Seabridge Gold Inc.

BST:SRM Stock Report

Market Cap: €1.3b

Seabridge Gold Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

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

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

Key Valuation Metric

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

Key metric: As SRM 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 SRM. This is calculated by dividing SRM's market cap by their current book value.
What is SRM's PB Ratio?
PB Ratio2.2x
BookCA$862.85m
Market CapCA$1.92b

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for SRM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average0.5x
SZG Salzgitter
0.2x93.9%€942.2m
TKA thyssenkrupp
0.2x126.6%€2.4b
NDA Aurubis
0.8x-6.2%€3.4b
02P Pearl Gold
0.9xn/a€9.8m
SRM Seabridge Gold
2.2xn/a€1.9b

Price-To-Book vs Peers: SRM is expensive based on its Price-To-Book Ratio (2.2x) compared to the peer average (0.5x).

Price to Book Ratio vs Industry

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

23 CompaniesPrice / BookEstimated GrowthMarket Cap
SRM 2.2xIndustry Avg. 0.9xNo. of Companies27PB00.61.21.82.43+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: SRM is expensive based on its Price-To-Book Ratio (2.2x) compared to the European Metals and Mining industry average (0.9x).

Price to Book Ratio vs Fair Ratio

What is SRM'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.

SRM PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio2.2x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate SRM'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 SRM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
€28.12
0%
19.5%€33.12€20.49n/a3
Nov ’25€15.81
€27.45
+73.6%
19.5%€32.34€20.00n/a3
Oct ’25n/a
€31.15
0%
3.7%€32.32€29.98n/a2
Sep ’25€15.72
€30.46
+93.8%
1.6%€30.96€29.96n/a2
Aug ’25€15.28
€30.46
+99.4%
1.6%€30.96€29.96n/a2
Jul ’25€13.00
€25.41
+95.5%
24.8%€31.73€19.10n/a2
Jun ’25n/a
€26.19
0%
20.1%€31.63€19.04n/a3
May ’25n/a
€26.19
0%
20.1%€31.63€19.04n/a3
Apr ’25n/a
€26.19
0%
20.1%€31.63€19.04n/a3
Mar ’25n/a
€26.19
0%
20.1%€31.63€19.04n/a3
Feb ’25€9.80
€26.19
+167.2%
20.1%€31.63€19.04n/a3
Jan ’25n/a
€25.38
0%
23.5%€30.97€17.11n/a3
Dec ’24n/a
€23.50
0%
28.8%€30.27€16.72n/a2
Nov ’24n/a
€25.62
0%
23.7%€30.99€17.12€15.813
Oct ’24€10.05
€29.50
+193.5%
3.7%€30.60€28.40n/a2
Sep ’24€10.90
€29.50
+170.7%
3.7%€30.60€28.40€15.722
Aug ’24n/a
€29.50
0%
3.7%€30.60€28.40€15.282
Jul ’24n/a
€30.18
0%
3.7%€31.30€29.05€13.002
Jun ’24€13.00
€27.50
+111.6%
12.9%€31.05€22.64n/a3
May ’24n/a
€27.78
0%
9.4%€30.40€25.16n/a2
Apr ’24n/a
€27.78
0%
9.4%€30.40€25.16n/a2
Mar ’24n/a
€27.78
0%
9.4%€30.40€25.16n/a2
Feb ’24€11.92
€30.18
+153.2%
14.1%€35.38€24.98€9.803
Jan ’24€11.50
€33.36
+190.2%
13.1%€38.82€28.16n/a3
Dec ’23n/a
€33.36
0%
13.1%€38.82€28.16n/a3
Nov ’23n/a
€33.36
0%
13.1%€38.82€28.16n/a3

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

Tokuyama

JP¥196.7b

Produces and sells various chemical products in Japan.

TBT

JP¥16.60

7D

5.7%

1Y

14.5%

Ecora Resources

UK£162.5m

Operates as a natural resource royalty and streaming company in Australia, North and South America, Europe, and internationally.

HGR

UK£0.76

7D

1.5%

1Y

-28.3%

Arkema

€5.7b

Manufactures and sells specialty chemicals and advanced materials worldwide.

V1S

€74.55

7D

-4.4%

1Y

-19.9%