Teck Resources Limited

TSX:TECK.B Stock Report

Market Cap: CA$32.5b

Teck Resources Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TECK.B (CA$64.72) is trading below our estimate of fair value (CA$73.38)

Significantly Below Fair Value: TECK.B is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TECK.B?

Key metric: As TECK.B is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TECK.B. This is calculated by dividing TECK.B's market cap by their current earnings.
What is TECK.B's PE Ratio?
PE Ratio26.2x
EarningsCA$1.27b
Market CapCA$32.50b

Price to Earnings Ratio vs Peers

How does TECK.B's PE Ratio compare to its peers?

The above table shows the PE ratio for TECK.B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average64.2x
IVN Ivanhoe Mines
112.3x43.2%CA$24.8b
HBM Hudbay Minerals
40.4x29.9%CA$4.7b
AFM Alphamin Resources
15.2xn/aCA$1.6b
ALS Altius Minerals
89.1x9.0%CA$1.2b
TECK.B Teck Resources
26.2x15.9%CA$32.5b

Price-To-Earnings vs Peers: TECK.B is good value based on its Price-To-Earnings Ratio (26.2x) compared to the peer average (64.2x).

Price to Earnings Ratio vs Industry

How does TECK.B's PE Ratio compare vs other companies in the CA Metals and Mining Industry?

35 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SLI Standard Lithium
2.7xn/aUS$293.46m
QRC Queen's Road Capital Investment
2.3xn/aUS$244.29m
APM Andean Precious Metals
2.5x-42.9%US$136.76m
THX Thor Explorations
4x9.9%US$128.05m
TECK.B 26.2xIndustry Avg. 12.9xNo. of Companies35PE01632486480+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TECK.B is expensive based on its Price-To-Earnings Ratio (26.2x) compared to the Canadian Metals and Mining industry average (13x).

Price to Earnings Ratio vs Fair Ratio

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

TECK.B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.2x
Fair PE Ratio23x

Price-To-Earnings vs Fair Ratio: TECK.B is expensive based on its Price-To-Earnings Ratio (26.2x) compared to the estimated Fair Price-To-Earnings Ratio (23x).

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 TECK.B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$65.82
CA$73.89
+12.3%
15.3%CA$88.00CA$45.00n/a20
Nov ’25CA$65.23
CA$73.85
+13.2%
15.0%CA$88.00CA$45.00n/a21
Oct ’25CA$70.00
CA$73.64
+5.2%
16.0%CA$88.00CA$45.00n/a21
Sep ’25CA$64.53
CA$73.62
+14.1%
15.8%CA$88.00CA$45.00n/a21
Aug ’25CA$65.33
CA$74.53
+14.1%
15.6%CA$88.00CA$45.00n/a21
Jul ’25CA$65.56
CA$73.92
+12.8%
17.1%CA$92.00CA$45.00n/a17
Jun ’25CA$70.89
CA$73.09
+3.1%
16.8%CA$92.00CA$45.00n/a18
May ’25CA$66.60
CA$70.37
+5.7%
15.6%CA$88.00CA$45.00n/a18
Apr ’25CA$62.76
CA$62.93
+0.3%
14.1%CA$78.00CA$45.00n/a18
Mar ’25CA$53.17
CA$61.92
+16.4%
13.1%CA$78.00CA$45.00n/a18
Feb ’25CA$54.04
CA$61.43
+13.7%
12.8%CA$78.00CA$45.00n/a18
Jan ’25CA$56.01
CA$62.60
+11.8%
11.0%CA$70.00CA$46.50n/a16
Dec ’24CA$52.44
CA$63.54
+21.2%
11.0%CA$70.00CA$46.50n/a17
Nov ’24CA$49.15
CA$66.04
+34.4%
10.0%CA$75.00CA$50.00CA$65.2316
Oct ’24CA$58.46
CA$67.50
+15.5%
12.0%CA$80.00CA$50.00CA$70.0015
Sep ’24CA$57.80
CA$66.21
+14.5%
11.0%CA$80.00CA$50.00CA$64.5316
Aug ’24CA$57.63
CA$66.21
+14.9%
11.0%CA$80.00CA$50.00CA$65.3316
Jul ’24CA$55.74
CA$67.72
+21.5%
11.1%CA$80.00CA$50.00CA$65.5617
Jun ’24CA$55.08
CA$68.54
+24.4%
11.4%CA$80.00CA$50.00CA$70.8918
May ’24CA$61.65
CA$68.54
+11.2%
11.4%CA$80.00CA$50.00CA$66.6018
Apr ’24CA$49.35
CA$63.96
+29.6%
13.5%CA$75.00CA$39.00CA$62.7620
Mar ’24CA$56.86
CA$64.17
+12.9%
13.1%CA$75.00CA$39.00CA$53.1720
Feb ’24CA$58.19
CA$58.27
+0.1%
13.3%CA$70.00CA$41.50CA$54.0423
Jan ’24CA$51.17
CA$53.63
+4.8%
14.8%CA$67.00CA$34.00CA$56.0123
Dec ’23CA$50.71
CA$52.20
+2.9%
13.6%CA$64.09CA$34.00CA$52.4423
Nov ’23CA$42.68
CA$52.50
+23.0%
13.7%CA$64.09CA$34.00CA$49.1523

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

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