Foran Mining Corporation

DB:48M Stock Report

Market Cap: €1.2b

Foran Mining Valuation

Is 48M 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 48M when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 48M (€2.86) is trading above our estimate of fair value (€0.29)

Significantly Below Fair Value: 48M is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 48M?

Key metric: As 48M 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 48M. This is calculated by dividing 48M's market cap by their current book value.
What is 48M's PB Ratio?
PB Ratio2.2x
BookCA$808.25m
Market CapCA$1.82b

Price to Book Ratio vs Peers

How does 48M's PB Ratio compare to its peers?

The above table shows the PB ratio for 48M vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average13.6x
M0LY Greenland Resources
53.3xn/a€78.4m
SZG Salzgitter
0.2x93.9%€942.2m
TKA thyssenkrupp
0.2x126.6%€2.4b
NDA Aurubis
0.8x-6.2%€3.4b
48M Foran Mining
2.2x64.2%€1.8b

Price-To-Book vs Peers: 48M is good value based on its Price-To-Book Ratio (2.2x) compared to the peer average (13.6x).

Price to Book Ratio vs Industry

How does 48M's PB Ratio compare vs other companies in the European Metals and Mining Industry?

23 CompaniesPrice / BookEstimated GrowthMarket Cap
48M 2.2xIndustry Avg. 0.9xNo. of Companies26PB00.61.21.82.43+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 48M 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 48M'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.

48M 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 48M'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 48M forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.86
€3.66
+27.9%
14.1%€4.44€3.07n/a7
Nov ’25€2.78
€3.53
+26.9%
12.5%€4.17€3.00n/a7
Oct ’25€2.68
€3.52
+31.4%
12.5%€4.16€3.00n/a7
Sep ’25€2.52
€2.81
+11.6%
39.6%€4.17€1.07n/a4
Aug ’25€2.50
€3.07
+22.9%
32.9%€4.17€1.07n/a6
Jul ’25€2.56
€3.53
+37.8%
11.9%€4.03€3.02n/a7
Jun ’25€2.84
€3.52
+24.0%
11.3%€4.05€3.04n/a7
May ’25€2.88
€3.56
+23.6%
11.3%€4.10€3.07n/a7
Apr ’25€2.80
€3.50
+25.0%
11.9%€4.08€2.89n/a7
Mar ’25€2.56
€3.50
+36.5%
11.4%€4.11€2.91n/a7
Feb ’25€2.72
€3.47
+27.7%
11.4%€4.08€2.89n/a7
Jan ’25€2.60
€3.48
+33.7%
12.3%€4.11€2.91n/a7
Dec ’24€2.68
€3.23
+20.4%
15.3%€4.02€2.68n/a5
Nov ’24€2.84
€3.42
+20.6%
13.6%€4.13€2.76€2.787
Oct ’24€2.52
€3.17
+25.7%
8.1%€3.61€2.75€2.687
Sep ’24€2.50
€3.15
+25.8%
8.1%€3.58€2.73€2.527
Aug ’24€2.62
€3.15
+20.1%
8.1%€3.58€2.73€2.507
Jul ’24€2.26
€3.05
+34.7%
14.5%€3.63€2.07€2.568
Jun ’24€2.12
€3.04
+43.3%
14.1%€3.60€2.05€2.848
May ’24€2.40
€2.98
+24.4%
14.1%€3.53€2.01€2.888
Apr ’24€2.46
€2.78
+12.9%
15.4%€3.58€2.04€2.807
Mar ’24€2.46
€2.57
+4.5%
10.4%€2.95€2.07€2.568
Feb ’24€2.28
€2.43
+6.5%
8.6%€2.76€2.06€2.728
Jan ’24€1.97
€2.36
+19.6%
9.9%€2.77€2.06€2.608
Dec ’23€2.08
€2.38
+14.5%
11.7%€2.83€1.90€2.688
Nov ’23€1.69
€2.40
+42.0%
13.7%€2.95€1.98€2.848

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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