Major Drilling Group International Future Growth
Future criteria checks 4/6
Major Drilling Group International is forecast to grow earnings and revenue by 21.5% and 9.2% per annum respectively. EPS is expected to grow by 21.5% per annum. Return on equity is forecast to be 18.4% in 3 years.
Key information
21.5%
Earnings growth rate
21.49%
EPS growth rate
| Metals and Mining earnings growth | 15.7% |
| Revenue growth rate | 9.2% |
| Future return on equity | 18.40% |
| Analyst coverage | Low |
| Last updated | 11 Jun 2026 |
Recent future growth updates
Recent updates
Narrative Update • Jun 01
MDI: Expanded Copper And Silver Drilling Contracts Will Drive Future Upside
Analysts have kept their fair value estimate for Major Drilling Group International steady at CA$19.50, with only small tweaks to assumptions such as discount rate, revenue growth, profit margin, and future P/E contributing to the updated price target rationale. What's in the News Algo Grande Copper has contracted Major Drilling to execute a Phase II drilling program of about 8,000 meters at the Adelita copper silver gold project in the Arizona Sonora Copper Belt, focusing on multiple high grade zones around the Cerro Grande target.Narrative Update • May 04
MDI: Higher Drilling Activity And P/E Support Will Drive Future Upside
Analysts have raised their average price target on Major Drilling Group International from CA$16 to CA$17, to a new range of CA$20 to CA$21, reflecting updated expectations for revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research updates on Major Drilling Group International center on higher price targets, with TD Securities referring to CA$21 and RBC Capital referring to CA$20.Narrative Update • Apr 20
MDI: Higher Revenue Visibility And Margins Will Support Future Earnings Confidence
Analysts have lifted the consensus price target for Major Drilling Group International to CA$20 to CA$21 from a prior range of CA$16 to CA$17, citing updated assumptions for slightly higher revenue growth and profit margins, along with a modestly adjusted discount rate and future P/E expectations. Analyst Commentary Recent price target revisions to CA$20 and CA$21 reflect updated views on Major Drilling Group International that factor in refreshed assumptions on revenue, margins, and valuation multiples.
Narrative Update • Apr 05
MDI: Zacatecas Drilling Momentum Will Support Future Upside Potential
Analysts have raised the fair value estimate for Major Drilling Group International to CA$22.00 from CA$20.00, reflecting updated views on growth, margins, and future P/E that are in line with recent Street price target revisions to a range of CA$20.00 to CA$21.00. Analyst Commentary Bullish analysts have recently raised their price targets for Major Drilling Group International into a CA$20.00 to CA$21.00 range.
Narrative Update • Mar 22
MDI: Higher Fair Value Framework Will Support Future Upside Potential
Analysts have lifted the fair value estimate for Major Drilling Group International from CA$16.20 to CA$20.70, reflecting higher Street price targets in the CA$20 to CA$21 range and updated views on its growth, profitability, and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts are aligning their CA$20 to CA$21 targets with the updated fair value estimate, which signals confidence that the current valuation assumptions on P/E and profitability are reasonable.Narrative Update • Mar 08
MDI: Higher Fair Value Views Will Support Future Earnings Quality Confidence
Analysts have lifted their price target for Major Drilling Group International from CA$16.00 to CA$19.50, citing recent target increases from CA$16.00 to CA$21.00 and from CA$17.00 to CA$20.00 as support for a higher fair value range. Analyst Commentary Recent research reports have highlighted higher price targets for Major Drilling Group International, with stated ranges moving to CA$20 and CA$21.Narrative Update • Feb 22
MDI: Future Return Assumptions Will Balance Higher Pricing With Earnings Quality
Analysts have lifted their price target for Major Drilling Group International from CA$12.00 to CA$16.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E as key drivers behind the change. Valuation Changes Fair Value: Updated from CA$12.00 to CA$16.00, reflecting a higher valuation anchor in the model.Narrative Update • Feb 08
MDI: Zacatecas Drilling Contract Will Support Future Upside Potential
