FPX Nickel Corp.

TSXV:FPX Stock Report

Market Cap: CA$77.9m

FPX Nickel Valuation

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

Below Fair Value: FPX (CA$0.25) is trading below our estimate of fair value (CA$57.9)

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

Key Valuation Metric

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

Key metric: As FPX 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 FPX. This is calculated by dividing FPX's market cap by their current book value.
What is FPX's PB Ratio?
PB Ratio1.1x
BookCA$72.72m
Market CapCA$77.93m

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for FPX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average3.2x
TLO Talon Metals
0.3x-81.3%CA$79.5m
KLD Kenorland Minerals
1.6xn/aCA$84.5m
ALEX Alpha Exploration
3.5xn/aCA$76.2m
HSLV Highlander Silver
7.5xn/aCA$83.7m
FPX FPX Nickel
1.1xn/aCA$77.9m

Price-To-Book vs Peers: FPX is good value based on its Price-To-Book Ratio (1.1x) compared to the peer average (3.2x).

Price to Book Ratio vs Industry

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

87 CompaniesPrice / BookEstimated GrowthMarket Cap
S Sherritt International
0.1xn/aUS$49.57m
WM Wallbridge Mining
0.2xn/aUS$46.92m
NCU Nevada Copper
0.1xn/aUS$31.56m
ELR Eastern Platinum
0.3xn/aUS$25.97m
FPX 1.1xIndustry Avg. 1.4xNo. of Companies161PB01.22.43.64.86+
87 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: FPX is good value based on its Price-To-Book Ratio (1.1x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is FPX'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.

FPX PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1.1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate FPX'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 FPX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$0.24
CA$1.18
+379.9%
14.4%CA$1.35CA$1.01n/a2
Nov ’25CA$0.28
CA$1.16
+322.8%
14.2%CA$1.33CA$1.00n/a2
Oct ’25CA$0.29
CA$1.15
+295.5%
12.9%CA$1.29CA$1.00n/a2
Sep ’25CA$0.27
CA$1.15
+334.5%
13.1%CA$1.30CA$1.00n/a2
Aug ’25CA$0.30
CA$1.15
+283.8%
13.1%CA$1.30CA$1.00n/a2
Apr ’25CA$0.31
CA$1.15
+270.5%
13.0%CA$1.30CA$1.00n/a2
Mar ’25CA$0.33
CA$1.15
+248.5%
13.1%CA$1.30CA$1.00n/a2
Feb ’25CA$0.34
CA$1.14
+241.6%
12.8%CA$1.29CA$1.00n/a2
Jan ’25CA$0.28
CA$1.16
+306.6%
13.6%CA$1.32CA$1.00n/a2
Dec ’24CA$0.35
CA$1.16
+231.0%
13.6%CA$1.32CA$1.00n/a2
Nov ’24CA$0.33
CA$1.16
+251.1%
13.6%CA$1.32CA$1.00CA$0.282
Oct ’24CA$0.46
CA$1.15
+149.4%
13.0%CA$1.30CA$1.00CA$0.292
Jul ’24CA$0.47
CA$1.09
+133.5%
7.7%CA$1.20CA$1.00CA$0.303
Jun ’24CA$0.52
CA$1.09
+109.8%
8.0%CA$1.21CA$1.00CA$0.323
May ’24CA$0.46
CA$1.09
+137.1%
8.0%CA$1.21CA$1.00CA$0.333
Apr ’24CA$0.46
CA$1.11
+144.8%
8.8%CA$1.24CA$1.00CA$0.313
Mar ’24CA$0.46
CA$1.08
+138.1%
7.6%CA$1.20CA$1.00CA$0.333
Feb ’24CA$0.42
CA$1.08
+157.9%
7.6%CA$1.20CA$1.00CA$0.343
Jan ’24CA$0.43
CA$1.09
+153.4%
8.8%CA$1.19CA$0.99CA$0.282
Dec ’23CA$0.47
CA$1.09
+134.3%
8.8%CA$1.19CA$0.99CA$0.352
Nov ’23CA$0.42
CA$1.08
+157.2%
7.4%CA$1.16CA$1.00CA$0.332

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

Discover undervalued companies

Foraco International

CA$212.8m

Provides drilling services in North America, Europe, the Middle East, Africa, South America, and the Asia Pacific.

FAR

CA$2.11

7D

0.5%

1Y

17.9%

Endeavour Mining

CA$6.8b

Operates as a gold mining company in West Africa.

EDV

CA$28.13

7D

0.2%

1Y

-10.3%

Chemtrade Logistics Income Fund

CA$1.4b

Offers industrial chemicals and services in Canada, the United States, and South America.

CHE.UN

CA$11.52

7D

0.6%

1Y

29.9%