Mawson Gold Valuation

Q: What is the Fair Price of MAW when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

MAW (CA$0.95) is trading below our estimate of [[fair value]] (CA$8.53)

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: MAW (CA$0.95) is trading below our estimate of fair value (CA$8.53)

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

Key Valuation Metric

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

Key metric: As MAW 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 MAW. This is calculated by dividing MAW's market cap by their current book value.
What is MAW's PB Ratio?
PB Ratio	13.2x
Book	CA$22.10m
Market Cap	CA$290.83m

MAW key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	-54.7x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for MAW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	0.9x
JAG Jaguar Mining	0.8x	n/a	CA$301.4m
ELE Elemental Altus Royalties	1.3x	n/a	CA$277.7m
ODV Osisko Development	0.5x	104.4%	CA$257.6m
ORE Orezone Gold	0.9x	72.1%	CA$298.0m
MAW Mawson Gold	13.2x	n/a	CA$290.8m

Price-To-Book vs Peers: MAW is expensive based on its Price-To-Book Ratio (13.2x) compared to the peer average (0.9x).

Price to Book Ratio vs Industry

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

91 Companies	Price / Book	Estimated Growth	Market Cap
AOT Ascot Resources	0.3x	n/a	US$85.56m
S Sherritt International	0.1x	n/a	US$49.35m
WM Wallbridge Mining	0.2x	n/a	US$46.88m
NCU Nevada Copper	0.1x	n/a	US$31.56m

91 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: MAW is expensive based on its Price-To-Book Ratio (13.2x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is MAW'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.

MAW PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	13.2x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MAW'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?

Analyst Forecast: Insufficient data to show price forecast.

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