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Steppe Gold

DB:2J9
Snowflake Description

Fair value with worrying balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2J9
DB
CA$33M
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Steppe Gold Ltd. explores for and develops precious metals in Mongolia and Canada. The last earnings update was 24 days ago. More info.


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2J9 Share Price and Events
7 Day Returns
-8.2%
DB:2J9
-4.7%
DE Metals and Mining
0.8%
DE Market
1 Year Returns
-
DB:2J9
-38%
DE Metals and Mining
-4.5%
DE Market
2J9 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Steppe Gold (2J9) -8.2% -8.1% -12.1% - - -
DE Metals and Mining -4.7% 5.9% -8.7% -38% -25.8% -25.1%
DE Market 0.8% 6.9% 8.1% -4.5% 10.4% 13.9%
1 Year Return vs Industry and Market
  • No trading data on 2J9.
  • No trading data on 2J9.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Steppe Gold undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Steppe Gold to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Steppe Gold.

DB:2J9 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:2J9
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.132 (1 + (1- 26.5%) (100.42%))
1.648
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.65
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.648 * 5.96%)
10.05%

Discounted Cash Flow Calculation for DB:2J9 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Steppe Gold is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:2J9 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.05%)
2019 2.99 Analyst x1 2.72
2020 27.69 Analyst x1 22.86
2021 28.43 Analyst x1 21.33
2022 28.63 Est @ 0.7% 19.52
2023 28.79 Est @ 0.56% 17.84
2024 28.92 Est @ 0.46% 16.28
2025 29.04 Est @ 0.39% 14.85
2026 29.14 Est @ 0.34% 13.54
2027 29.23 Est @ 0.31% 12.34
2028 29.31 Est @ 0.28% 11.25
Present value of next 10 years cash flows $152.54
DB:2J9 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $29.31 × (1 + 0.23%) ÷ (10.05% – 0.23%)
$299.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $299.04 ÷ (1 + 10.05%)10
$114.76
DB:2J9 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $152.54 + $114.76
$267.29
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $267.29 / 41.54
$10.79
DB:2J9 Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:STGO)
1.349
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $6.43 x 1.349
CA$8.68
Non-primary Listing Adjustment Factor 1 share in DB:2J9 represents 0.59658x of TSX:STGO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.59658x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 8.68 x 0.59658
€5.18
Value per share (EUR) From above. €5.18
Current discount Discount to share price of €0.47
= -1 x (€0.47 - €5.18) / €5.18
90.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Steppe Gold is available for.
Intrinsic value
>50%
Share price is €0.47 vs Future cash flow value of €5.18
Current Discount Checks
For Steppe Gold to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Steppe Gold's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Steppe Gold's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Steppe Gold's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Steppe Gold's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:2J9 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.33
TSX:STGO Share Price ** TSX (2019-04-25) in CAD CA$0.79
TSX:STGO Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.741 $0.59
Germany Metals and Mining Industry PE Ratio Median Figure of 5 Publicly-Listed Metals and Mining Companies 14.74x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Steppe Gold.

DB:2J9 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:STGO Share Price ÷ EPS (both in USD)

= 0.59 ÷ -0.33

-1.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Steppe Gold is loss making, we can't compare its value to the DE Metals and Mining industry average.
  • Steppe Gold is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Steppe Gold's expected growth come at a high price?
Raw Data
DB:2J9 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Europe Metals and Mining Industry PEG Ratio Median Figure of 62 Publicly-Listed Metals and Mining Companies 0.69x
Germany Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Steppe Gold, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Steppe Gold's assets?
Raw Data
DB:2J9 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.40
TSX:STGO Share Price * TSX (2019-04-25) in CAD CA$0.79
TSX:STGO Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.741 $0.59
Germany Metals and Mining Industry PB Ratio Median Figure of 8 Publicly-Listed Metals and Mining Companies 2.33x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:2J9 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:STGO Share Price ÷ Book Value per Share (both in USD)

