Manila Mining Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: MAB (₱0) is trading below our estimate of fair value (₱0.02)

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

Key Valuation Metric

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

Key metric: As MAB 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 MAB. This is calculated by dividing MAB's market cap by their current book value.
What is MAB's PB Ratio?
PB Ratio	0.3x
Book	₱3.39b
Market Cap	₱984.36m

MAB 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	-200.6x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for MAB 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	1.7x
T TKC Metals	3.1x	n/a	₱608.4m
NI NiHAO Mineral Resources International	2.1x	n/a	₱515.1m
LCB Lepanto Consolidated Mining	0.9x	n/a	₱4.5b
KRM Kingsrose Mining	0.7x	n/a	AU$27.1m
MAB Manila Mining	0.3x	n/a	₱984.4m

Price-To-Book vs Peers: MAB is good value based on its Price-To-Book Ratio (0.3x) compared to the peer average (1.7x).

Price to Book Ratio vs Industry

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

3 Companies	Price / Book	Estimated Growth	Market Cap
Industry Avg.	0.9x	25.5%
MAB Manila Mining	0.3x	n/a	US$16.68m
ORE Oriental Peninsula Resources Group	0.2x	n/a	US$20.48m
MA Manila Mining	0.3x	n/a	US$16.68m

No more companies available in this PB range

3 Companies		Estimated Growth	Market Cap
Industry Avg.	0.9x	25.5%
MAB Manila Mining	0.3x	n/a	US$16.68m

No more companies

Price-To-Book vs Industry: MAB is good value based on its Price-To-Book Ratio (0.3x) compared to the PH Metals and Mining industry average (0.9x).

Price to Book Ratio vs Fair Ratio

What is MAB'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.

MAB PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.3x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MAB'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?

Analyst Forecast: Insufficient data to show price forecast.

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