Canada Nickel Company Inc.

TSXV:CNC Stock Report

Market Cap: CA$172.1m

Canada Nickel Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: CNC (CA$0.96) is trading below our estimate of fair value (CA$10.17)

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

Key Valuation Metric

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

Key metric: As CNC 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 CNC. This is calculated by dividing CNC's market cap by their current book value.
What is CNC's PB Ratio?
PB Ratio0.9x
BookCA$201.48m
Market CapCA$172.15m

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for CNC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.5x
LGO Largo
0.7xn/aCA$197.5m
TUD Tudor Gold
1.7xn/aCA$186.8m
CUU Copper Fox Metals
1.9xn/aCA$159.0m
NOU Nouveau Monde Graphite
1.9xn/aCA$199.3m
CNC Canada Nickel
0.9x18.4%CA$172.1m

Price-To-Book vs Peers: CNC is good value based on its Price-To-Book Ratio (0.9x) compared to the peer average (1.5x).

Price to Book Ratio vs Industry

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

86 CompaniesPrice / BookEstimated GrowthMarket Cap
S Sherritt International
0.1xn/aUS$49.56m
WM Wallbridge Mining
0.2xn/aUS$46.90m
NCU Nevada Copper
0.1xn/aUS$31.56m
ELR Eastern Platinum
0.3xn/aUS$25.96m
CNC 0.9xIndustry Avg. 1.4xNo. of Companies164PB01.22.43.64.86+
86 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: CNC is good value based on its Price-To-Book Ratio (0.9x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is CNC'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.

CNC PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.9x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate CNC'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 CNC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$0.96
CA$3.23
+235.9%
17.7%CA$4.00CA$2.50n/a4
Nov ’25CA$1.02
CA$3.23
+216.2%
17.7%CA$4.00CA$2.50n/a4
Oct ’25CA$1.12
CA$3.23
+187.9%
17.7%CA$4.00CA$2.50n/a4
Sep ’25CA$1.02
CA$3.38
+230.9%
16.1%CA$4.00CA$2.50n/a4
Aug ’25CA$1.07
CA$3.38
+215.4%
16.1%CA$4.00CA$2.50n/a4
Jul ’25CA$1.24
CA$3.48
+180.6%
15.2%CA$4.00CA$2.50n/a5
Jun ’25CA$1.42
CA$3.48
+145.1%
15.2%CA$4.00CA$2.50n/a5
May ’25CA$1.46
CA$3.48
+138.4%
15.2%CA$4.00CA$2.50n/a5
Apr ’25CA$1.39
CA$3.48
+150.4%
15.2%CA$4.00CA$2.50n/a5
Mar ’25CA$1.47
CA$3.48
+136.7%
15.2%CA$4.00CA$2.50n/a5
Feb ’25CA$1.45
CA$3.48
+140.0%
15.2%CA$4.00CA$2.50n/a5
Jan ’25CA$1.14
CA$3.46
+203.4%
14.3%CA$4.00CA$2.50n/a6
Dec ’24CA$1.02
CA$3.46
+239.1%
14.3%CA$4.00CA$2.50n/a6
Nov ’24CA$1.11
CA$3.46
+211.6%
14.3%CA$4.00CA$2.50CA$1.026
Oct ’24CA$1.23
CA$3.96
+221.8%
22.4%CA$5.25CA$2.50CA$1.126
Sep ’24CA$1.21
CA$4.06
+235.4%
23.2%CA$5.25CA$2.50CA$1.026
Aug ’24CA$1.27
CA$4.06
+219.6%
23.2%CA$5.25CA$2.50CA$1.076
Jul ’24CA$1.25
CA$4.06
+224.7%
23.2%CA$5.25CA$2.50CA$1.246
Jun ’24CA$1.25
CA$4.09
+227.3%
22.3%CA$5.25CA$2.50CA$1.426
May ’24CA$1.47
CA$4.06
+176.1%
23.2%CA$5.25CA$2.50CA$1.466
Apr ’24CA$1.56
CA$4.06
+160.1%
23.2%CA$5.25CA$2.50CA$1.396
Mar ’24CA$1.71
CA$3.82
+123.4%
22.2%CA$4.80CA$2.50CA$1.475
Feb ’24CA$1.68
CA$3.93
+133.6%
29.9%CA$6.00CA$2.50CA$1.456
Jan ’24CA$2.05
CA$3.93
+91.5%
29.9%CA$6.00CA$2.50CA$1.146
Dec ’23CA$1.39
CA$3.98
+186.6%
28.1%CA$6.00CA$2.50CA$1.026
Nov ’23CA$1.45
CA$3.98
+174.7%
28.1%CA$6.00CA$2.50CA$1.116

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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