Trilogy Metals Inc.

TSX:TMQ Stock Report

Market Cap: CA$273.5m

Trilogy Metals Valuation

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

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

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

Key Valuation Metric

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

Key metric: As TMQ 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 TMQ. This is calculated by dividing TMQ's market cap by their current book value.
What is TMQ's PB Ratio?
PB Ratio1.5x
BookUS$133.82m
Market CapUS$194.15m

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for TMQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average5.4x
AII Almonty Industries
4x128.3%CA$212.1m
NOU Nouveau Monde Graphite
1.8xn/aCA$200.4m
TUD Tudor Gold
1.7xn/aCA$193.7m
AMC Arizona Metals
14x37.0%CA$198.6m
TMQ Trilogy Metals
1.5xn/aCA$273.5m

Price-To-Book vs Peers: TMQ is good value based on its Price-To-Book Ratio (1.5x) compared to the peer average (5.4x).

Price to Book Ratio vs Industry

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

88 CompaniesPrice / BookEstimated GrowthMarket Cap
S Sherritt International
0.1xn/aUS$50.76m
WM Wallbridge Mining
0.2xn/aUS$46.88m
NCU Nevada Copper
0.1xn/aUS$31.56m
VGCX Victoria Gold
0.06xn/aUS$24.21m
TMQ 1.5xIndustry Avg. 1.4xNo. of Companies159PB01.22.43.64.86+
88 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: TMQ is expensive based on its Price-To-Book Ratio (1.5x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is TMQ'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.

TMQ PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TMQ'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 TMQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$1.70
CA$1.53
-9.7%
38.2%CA$2.27CA$0.76n/a5
Nov ’25CA$0.90
CA$1.08
+20.3%
45.9%CA$2.06CA$0.75n/a5
Oct ’25CA$0.65
CA$1.08
+65.7%
45.5%CA$2.04CA$0.74n/a5
Sep ’25CA$0.70
CA$1.08
+53.9%
45.5%CA$2.04CA$0.74n/a5
Aug ’25CA$0.93
CA$1.08
+15.8%
45.5%CA$2.04CA$0.74n/a5
Jul ’25CA$0.70
CA$1.08
+53.9%
45.7%CA$2.05CA$0.75n/a5
Jun ’25CA$0.70
CA$1.08
+53.9%
45.7%CA$2.05CA$0.75n/a5
May ’25CA$0.57
CA$1.08
+89.0%
45.7%CA$2.05CA$0.75n/a5
Apr ’25CA$0.70
CA$1.44
+106.1%
37.1%CA$2.04CA$0.76n/a5
Mar ’25CA$0.62
CA$1.43
+129.9%
36.8%CA$2.01CA$0.75n/a5
Feb ’25CA$0.74
CA$1.43
+92.6%
36.7%CA$2.01CA$0.75n/a5
Jan ’25CA$0.58
CA$1.43
+145.9%
32.2%CA$2.05CA$1.00n/a6
Dec ’24CA$0.57
CA$1.43
+150.3%
32.2%CA$2.05CA$1.00n/a6
Nov ’24CA$0.61
CA$1.48
+143.2%
29.3%CA$2.05CA$1.01CA$0.907
Oct ’24CA$0.66
CA$1.51
+128.5%
29.7%CA$2.02CA$0.99CA$0.657
Sep ’24CA$0.65
CA$1.49
+128.5%
29.7%CA$2.00CA$0.97CA$0.707
Aug ’24CA$0.68
CA$1.49
+118.4%
29.7%CA$2.00CA$0.97CA$0.937
Jul ’24CA$0.74
CA$1.48
+100.2%
29.6%CA$1.99CA$0.98CA$0.707
Jun ’24CA$0.66
CA$1.51
+129.4%
29.6%CA$2.04CA$1.00CA$0.707
May ’24CA$0.76
CA$1.59
+109.1%
31.4%CA$2.25CA$1.00CA$0.577
Apr ’24CA$0.72
CA$1.61
+123.0%
31.2%CA$2.26CA$1.02CA$0.707
Mar ’24CA$0.75
CA$1.61
+114.1%
31.2%CA$2.26CA$1.02CA$0.627
Feb ’24CA$0.88
CA$2.07
+134.8%
52.7%CA$3.99CA$0.99CA$0.747
Jan ’24CA$0.73
CA$2.19
+200.2%
48.4%CA$4.10CA$1.00CA$0.587
Dec ’23CA$0.75
CA$2.18
+190.8%
46.8%CA$4.04CA$1.13CA$0.577
Nov ’23CA$0.78
CA$2.23
+186.2%
46.6%CA$4.11CA$1.15CA$0.617

Analyst Forecast: Target price is lower than the current share price.

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