TSXV:MAE

Stock Analysis Report

Maritime Resources

Executive Summary

Maritime Resources Corp., an exploration stage company, engages in the exploration and development of mineral properties in Canada.

Risk Analysis

Earnings have declined by -35.03% per year over past 5 years

Has less than 1 year of cash runway

Shareholders have been substantially diluted in the past year

Does not have a meaningful market cap (CA$11M)

+ 1 more risk


Snowflake Analysis

Adequate balance sheet and overvalued.

Share Price & News

How has Maritime Resources's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MAE has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-7.7%

MAE

2.4%

CA Metals and Mining

0.6%

CA Market


1 Year Return

-40.0%

MAE

4.4%

CA Metals and Mining

5.8%

CA Market

Return vs Industry: MAE underperformed the Canadian Metals and Mining industry which returned 4.3% over the past year.

Return vs Market: MAE underperformed the Canadian Market which returned 5.8% over the past year.


Shareholder returns

MAEIndustryMarket
7 Day-7.7%2.4%0.6%
30 Day-20.0%1.2%0.5%
90 Day-14.3%6.6%3.6%
1 Year-40.0%-40.0%5.0%4.4%9.1%5.8%
3 Year-63.6%-63.6%-10.4%-11.9%15.4%5.0%
5 Year-68.4%-68.4%22.9%19.2%33.6%14.0%

Price Volatility Vs. Market

How volatile is Maritime Resources's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Maritime Resources undervalued compared to its fair value and its price relative to the market?

0.83x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate MAE's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate MAE's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: MAE is unprofitable, so we can't compare its PE Ratio to the Metals and Mining industry average.

PE vs Market: MAE is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MAE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MAE is good value based on its PB Ratio (0.8x) compared to the CA Metals and Mining industry average (1.5x).


Next Steps

Future Growth

How is Maritime Resources forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

15.6%

Forecasted Materials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Maritime Resources has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Maritime Resources performed over the past 5 years?

-35.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAE is currently unprofitable.

Growing Profit Margin: MAE is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: MAE is unprofitable, and losses have increased over the past 5 years at a rate of -35% per year.

Accelerating Growth: Unable to compare MAE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MAE is unprofitable, making it difficult to compare its past year earnings growth to the Metals and Mining industry (11.9%).


Return on Equity

High ROE: MAE has a negative Return on Equity (-17.64%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Maritime Resources's financial position?


Financial Position Analysis

Short Term Liabilities: MAE's short term assets (CA$3.9M) exceed its short term liabilities (CA$991.1K).

Long Term Liabilities: MAE has no long term liabilities.


Debt to Equity History and Analysis

Debt Level: MAE is debt free.

Reducing Debt: MAE has no debt compared to 5 years ago when its debt to equity ratio was 0.05%.


Balance Sheet

Inventory Level: MAE has a high level of physical assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if MAE's debt is covered by short term assets.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MAE has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: MAE has less than a year of cash runway if free cash flow continues to reduce at historical rates of -38.8% each year


Next Steps

Dividend

What is Maritime Resources's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.9%markettop25%5.3%industryaverage1.2%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate MAE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate MAE's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MAE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MAE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MAE's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.0yrs

Average management tenure


CEO

Garett Macdonald (47yo)

1yrs

Tenure

0

Mr. Garett MacDonald, MBA, BASc., P.Eng. has been the President and Chief Executive Officer of Maritime Resources Corp., since February 1, 2019. He has been a Director of First Cobalt Corp. since June 2018 ...


Leadership Team

NamePositionTenureCompensationOwnership
Garett Macdonald
President1yrsno data0.30% CA$33.6k
Allan Williams
1.3yrsCA$65.00kno data
David McCue
2.8yrsno datano data
Germaine Coombs
Chief Financial Officer1yrsno data0.11% CA$12.6k
Candace Di Vito
Director of Investor Relations0.7yrsno datano data
Jeremy Niemi
Technical Advisor - Exploration1.1yrsno datano data
Lorna MacGillivray
Corporate Secretary1yrsno data0.11% CA$12.6k
Catherine DiVito
Manager of Investor Relations9.3yrsno datano data

1.0yrs

Average Tenure

64yo

Average Age

Experienced Management: MAE's management team is not considered experienced ( 1 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Garett Macdonald
President1yrsno data0.30% CA$33.6k
Peter Mercer
Independent Director8yrsCA$18.00k0.047% CA$5.4k
Mark Ashcroft
Independent Director1.3yrsno data0.23% CA$25.8k
John Hayes
Chair of the Board1.3yrsno data0.28% CA$31.3k

1.3yrs

Average Tenure

Experienced Board: MAE's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 85.4%.


Top Shareholders

Company Information

Maritime Resources Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Maritime Resources Corp.
  • Ticker: MAE
  • Exchange: TSXV
  • Founded: 2007
  • Industry: Gold
  • Sector: Materials
  • Market Cap: CA$11.390m
  • Shares outstanding: 189.83m
  • Website: https://www.maritimeresourcescorp.com

Location

  • Maritime Resources Corp.
  • 650 West Georgia Street
  • Suite 200
  • Vancouver
  • British Columbia
  • V6B 4P7
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MAETSXV (TSX Venture Exchange)YesCommon SharesCACADOct 2010
MRTM.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDOct 2010

Biography

Maritime Resources Corp., an exploration stage company, engages in the exploration and development of mineral properties in Canada. The company primarily explores for gold and base metal deposits. It holds 100% interest in the Green Bay property covering an area of 51.7 square kilometers located in Newfoundland and Labrador, Canada. The company also holds interest in the Whisker Valley project, Orion, Rumbullion East, and Gull Ridge properties. Maritime Resources Corp. was incorporated in 2007 and is based in Vancouver, Canada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 00:21
End of Day Share Price2020/02/13 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.