= 0.59 ÷ 0.40

1.46x

* Primary Listing of Steppe Gold.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Steppe Gold is good value based on assets compared to the DE Metals and Mining industry average.
X
Value checks
We assess Steppe Gold's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Steppe Gold has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Steppe Gold expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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 Steppe Gold 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
32.2%
Expected Metals and Mining industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Steppe Gold expected to grow at an attractive rate?
  • Unable to compare Steppe Gold's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Steppe Gold's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Steppe Gold's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:2J9 Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 32.2%
Europe Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:2J9 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:2J9 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 52 31 1
2020-12-31 50 30 1
2019-12-31 25 15 1
DB:2J9 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 -7 -12
2018-09-30 -7 -15
2018-06-30 -7 -14
2018-03-31 -5 -7
2017-12-31 -5 -6
2016-12-31 0 -2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Steppe Gold is high growth as no earnings estimate data is available.
  • Unable to determine if Steppe Gold is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:2J9 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Steppe Gold Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2J9 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
DB:2J9 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.33
2018-09-30 -0.44
2018-06-30 -0.49
2018-03-31 -0.26
2017-12-31 -0.28
2016-12-31 -0.22

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Steppe Gold will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Steppe Gold is trading at Steppe Gold'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Steppe Gold's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Materials companies here
  3. Steppe Gold's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Steppe Gold's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Steppe Gold has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Steppe Gold performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Steppe Gold's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Steppe Gold does not make a profit and there is insufficient past data to establish if their 5 year on year earnings growth rate was positive.
  • Unable to compare Steppe Gold's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Steppe Gold's 1-year growth to the DE Metals and Mining industry average as it is not currently profitable.
Earnings and Revenue History
Steppe Gold's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Steppe Gold Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2J9 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 -12.13 8.25
2018-09-30 -14.61 7.80
2018-06-30 -14.33 7.55
2018-03-31 -6.62 4.37
2017-12-31 -5.57 3.94
2016-12-31 -1.97 1.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Steppe Gold has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Steppe Gold has efficiently used its assets last year compared to the DE Metals and Mining industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Steppe Gold improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Steppe Gold's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Steppe Gold has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Steppe Gold's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Steppe Gold's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Steppe Gold is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Steppe Gold's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Steppe Gold's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Steppe Gold Company Filings, last reported 3 months ago.

DB:2J9 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 16.61 24.42 7.02
2018-09-30 19.76 16.37 4.91
2018-06-30 22.06 17.25 11.41
2018-03-31 1.92 16.93 0.82
2017-12-31 3.59 16.72 2.36
2016-12-31 0.11 0.00 0.26
  • Steppe Gold's level of debt (147%) compared to net worth is high (greater than 40%).
  • Unable to establish if Steppe Gold's debt level has increased without past 5-year debt data.
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.

  • Steppe Gold has less than a year of cash runway based on current free cash flow.
  • Steppe Gold has less than a year of cash runway if free cash flow continues to grow at historical rates of 64.4% each year.
X
Financial health checks
We assess Steppe Gold's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Steppe Gold has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Steppe Gold's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Steppe Gold dividends.
If you bought €2,000 of Steppe Gold shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Steppe Gold's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Steppe Gold's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:2J9 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Germany Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:2J9 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Steppe Gold has not reported any payouts.
  • Unable to verify if Steppe Gold's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Steppe Gold's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Steppe Gold has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Steppe Gold's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Steppe Gold afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Steppe Gold has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Steppe Gold's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Matt Western Wood
AGE 49
TENURE AS CEO 2.5 years
CEO Bio