Analysts have maintained their price target for Major Drilling Group International at $20.00, citing slightly updated assumptions around discount rate, revenue growth, profit margin and future P/E as the key drivers behind the reaffirmed view. What's in the News Zacatecas Silver Corp.Analysis Article • Feb 05
Major Drilling Group International Inc.'s (TSE:MDI) Share Price Matching Investor Opinion
With a price-to-earnings (or "P/E") ratio of 77.5x Major Drilling Group International Inc. ( TSE:MDI ) may be sending...Narrative Update • Jan 25
MDI: New Zacatecas Contract And Buybacks Will Support Future Upside
Analysts have kept their fair value estimate for Major Drilling Group International steady at $20.00 while fine tuning assumptions on the discount rate, revenue growth, profit margin and future P/E to reflect updated expectations for the business and its risk profile. What's in the News Zacatecas Silver Corp.Narrative Update • Jan 10
MDI: Share Buybacks And New Drilling Contracts Will Support Future Upside
Analysts have maintained their price target for Major Drilling Group International at $20.00, citing only minor adjustments to their assumptions for the discount rate, revenue growth, profit margin, and future P/E as the primary reasons for keeping their outlook unchanged. What's in the News Zacatecas Silver Corp.Narrative Update • Dec 27
MDI: Future Margin Strength And Share Buybacks Are Expected To Drive Upside
Analysts have raised their price target on Major Drilling Group International from 17.00 dollars to 20.00 dollars, citing a stronger profit margin outlook that offsets slightly lower revenue growth assumptions and supports a modestly higher future earnings multiple despite an increased discount rate. What's in the News Zacatecas Silver Corp.Narrative Update • Dec 13
MDI: Share Buyback Will Support Future Upside Despite Softer Outlook
Analysts have modestly raised their price target on Major Drilling Group International from 15.60 dollars to 16.20 dollars, reflecting slightly higher expected valuation multiples despite more conservative assumptions for revenue growth and profit margins. What's in the News Zacatecas Silver Corp.Narrative Update • Nov 29
MDI: Share Buyback and New Drilling Contract Will Drive Future Upside
Analysts have revised their price target for Major Drilling Group International slightly downward from $15.84 to $15.60. They cite higher revenue growth expectations, but also note increased discount rates and a lower forecasted profit margin.Narrative Update • Nov 15
MDI: Share Repurchase Program Will Support Long-Term Value Upside
Narrative Update: Major Drilling Group International Price Target Revised Analysts have maintained their target price for Major Drilling Group International at $15.84. This reflects steady expectations, despite minor adjustments to underlying discount rates and forecast metrics.Analysis Article • Nov 07
An Intrinsic Calculation For Major Drilling Group International Inc. (TSE:MDI) Suggests It's 31% Undervalued
Key Insights Using the 2 Stage Free Cash Flow to Equity, Major Drilling Group International fair value estimate is...Narrative Update • Nov 01
MDI: Share Buyback Plan Will Drive Shareholder Value Over Coming Years
Analysts have raised their price target for Major Drilling Group International from $15.00 to $15.84. This increase reflects updated fair value estimates and adjustments to key financial assumptions.Narrative Update • Oct 17
Expansion Into Latin America Will Position The Company To Capitalize On Growing Demand For Specialized Drilling
Analysts have raised their price target for Major Drilling Group International from $13.60 to $15.00. They cite updated forecasts and adjustments to revenue growth and profit margin expectations.Analysis Article • Sep 25
Investors Appear Satisfied With Major Drilling Group International Inc.'s (TSE:MDI) Prospects As Shares Rocket 27%
The Major Drilling Group International Inc. ( TSE:MDI ) share price has done very well over the last month, posting an...Analysis Article • May 08
Why Investors Shouldn't Be Surprised By Major Drilling Group International Inc.'s (TSE:MDI) 25% Share Price Surge
Major Drilling Group International Inc. ( TSE:MDI ) shareholders are no doubt pleased to see that the share price has...Analysis Article • Apr 05
Major Drilling Group International (TSE:MDI) Is Doing The Right Things To Multiply Its Share Price
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
New Narrative • Mar 13
Expansion Into Latin America Will Position The Company To Capitalize On Growing Demand For Specialized Drilling
