Largo Physical Vanadium Valuation

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

VAND (CA$0.94) is trading below our estimate of [[fair value]] (CA$39.83)

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

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: VAND (CA$0.94) is trading below our estimate of fair value (CA$39.83)

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

Key Valuation Metric

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

Key metric: As VAND is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VAND. This is calculated by dividing VAND's market cap by their current revenue.
What is VAND's PS Ratio?
PS Ratio	4.4x
Sales	US$2.56m
Market Cap	US$10.84m

VAND 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	3.9x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does VAND's PS Ratio compare to its peers?

The above table shows the PS ratio for VAND vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	16.6x
TTX Tantalex Lithium Resources	39.8x	n/a	CA$20.0m
ATY Atico Mining	0.2x	0.4%	CA$17.6m
SRC Stakeholder Gold	19.7x	n/a	CA$16.9m
TUK Tuktu Resources	6.5x	n/a	CA$13.6m
VAND Largo Physical Vanadium	4.4x	n/a	CA$15.1m

Price-To-Sales vs Peers: VAND is good value based on its Price-To-Sales Ratio (4.4x) compared to the peer average (16.6x).

Price to Sales Ratio vs Industry

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

84 Companies	Price / Sales	Estimated Growth	Market Cap
LUN Lundin Mining	1.9x	4.4%	US$7.89b
BTO B2Gold	2x	16.3%	US$3.73b
HBM Hudbay Minerals	1.8x	5.0%	US$3.56b
STLC Stelco Holdings	1.3x	-0.1%	US$2.66b

84 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: VAND is expensive based on its Price-To-Sales Ratio (4.4x) compared to the Canadian Metals and Mining industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is VAND's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VAND PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate VAND's Price-To-Sales 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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