Mr. Matthew Gaden Western Wood, also known as Matt, has been the Chief Executive Officer and President of Five Star Diamonds Limited since March 03, 2017 and serves as its Chairman. Mr. Wood was an Executive Director at Harvest Minerals Limited since April 01, 2014 until October 9, 2017. Mr. Wood served as the Chief Executive Officer of Peninsula Energy Limited until October 31, 2004. Mr. Wood served as Managing Director of Iberian Resources Limited until August 23, 2007. Mr. Wood is an outstanding mineral resource explorer and developer with over 25 years global industry experience in mining and commodities investment. He has extensive experience in the technical and economic evaluation of gold and base metal projects throughout the world. He has managed successful deals in diamonds, coal, energy, ferrous metals, base and precious metals and other commodities. His unique skills in technical and economic evaluation of resource opportunities has been proven by an impressive record of nurturing resource deals from early stage, to market listings and successful exit strategies for his investors. Mr. Wood's expertise is in project identification, negotiation, acquisition and corporate development. He has been the Chairman of Antler Hill Mining Ltd. since June 20, 2017. Mr. Wood serves as the Non-Executive Chairman of Bellamel Mining Limited. He served as the Executive Chairman of Wolf Petroleum Limited since October 10, 2010. He served as the Executive Chairman of Valor Resources Limited (The Carajas Copper Company Limited) from June 12, 2009 to March 17, 2016. He served as Executive Chairman of the Board for Black Star Petroleum Limited from February 28, 2013 to May 11, 2016 and served as its Director until May 11, 2016. Mr. Wood served as the Chairman of WestStar Industrial Limited until November 2012. He served as the Chairman of Haranga Resources Limited until May 2014. He served as Executive Chairman of Lindian Resources Limited from October 2013 to October 3, 2014. He served as the Non-Executive Chairman at Avanco Resources Limited until July 2014. He served as Executive Chairman and Director of Castillo Copper Limited from November 19, 2012 to May 21, 2013 and served as its Executive Director from April 01, 2014 to August 13, 2015. He served as the Executive Chairman at Hunnu Coal Limited. Mr. Wood served as Executive Chairman of Signature Metals Limited until November 2010 and served as its Chairman until February 13, 2012. He served as Chairman and Director of Laguna Resources NL from August 6, 2009 to December 8, 2010. He served as an Executive Chairman of WestStar Industrial Limited (Formerly, Copper Range Ltd), since May 28, 2009 and WestStar Industrial Limited from November 19, 2002 to May 21, 2013. He served as Executive Chairman of Antares Mining Limited since May 28, 2009 and served as its Non- Executive Chairman until November 2012. Mr. Wood served as the Non-Executive Chairman of Lindian Resources Limited from May 05, 2011 to October 2013 and served as its Director until October 03, 2014. He serves as Founding Director at Garrison Capital Pty Ltd. and Garrison Capital Pty Ltd., Investment Arm. Mr. Wood has been a Director of Five Star Diamonds Limited since March 03, 2017. He serves as a Director of Bundok Resources Pty Ltd. He served as a Director of Bounty Mining Limited since March 29, 2016 until September 20, 2017. He served as a Director of Bellamel Mining Limited from May 16, 2007 to December 31, 2008. He served as a Non-Executive Director at the Carajas Copper Company Limited from June 12, 2009 to March 17, 2016. He served as a Director of Haranga Resources Limited from February 2, 2010 to March 28, 2017. He served as an Executive Director of WestStar Industrial Limited from April 4, 2014 to August 12, 2015. He served as an Executive Director of Wolf Petroleum Limited from October 10, 2010 to October 8, 2016. Mr. Wood served as a Non-Executive Director of Wolf Petroleum Limited from October 10, 2010 to March 27, 2017. He served as a Director of Antares Mining Limited (Caravel Energy Limited) from May 28, 2009 to August 12, 2015. He served as a Non-Executive Director at Avanco Resources Limited from July 4, 2007 to September 22, 2014. He served as Director of Jangada Mines Plc until May 1, 2017. He served as a Director of Hunnu Coal Limited since August 19, 2009. He served as a Director of New Guinea Gold Corp. from April 29, 2013 to July 24, 2013. He served as an Executive Director of Tamaya Resources Limited since April 2007. He served as an Executive Director of Strzelecki Metals Limited since April 24, 2012. He served as a Director of Renegade Exploration Limited (formerly known as Overland Resources Limited) from May 9, 2005 to June 30, 2008. He served as a Director of Elk Petroleum Limited from January 19, 2005 to March 8, 2007. He served as a Director of Iberian Resources Limited from April 2007 to August 23, 2007. He served as an Executive Director of Signature Metals Limited until April 2012 and served as its Director since February 20, 2007. He served as a Director of Black Range Minerals Limited from June 27, 2005 to May 15, 2009. He served as a Director of Oakland Resources Limited until July 13, 2010. Mr. Wood holds an Honors Degree in Geology from the University of New South Wales and a Graduate Certificate in Mineral Economics from the Western Australian School of Mines.

