Compensation

Mr. Stephen Paul Quin, also known as Steve, P. Geo., is a Mining Geologist with experience in the mining and exploration industry. He is based in Vancouver, Canada, and has been the President and Chief Exe ...


CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD311.94K) is above average for companies of similar size in the Canadian market ($USD155.12K).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Stephen Quin
President9yrsUS$414.52k0.52% $824.9k
Darren Morgans
Chief Financial Officer8.8yrsUS$318.48k0.026% $40.6k
John Meyer
Vice President of Development7.1yrsUS$390.15kno data
Elizabeth Monger
Manager of Investor Relations & Corporate Secretary8.7yrsno datano data
Christopher Dail
Exploration Manager8.8yrsUS$1.76m0.13% $201.5k
Richard Richins
Consultant0yrsno datano data

8.8yrs

Average Tenure

Experienced Management: MAX's management team is seasoned and experienced (8.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Stephen Quin
President9yrsUS$414.52k0.52% $824.9k
Peter Nixon
Independent Chairman8.8yrsUS$73.45k0.068% $107.3k
Bradley Doores
Independent Director1.5yrsUS$51.47kno data
Donald Young
Independent Director8.8yrsUS$62.53k0.000040% $62.9
Keith Allred
Independent Director5.3yrsUS$64.91k0.011% $16.6k
Marcelo Kim
Director3.9yrsno datano data
Javier Schiffrin
Director1.9yrsno datano data
Jaimie Donovan
Director1.1yrsno datano data

4.6yrs

Average Tenure

56.5yo

Average Age

Experienced Board: MAX's board of directors are considered experienced (4.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MAX insiders have bought and sold the same number of shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 32.1%.


Top Shareholders

Company Information

Midas Gold Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Midas Gold Corp.
  • Ticker: MAX
  • Exchange: TSX
  • Founded: 2011
  • Industry: Gold
  • Sector: Materials
  • Market Cap: CA$157.253m
  • Shares outstanding: 271.13m
  • Website: https://www.midasgoldcorp.com

Number of Employees


Location

  • Midas Gold Corp.
  • 999 West Hastings Street
  • Suite 890
  • Vancouver
  • British Columbia
  • V6C 2W2
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MAXTSX (The Toronto Stock Exchange)YesCommon SharesCACADJul 2011
9MIDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 2011
MDRP.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJul 2011
0V6RLSE (London Stock Exchange)YesCommon SharesGBCADJul 2011

Biography

Midas Gold Corp. engages in the mineral exploration activities in the United States. It primarily explores for gold, antimony, and silver deposits. The company’s principal asset is the Stibnite gold project, which is located in Valley County, Idaho. Gold Corp. was incorporated in 2011 and is headquartered in Vancouver, Canada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 02:00
End of Day Share Price2020/02/26 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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 here.