Power Nickel Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: Insufficient data to calculate PNPN's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate PNPN's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As PNPN 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 PNPN. This is calculated by dividing PNPN's market cap by their current book value.
What is PNPN's PB Ratio?
PB Ratio	10.7x
Book	CA$13.11m
Market Cap	CA$139.94m

PNPN 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	-7.6x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for PNPN 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	13.1x
MNO Meridian Mining UK Societas	5.5x	86.7%	CA$140.2m
GOT Goliath Resources	41.3x	n/a	CA$140.6m
SMT Sierra Metals	1.2x	n/a	CA$141.9m
MAI Minera Alamos	4.3x	n/a	CA$135.5m
PNPN Power Nickel	10.7x	-48.1%	CA$139.9m

Price-To-Book vs Peers: PNPN is good value based on its Price-To-Book Ratio (10.7x) compared to the peer average (13.1x).

Price to Book Ratio vs Industry

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

90 Companies	Price / Book	Estimated Growth	Market Cap
S Sherritt International	0.1x	n/a	US$48.31m
WM Wallbridge Mining	0.2x	n/a	US$47.06m
NCU Nevada Copper	0.1x	n/a	US$31.56m
ELR Eastern Platinum	0.3x	n/a	US$25.33m

90 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: PNPN is expensive based on its Price-To-Book Ratio (10.7x) compared to the Canadian Metals and Mining industry average (1.4x).

Price to Book Ratio vs Fair Ratio

What is PNPN'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.

PNPN PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	10.7x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate PNPN'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 PNPN forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CA$0.72	CA$1.31 +81.5%	21.6%	CA$1.70	CA$1.05	n/a	3
Nov ’25	CA$0.80	CA$1.31 +63.3%	21.6%	CA$1.70	CA$1.05	n/a	3
Oct ’25	CA$0.75	CA$1.03 +37.8%	10.7%	CA$1.17	CA$0.90	n/a	3
Sep ’25	CA$0.59	CA$0.96 +63.6%	6.7%	CA$1.03	CA$0.90	n/a	2
Aug ’25	CA$0.61	CA$0.96 +58.2%	6.7%	CA$1.03	CA$0.90	n/a	2
Jul ’25	CA$0.82	CA$0.78 -4.9%	34.2%	CA$1.03	CA$0.41	n/a	3
Jun ’25	CA$0.69	CA$0.61 -11.6%	47.5%	CA$1.02	CA$0.40	n/a	3
May ’25	CA$0.41	CA$0.49 +19.5%	24.5%	CA$0.66	CA$0.40	n/a	3
Apr ’25	CA$0.21	CA$0.42 +100.0%	5.1%	CA$0.45	CA$0.40	n/a	3
Mar ’25	CA$0.23	CA$0.42 +86.7%	5.1%	CA$0.45	CA$0.40	n/a	3
Feb ’25	CA$0.23	CA$0.41 +76.1%	1.2%	CA$0.41	CA$0.40	n/a	2

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.

Discover undervalued companies

Canfor Pulp Products

CA$55.4m

Produces and supplies pulp and paper products in Canada, Europe, Asia, the United States, and internationally.

CFX

CA$0.85

-2.3%

-47.9%

Foraco International

CA$215.7m

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

FAR

CA$2.18

0.5%

21.8%

Chemtrade Logistics Income Fund

CA$1.4b

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

CHE.UN

CA$11.50

-0.9%

30.8%