CEO Compensation
  • Insufficient data for Matt to compare compensation growth.
  • Insufficient data for Matt to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Matt Western Wood

TITLE
Chairman
AGE
49
TENURE
2.5 yrs

Zamba Batjargal

TITLE
Director

Jeremy South

TITLE
Senior VP & CFO
TENURE
0.8 yrs

Greg Wood

TITLE
Vice President of Operations
AGE
47

Aneel Waraich

TITLE
Executive VP & Director
AGE
37

Bataa Tumur-Ochir

TITLE
VP of Mongolia & Director
AGE
32

Enkhe Khishigsuren

TITLE
Vice President of Exploration
Board of Directors Tenure

Average tenure and age of the Steppe Gold board of directors in years:

2.1
Average Tenure
43
Average Age
  • The average tenure for the Steppe Gold board of directors is less than 3 years, this suggests a new board.
Board of Directors

Matt Western Wood

TITLE
Chairman
AGE
49

Zamba Batjargal

TITLE
Director
TENURE
1.7 yrs

Aneel Waraich

TITLE
Executive VP & Director
AGE
37
TENURE
2.5 yrs

Bataa Tumur-Ochir

TITLE
VP of Mongolia & Director
AGE
32
TENURE
2.5 yrs

Patrick Michaels

TITLE
Lead Director
AGE
43

Lewis Marks

TITLE
Director
AGE
66
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Steppe Gold insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
08. Mar 19 Buy Aneel Waraich Individual 27. Feb 19 27. Feb 19 692 €0.53 €370
20. Feb 19 Buy Atmacorp Ltd., Asset Management Arm Company 14. Feb 19 14. Feb 19 450 €0.51 €231
20. Feb 19 Buy Aneel Waraich Individual 14. Feb 19 14. Feb 19 575 €0.51 €295
05. Feb 19 Buy Atmacorp Ltd., Asset Management Arm Company 29. Jan 19 31. Jan 19 2,200 €0.54 €1,195
05. Feb 19 Buy Aneel Waraich Individual 29. Jan 19 29. Jan 19 1,180 €0.54 €638
29. Jan 19 Buy Atmacorp Ltd., Asset Management Arm Company 23. Jan 19 28. Jan 19 2,750 €0.55 €1,481
29. Jan 19 Buy Aneel Waraich Individual 22. Jan 19 28. Jan 19 3,470 €0.55 €1,879
21. Jan 19 Buy Aneel Waraich Individual 14. Jan 19 21. Jan 19 7,608 €0.56 €4,179
16. Jan 19 Buy Patrick Michaels Individual 15. Jan 19 15. Jan 19 1,500 €0.53 €793
08. Jan 19 Buy Patrick Michaels Individual 07. Jan 19 07. Jan 19 15,000 €0.52 €7,864
07. Jan 19 Buy Atmacorp Ltd., Asset Management Arm Company 07. Jan 19 07. Jan 19 500 €0.54 €272
07. Jan 19 Buy Aneel Waraich Individual 02. Jan 19 02. Jan 19 555 €0.54 €302
03. Jan 19 Buy Patrick Michaels Individual 28. Dec 18 28. Dec 18 10,000 €0.45 €4,487
27. Dec 18 Buy Atmacorp Ltd., Asset Management Arm Company 20. Dec 18 24. Dec 18 3,800 €0.50 €1,825
27. Dec 18 Buy Aneel Waraich Individual 19. Dec 18 19. Dec 18 1,750 €0.49 €847
22. Dec 18 Buy Patrick Michaels Individual 20. Dec 18 20. Dec 18 23,500 €0.45 €10,658
19. Dec 18 Buy Atmacorp Ltd., Asset Management Arm Company 10. Dec 18 18. Dec 18 6,600 €0.55 €3,262
19. Dec 18 Buy Aneel Waraich Individual 11. Dec 18 18. Dec 18 2,945 €0.53 €1,476
11. Dec 18 Buy Atmacorp Ltd., Asset Management Arm Company 03. Dec 18 10. Dec 18 6,475 €0.57 €3,431
