NextSource Materials Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: Insufficient data to calculate NEXT's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate NEXT's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As NEXT 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 NEXT. This is calculated by dividing NEXT's market cap by their current book value.
What is NEXT's PB Ratio?
PB Ratio	1.4x
Book	US$49.10m
Market Cap	US$66.15m

NEXT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	-9.5x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for NEXT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	71x
NCX NorthIsle Copper and Gold	8.7x	n/a	CA$103.8m
HMR Homerun Resources	272.2x	n/a	CA$98.5m
FPC Falco Resources	2.1x	n/a	CA$102.3m
GPH Graphite One	1.2x	n/a	CA$101.4m
NEXT NextSource Materials	1.4x	13.3%	CA$92.5m

Price-To-Book vs Peers: NEXT is good value based on its Price-To-Book Ratio (1.4x) compared to the peer average (71x).

Price to Book Ratio vs Industry

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

90 Companies	Price / Book	Estimated Growth	Market Cap
S Sherritt International	0.1x	n/a	US$49.74m
WM Wallbridge Mining	0.2x	n/a	US$46.71m
NCU Nevada Copper	0.1x	n/a	US$31.56m
ELR Eastern Platinum	0.3x	n/a	US$24.61m

90 Companies		Estimated Growth	Market Cap

No more companies

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

Price to Book Ratio vs Fair Ratio

What is NEXT'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.

NEXT PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	1.4x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate NEXT'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 NEXT forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CA$0.52	CA$2.45 +371.2%	46.9%	CA$3.60	CA$1.30	n/a	2
Nov ’25	CA$0.60	CA$2.45 +308.3%	46.9%	CA$3.60	CA$1.30	n/a	2
Oct ’25	CA$0.62	CA$2.30 +271.0%	56.5%	CA$3.60	CA$1.00	n/a	2
Sep ’25	CA$0.70	CA$2.30 +228.6%	56.5%	CA$3.60	CA$1.00	n/a	2
Aug ’25	CA$0.79	CA$2.30 +191.1%	56.5%	CA$3.60	CA$1.00	n/a	2
Jul ’25	CA$0.89	CA$2.87 +222.1%	46.4%	CA$4.00	CA$1.00	n/a	3
Jun ’25	CA$0.90	CA$2.87 +218.5%	46.4%	CA$4.00	CA$1.00	n/a	3
May ’25	CA$0.65	CA$3.80 +484.6%	5.3%	CA$4.00	CA$3.60	n/a	2
Apr ’25	CA$0.77	CA$3.80 +393.5%	5.3%	CA$4.00	CA$3.60	n/a	2
Mar ’25	CA$0.67	CA$3.80 +467.2%	5.3%	CA$4.00	CA$3.60	n/a	2
Feb ’25	CA$0.87	CA$3.80 +336.8%	5.3%	CA$4.00	CA$3.60	n/a	2
Jan ’25	CA$1.20	CA$3.80 +216.7%	5.3%	CA$4.00	CA$3.60	n/a	2
Dec ’24	CA$1.19	CA$5.25 +341.2%	23.8%	CA$6.50	CA$4.00	n/a	2
Nov ’24	CA$1.38	CA$5.25 +280.4%	23.8%	CA$6.50	CA$4.00	CA$0.60	2
Oct ’24	CA$1.27	CA$5.25 +313.4%	23.8%	CA$6.50	CA$4.00	CA$0.62	2
Sep ’24	CA$1.55	CA$5.50 +254.8%	27.3%	CA$7.00	CA$4.00	CA$0.70	2
Aug ’24	CA$1.67	CA$5.50 +229.3%	27.3%	CA$7.00	CA$4.00	CA$0.79	2
Jul ’24	CA$1.91	CA$5.50 +188.0%	27.3%	CA$7.00	CA$4.00	CA$0.89	2
Dec ’23	CA$2.75	CA$6.28 +128.2%	4.4%	CA$6.55	CA$6.00	CA$1.19	2
Nov ’23	CA$2.41	CA$6.40 +165.6%	6.3%	CA$6.80	CA$6.00	CA$1.38	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

Discover undervalued companies

Endeavour Mining

CA$6.6b

Operates as a gold mining company in West Africa.

EDV

CA$28.09

4.2%

-5.9%

Chemtrade Logistics Income Fund

CA$1.4b

Offers industrial chemicals and services in Canada, the United States, and South America.

CHE.UN

CA$11.50

-0.3%

30.7%

Interfor

CA$990.5m

Produces and sells wood products in Canada, the United States, Japan, China, Taiwan, and internationally.

IFP

CA$19.17

1.2%

-16.8%