SSR Mining Valuation

Q: What is the Fair Price of SSRM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SSRM (CA$9.01) is trading below our estimate of [[fair value]] (CA$101.35)

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

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SSRM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SSRM (CA$9.01) is trading below our estimate of fair value (CA$101.35)

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

Key Valuation Metric

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

Key metric: As SSRM is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for SSRM. This is calculated by dividing SSRM's market cap by their current revenue.
What is SSRM's PS Ratio?
PS Ratio	1.2x
Sales	US$1.10b
Market Cap	US$1.29b

SSRM 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	1.9x
Enterprise Value/EBITDA	6.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does SSRM's PS Ratio compare to its peers?

The above table shows the PS ratio for SSRM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.7x
DPM Dundee Precious Metals	2.9x	-5.7%	CA$2.3b
CG Centerra Gold	1x	-2.3%	CA$1.7b
TXG Torex Gold Resources	1.6x	2.1%	CA$2.4b
ORA Aura Minerals	1.6x	14.8%	CA$1.2b
SSRM SSR Mining	1.2x	3.2%	CA$1.8b

Price-To-Sales vs Peers: SSRM is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1.7x).

Price to Sales Ratio vs Industry

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

88 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	2.8x	16.9%
SSRM SSR Mining	1.2x	3.2%	US$1.29b
TECK.B Teck Resources	2x	-10.5%	US$23.02b
LUN Lundin Mining	1.8x	4.1%	US$7.54b

88 Companies		Estimated Growth	Market Cap
Industry Avg.	2.8x	39.8%
SSRM SSR Mining	1.2x	121.3%	US$1.29b

No more companies

Price-To-Sales vs Industry: SSRM is good value based on its Price-To-Sales Ratio (1.2x) compared to the Canadian Metals and Mining industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is SSRM's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SSRM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.2x
Fair PS Ratio	2.1x

Price-To-Sales vs Fair Ratio: SSRM is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).

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 SSRM 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$9.01	CA$9.12 +1.2%	8.8%	CA$10.75	CA$8.09	n/a	7
Dec ’25	CA$8.23	CA$9.05 +9.9%	8.6%	CA$10.65	CA$8.02	n/a	7
Nov ’25	CA$8.58	CA$8.88 +3.5%	13.0%	CA$10.51	CA$7.00	n/a	7
Oct ’25	CA$7.88	CA$7.97 +1.1%	9.4%	CA$9.50	CA$7.00	n/a	7
Sep ’25	CA$7.02	CA$7.81 +11.3%	10.6%	CA$9.50	CA$6.94	n/a	7
Aug ’25	CA$6.79	CA$8.00 +17.7%	14.0%	CA$9.51	CA$6.03	n/a	7
Jul ’25	CA$6.18	CA$7.80 +26.3%	12.9%	CA$9.29	CA$6.00	n/a	7
Jun ’25	CA$7.27	CA$7.45 +2.5%	12.3%	CA$8.97	CA$5.97	n/a	7
May ’25	CA$7.40	CA$7.74 +4.6%	13.5%	CA$9.32	CA$6.05	n/a	8
Apr ’25	CA$6.38	CA$7.33 +14.9%	22.0%	CA$11.09	CA$5.99	n/a	8
Mar ’25	CA$5.78	CA$7.30 +26.3%	20.6%	CA$10.99	CA$5.99	n/a	8
Feb ’25	CA$13.19	CA$20.12 +52.5%	16.9%	CA$25.84	CA$16.85	n/a	8
Jan ’25	CA$14.22	CA$21.23 +49.3%	15.7%	CA$26.01	CA$16.59	n/a	8
Dec ’24	CA$16.20	CA$22.61 +39.6%	18.6%	CA$29.99	CA$17.04	CA$8.23	8
Nov ’24	CA$16.29	CA$27.38 +68.1%	13.9%	CA$33.40	CA$22.73	CA$8.58	9
Oct ’24	CA$18.04	CA$28.67 +58.9%	17.3%	CA$37.62	CA$23.20	CA$7.88	8
Sep ’24	CA$20.11	CA$28.87 +43.6%	16.5%	CA$37.63	CA$23.46	CA$7.02	8
Aug ’24	CA$18.95	CA$28.28 +49.2%	17.1%	CA$36.91	CA$23.01	CA$6.79	8
Jul ’24	CA$18.79	CA$28.94 +54.0%	13.9%	CA$36.55	CA$24.87	CA$6.18	8
Jun ’24	CA$20.57	CA$29.25 +42.2%	14.0%	CA$36.51	CA$24.30	CA$7.27	8
May ’24	CA$19.26	CA$28.71 +49.1%	13.9%	CA$35.98	CA$24.49	CA$7.40	8
Apr ’24	CA$20.44	CA$26.73 +30.8%	15.4%	CA$33.53	CA$20.99	CA$6.38	8
Mar ’24	CA$18.94	CA$27.38 +44.6%	14.1%	CA$33.73	CA$22.57	CA$5.78	8
Feb ’24	CA$23.25	CA$28.47 +22.5%	11.9%	CA$35.81	CA$23.49	CA$13.19	8
Jan ’24	CA$21.19	CA$27.62 +30.3%	12.5%	CA$34.30	CA$23.20	CA$14.22	8
Dec ’23	CA$21.27	CA$27.56 +29.6%	13.3%	CA$34.33	CA$22.84	CA$16.20	8

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