11. Dec 18 Buy Aneel Waraich Individual 04. Dec 18 07. Dec 18 3,100 €0.56 €1,654
18. Nov 18 Buy Atmacorp Ltd., Asset Management Arm Company 12. Nov 18 16. Nov 18 5,125 €0.66 €3,290
18. Nov 18 Buy Aneel Waraich Individual 12. Nov 18 16. Nov 18 8,797 €0.66 €5,690
12. Nov 18 Buy Bataa Tumur-Ochir Individual 27. Sep 18 27. Sep 18 42,000 €0.81 €31,630
12. Nov 18 Buy Lewis Marks Individual 05. Nov 18 05. Nov 18 25,000 €0.67 €16,736
09. Nov 18 Buy Atmacorp Ltd., Asset Management Arm Company 05. Nov 18 09. Nov 18 3,280 €0.71 €2,182
02. Nov 18 Buy Atmacorp Ltd., Asset Management Arm Company 29. Oct 18 02. Nov 18 10,528 €0.67 €6,758
02. Nov 18 Buy Aneel Waraich Individual 26. Oct 18 02. Nov 18 2,459 €0.67 €1,616
29. Oct 18 Buy Atmacorp Ltd., Asset Management Arm Company 22. Oct 18 26. Oct 18 4,205 €0.66 €2,777
29. Oct 18 Buy Aneel Waraich Individual 22. Oct 18 26. Oct 18 2,270 €0.66 €1,503
22. Oct 18 Buy Atmacorp Ltd., Asset Management Arm Company 15. Oct 18 22. Oct 18 12,868 €0.71 €8,766
22. Oct 18 Buy Aneel Waraich Individual 18. Oct 18 19. Oct 18 1,248 €0.66 €812
15. Oct 18 Buy Aneel Waraich Individual 12. Oct 18 12. Oct 18 960 €0.67 €640
12. Oct 18 Buy Atmacorp Ltd., Asset Management Arm Company 09. Oct 18 12. Oct 18 11,800 €0.73 €7,689
12. Oct 18 Buy Aneel Waraich Individual 09. Oct 18 11. Oct 18 3,395 €0.71 €2,282
05. Oct 18 Buy Atmacorp Ltd., Asset Management Arm Company 02. Oct 18 05. Oct 18 7,275 €0.77 €5,317
05. Oct 18 Buy Aneel Waraich Individual 02. Oct 18 05. Oct 18 4,885 €0.77 €3,577
02. Oct 18 Buy Atmacorp Ltd., Asset Management Arm Company 25. Sep 18 28. Sep 18 1,510 €0.83 €1,199
02. Oct 18 Buy Aneel Waraich Individual 28. Sep 18 01. Oct 18 2,350 €0.84 €1,906
24. Sep 18 Buy Atmacorp Ltd., Asset Management Arm Company 12. Sep 18 24. Sep 18 5,645 €0.91 €5,043
24. Sep 18 Buy Aneel Waraich Individual 19. Sep 18 21. Sep 18 875 €0.89 €754
30. Aug 18 Buy Patrick Michaels Individual 30. Aug 18 30. Aug 18 25,000 €0.77 €19,336
24. Aug 18 Buy Patrick Michaels Individual 21. Aug 18 23. Aug 18 25,000 €0.78 €19,259
20. Aug 18 Buy LIM Advisors Limited Company 17. Aug 18 17. Aug 18 762,100 €0.74 €562,214
17. Aug 18 Buy Atmacorp Ltd., Asset Management Arm Company 13. Aug 18 14. Aug 18 15,696 €0.80 €11,998
17. Aug 18 Buy Aneel Waraich Individual 13. Aug 18 13. Aug 18 750 €0.78 €581
13. Aug 18 Buy Atmacorp Ltd., Asset Management Arm Company 09. Aug 18 09. Aug 18 350 €0.90 €316
13. Aug 18 Buy Aneel Waraich Individual 07. Aug 18 09. Aug 18 1,415 €0.90 €1,239
03. Aug 18 Buy Atmacorp Ltd., Asset Management Arm Company 23. Jul 18 26. Jul 18 1,078 €0.85 €899
03. Aug 18 Buy Aneel Waraich Individual 03. Aug 18 03. Aug 18 180 €0.89 €160
03. Aug 18 Buy Aneel Waraich Individual 02. Aug 18 03. Aug 18 2,125 €0.92 €1,884
20. Jul 18 Buy Atmacorp Ltd., Asset Management Arm Company 18. Jul 18 20. Jul 18 2,531 €0.82 €2,032
16. Jul 18 Buy Atmacorp Ltd., Asset Management Arm Company 09. Jul 18 13. Jul 18 2,700 €0.88 €2,257
