Artemis Gold Inc.

TSXV:ARTG Stock Report

Market Cap: CA$3.3b

Artemis Gold Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: ARTG (CA$14.78) is trading below our estimate of fair value (CA$107.82)

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

Key Valuation Metric

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

Key metric: As ARTG 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 ARTG. This is calculated by dividing ARTG's market cap by their current book value.
What is ARTG's PB Ratio?
PB Ratio5.6x
BookCA$595.78m
Market CapCA$3.33b

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for ARTG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.5x
OGC OceanaGold
1.3x58.0%CA$3.1b
NGD New Gold
2.3x85.9%CA$3.1b
CGG China Gold International Resources
1.2x85.2%CA$2.9b
TXG Torex Gold Resources
1.2x39.0%CA$2.7b
ARTG Artemis Gold
5.6x60.5%CA$3.3b

Price-To-Book vs Peers: ARTG is expensive based on its Price-To-Book Ratio (5.6x) compared to the peer average (1.5x).

Price to Book Ratio vs Industry

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

89 CompaniesPrice / BookEstimated GrowthMarket Cap
S Sherritt International
0.1xn/aUS$48.32m
WM Wallbridge Mining
0.2xn/aUS$46.71m
NCU Nevada Copper
0.1xn/aUS$31.56m
ELR Eastern Platinum
0.3xn/aUS$25.33m
ARTG 5.6xIndustry Avg. 1.4xNo. of Companies159PB01.22.43.64.86+
89 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: ARTG is expensive based on its Price-To-Book Ratio (5.6x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is ARTG'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.

ARTG PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio5.6x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate ARTG'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 ARTG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$14.78
CA$18.23
+23.3%
11.4%CA$21.06CA$14.21n/a9
Nov ’25CA$14.03
CA$18.30
+30.4%
11.3%CA$21.04CA$14.20n/a9
Oct ’25CA$13.11
CA$16.78
+28.0%
9.0%CA$18.85CA$13.66n/a9
Sep ’25CA$12.24
CA$15.74
+28.6%
13.0%CA$18.80CA$13.49n/a9
Aug ’25CA$11.85
CA$15.62
+31.8%
12.4%CA$19.26CA$13.46n/a10
Jul ’25CA$9.82
CA$14.82
+50.9%
17.8%CA$19.08CA$9.50n/a10
Jun ’25CA$10.63
CA$13.93
+31.0%
16.9%CA$17.90CA$9.45n/a10
May ’25CA$9.45
CA$13.15
+39.1%
20.3%CA$17.96CA$8.98n/a10
Apr ’25CA$8.34
CA$11.99
+43.7%
21.5%CA$17.12CA$8.71n/a10
Mar ’25CA$7.38
CA$11.82
+60.1%
21.7%CA$17.14CA$8.74n/a10
Feb ’25CA$6.70
CA$11.38
+69.9%
22.3%CA$16.99CA$8.24n/a10
Jan ’25CA$6.32
CA$10.89
+72.3%
19.7%CA$15.46CA$8.28n/a9
Dec ’24CA$6.76
CA$10.97
+62.3%
20.3%CA$15.70CA$8.22n/a9
Nov ’24CA$5.16
CA$11.13
+115.7%
20.5%CA$15.99CA$8.24CA$14.039
Oct ’24CA$5.80
CA$11.35
+95.7%
21.0%CA$15.89CA$8.25CA$13.119
Sep ’24CA$6.10
CA$11.47
+88.1%
21.9%CA$15.97CA$8.25CA$12.248
Aug ’24CA$5.28
CA$11.45
+116.8%
22.3%CA$16.01CA$8.27CA$11.858
Jul ’24CA$4.76
CA$11.61
+143.9%
24.2%CA$17.05CA$8.31CA$9.828
Jun ’24CA$4.72
CA$11.86
+151.3%
25.4%CA$16.95CA$8.24CA$10.638
May ’24CA$4.50
CA$11.86
+163.5%
25.4%CA$17.00CA$8.21CA$9.458
Apr ’24CA$4.48
CA$10.47
+133.6%
19.5%CA$13.89CA$7.99CA$8.348
Mar ’24CA$4.68
CA$10.33
+120.8%
19.1%CA$14.10CA$7.99CA$7.388
Feb ’24CA$4.86
CA$10.13
+108.4%
17.2%CA$13.91CA$7.94CA$6.708
Jan ’24CA$4.39
CA$10.24
+133.2%
16.0%CA$13.04CA$8.00CA$6.3210
Dec ’23CA$4.84
CA$10.23
+111.3%
16.1%CA$13.16CA$8.06CA$6.7610
Nov ’23CA$3.71
CA$10.31
+177.8%
18.1%CA$13.99CA$7.94CA$5.1610

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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