The Explomin acquisition and increased exploration budgets position Major Drilling for revenue growth through expanded market presence and drilling activity.Analysis Article • Dec 20
Major Drilling Group International Inc. (TSE:MDI) Shares Fly 25% But Investors Aren't Buying For Growth
Major Drilling Group International Inc. ( TSE:MDI ) shares have had a really impressive month, gaining 25% after a...Analysis Article • May 30
If EPS Growth Is Important To You, Major Drilling Group International (TSE:MDI) Presents An Opportunity
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • Apr 04
Returns On Capital Are A Standout For Major Drilling Group International (TSE:MDI)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will...Analysis Article • Mar 03
Major Drilling Group International Inc. (TSE:MDI) Shares Could Be 42% Below Their Intrinsic Value Estimate
Key Insights Using the 2 Stage Free Cash Flow to Equity, Major Drilling Group International fair value estimate is...Analysis Article • Dec 04
Why We Like The Returns At Major Drilling Group International (TSE:MDI)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll...Analysis Article • Oct 13
These 4 Measures Indicate That Major Drilling Group International (TSE:MDI) Is Using Debt Safely
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 4/30/2029 | 1,242 | 79 | 245 | 317 | 1 |
| 4/30/2028 | 1,135 | 106 | 193 | 252 | 3 |
| 4/30/2027 | 1,024 | 75 | 160 | 217 | 3 |
| 4/30/2026 | 889 | 21 | 21 | 82 | N/A |
| 1/31/2026 | 843 | 14 | 29 | 84 | N/A |
| 10/31/2025 | 819 | 16 | 20 | 77 | N/A |
| 7/31/2025 | 764 | 20 | 26 | 91 | N/A |
| 4/30/2025 | 728 | 26 | 28 | 101 | N/A |
| 1/31/2025 | 708 | 35 | 32 | 105 | N/A |
| 10/31/2024 | 680 | 42 | 33 | 114 | N/A |
| 7/31/2024 | 698 | 47 | 38 | 117 | N/A |
| 4/30/2024 | 707 | 53 | 39 | 112 | N/A |
| 1/31/2024 | 724 | 64 | 33 | 104 | N/A |
| 10/31/2023 | 740 | 73 | 40 | 106 | N/A |
| 7/31/2023 | 735 | 72 | 50 | 112 | N/A |
| 4/30/2023 | 736 | 75 | 54 | 113 | N/A |
| 1/31/2023 | 741 | 77 | 61 | 118 | N/A |
| 10/31/2022 | 730 | 76 | 72 | 126 | N/A |
| 7/31/2022 | 699 | 67 | 47 | 99 | N/A |
| 4/30/2022 | 650 | 53 | 45 | 95 | N/A |
| 1/31/2022 | 589 | 33 | 48 | 94 | N/A |
| 10/31/2021 | 550 | 26 | 21 | 59 | N/A |
| 7/31/2021 | 494 | 19 | 16 | 52 | N/A |
| 4/30/2021 | 432 | 10 | 3 | 34 | N/A |
| 1/31/2021 | 393 | -67 | 8 | 33 | N/A |
| 10/31/2020 | 374 | -75 | 2 | 31 | N/A |
| 7/31/2020 | 381 | -75 | 5 | 31 | N/A |
| 4/30/2020 | 409 | -71 | 13 | 42 | N/A |
| 1/31/2020 | 421 | 0 | N/A | 33 | N/A |
| 10/31/2019 | 419 | -6 | N/A | 33 | N/A |
| 7/31/2019 | 404 | -10 | N/A | 26 | N/A |
| 4/30/2019 | 385 | -18 | N/A | 21 | N/A |
| 1/31/2019 | 380 | -19 | N/A | 18 | N/A |
| 10/31/2018 | 374 | -12 | N/A | 17 | N/A |
| 7/31/2018 | 357 | -18 | N/A | 8 | N/A |
| 4/30/2018 | 342 | -22 | N/A | 10 | N/A |
| 1/31/2018 | 328 | -26 | N/A | 15 | N/A |
| 10/31/2017 | 324 | -32 | N/A | 10 | N/A |
| 7/31/2017 | 315 | -39 | N/A | 8 | N/A |
| 4/30/2017 | 301 | -42 | N/A | -3 | N/A |
| 1/31/2017 | 283 | -47 | N/A | 8 | N/A |
| 10/31/2016 | 285 | -48 | N/A | 9 | N/A |
| 7/31/2016 | 290 | -44 | N/A | 16 | N/A |
| 4/30/2016 | 305 | -45 | N/A | 22 | N/A |
| 1/31/2016 | 322 | -46 | N/A | 16 | N/A |
| 10/31/2015 | 320 | -49 | N/A | 17 | N/A |
| 7/31/2015 | 322 | -53 | N/A | 16 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MDI's forecast earnings growth (21.5% per year) is above the savings rate (3%).
Earnings vs Market: MDI's earnings (21.5% per year) are forecast to grow faster than the Canadian market (10.7% per year).
High Growth Earnings: MDI's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: MDI's revenue (9.2% per year) is forecast to grow faster than the Canadian market (4.5% per year).
High Growth Revenue: MDI's revenue (9.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MDI's Return on Equity is forecast to be low in 3 years time (18.4%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 10:46 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/04/30 |
| Annual Earnings | 2026/04/30 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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
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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
Major Drilling Group International Inc. is covered by 12 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.
| Analyst | Institution |
|---|---|
| Donangelo Volpe | Beacon Securities Limited |
| Cosmos Chiu | CIBC Capital Markets |
| Stephen Kammermayer | Clarus Securities Inc. |