16. Jul 18 Buy Aneel Waraich Individual 10. Jul 18 12. Jul 18 1,710 €0.88 €1,472
09. Jul 18 Buy Atmacorp Ltd., Asset Management Arm Company 21. Jun 18 22. Jun 18 1,350 €0.70 €944
09. Jul 18 Buy Aneel Waraich Individual 21. Jun 18 29. Jun 18 2,650 €0.88 €2,034
28. Jun 18 Buy LIM Advisors Limited Company 15. Jun 18 20. Jun 18 260,000 €0.78 €197,182
03. Jul 18 Buy LIM Advisors Limited Company 29. Jun 18 29. Jun 18 443,100 €0.71 €316,258
22. Jun 18 Buy Matthew Western Wood Individual 19. Jun 18 19. Jun 18 50,000 €0.78 €38,786
22. Jun 18 Buy Lewis Marks Individual 21. Jun 18 21. Jun 18 10,000 €1.30 €12,953
21. Jun 18 Buy Lewis Marks Individual 15. Jun 18 19. Jun 18 31,000 €0.79 €24,179
18. Jun 18 Buy Patrick Michaels Individual 18. Jun 18 18. Jun 18 21,500 €0.78 €16,669
08. Jun 18 Buy Aneel Waraich Individual 04. Jun 18 08. Jun 18 2,150 €1.18 €2,348
05. Jun 18 Buy Aneel Waraich Individual 30. May 18 05. Jun 18 1,750 €1.20 €2,007
25. May 18 Buy Elliott Management Corporation Company 22. May 18 22. May 18 1,500,000 €1.33 €1,992,675
29. May 18 Buy Aneel Waraich Individual 23. May 18 25. May 18 2,550 €1.26 €3,165
25. May 18 Buy Atmacorp Ltd., Asset Management Arm Company 22. May 18 23. May 18 2,245 €1.34 €2,964
25. May 18 Buy Aneel Waraich Individual 22. May 18 23. May 18 560 €1.34 €744
X
Management checks
We assess Steppe Gold's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Steppe Gold has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Steppe Gold Ltd. explores for and develops precious metals in Mongolia and Canada. It holds interests in the Altan Tsagaan Ovoo gold and silver project comprising one mining license covering an area of approximately 5,492.3 hectares located in the territory of Tsagaan Ovoo soum, Dornod province of Eastern Mongolia; Uudam Khundii property that includes one exploration license covering an area of 14,397 hectares located in the south-west of Ulaanbaatar; and Bayan Undur copper gold silver property, which comprises four mining licenses covering an area of 4,853 hectares located in the province of Bayakhongor, Mongolia. The company was incorporated in 2016 and is headquartered in Toronto, Canada.

Details
Name: Steppe Gold Ltd.
2J9
Exchange: DB
Founded: 2016
CA$21,833,943
41,540,895
Website: http://www.steppegold.com
Address: Steppe Gold Ltd.
90 Adelaide Street West,
Suite 400,
Toronto,
Ontario, M5H 4A6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX STGO Common Shares The Toronto Stock Exchange CA CAD 22. May 2018
DB 2J9 Common Shares Deutsche Boerse AG DE EUR 22. May 2018
Number of employees
Current staff
Staff numbers
0
Steppe Gold employees.
Industry
Precious Metals and Minerals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 23:21
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/01
Last earnings filing: 2019/04/01
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.