TMC the metals company Inc.

NasdaqGS:TMC Stock Report

Market Cap: US$285.2m

TMC the metals Valuation

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

Below Fair Value: TMC ($0.84) is trading below our estimate of fair value ($19.24)

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

Key Valuation Metric

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

Key metric: As TMC 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 TMC. This is calculated by dividing TMC's market cap by their current book value.
What is TMC's PB Ratio?
PB Ratio-13.4x
Book-US$21.47m
Market CapUS$285.20m

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for TMC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average17.6x
EUBG Entrepreneur Universe Bright Group
42.9xn/aUS$362.2m
REEM.F Rare Element Resources
6.7xn/aUS$188.4m
LZM Lifezone Metals
15.8x101.0%US$544.3m
IDR Idaho Strategic Resources
4.9x30.3%US$158.5m
TMC TMC the metals
n/a83.3%US$285.2m

Price-To-Book vs Peers: TMC has negative equity and a Price-To-Book Ratio (-13.4x) compared to the peer average (17.6x).

Price to Book Ratio vs Industry

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

8 CompaniesPrice / BookEstimated GrowthMarket Cap
NEVD.Q Nevada Copper
0.1xn/aUS$26.02m
VITF.F Victoria Gold
0.06xn/aUS$23.43m
BMXI Brookmount Explorations
0.1xn/aUS$6.20m
LITM Snow Lake Resources
0.2xn/aUS$3.58m
TMC is unprofitableIndustry Avg. 1.8xNo. of Companies14PB012345+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: TMC has negative equity and a Price-To-Book Ratio (-13.4x) compared to the US Metals and Mining industry average (1.7x).

Price to Book Ratio vs Fair Ratio

What is TMC'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.

TMC PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio-13.4x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TMC'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 TMC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$0.84
US$4.10
+387.6%
2.4%US$4.20US$4.00n/a2
Nov ’25US$0.99
US$4.15
+318.8%
3.6%US$4.30US$4.00n/a2
Oct ’25US$1.06
US$4.15
+291.5%
3.6%US$4.30US$4.00n/a2
Sep ’25US$0.99
US$4.15
+320.5%
3.6%US$4.30US$4.00n/a2
Aug ’25US$1.04
US$4.10
+294.2%
2.4%US$4.20US$4.00n/a2
Jul ’25US$1.33
US$4.10
+208.3%
2.4%US$4.20US$4.00n/a2
Jun ’25US$1.47
US$4.10
+178.9%
2.4%US$4.20US$4.00n/a2
May ’25US$1.51
US$3.83
+153.9%
10.1%US$4.20US$3.30n/a3
Apr ’25US$1.44
US$3.83
+166.2%
10.1%US$4.20US$3.30n/a3
Mar ’25US$1.36
US$3.83
+181.9%
10.1%US$4.20US$3.30n/a3
Feb ’25US$1.35
US$3.83
+184.0%
10.1%US$4.20US$3.30n/a3
Jan ’25US$1.10
US$4.38
+297.7%
22.8%US$6.00US$3.30n/a4
Dec ’24US$1.18
US$4.38
+270.8%
22.8%US$6.00US$3.30n/a4
Nov ’24US$0.85
US$4.43
+422.6%
25.8%US$6.00US$3.30US$0.993
Oct ’24US$0.99
US$4.43
+347.3%
25.8%US$6.00US$3.30US$1.063
Sep ’24US$1.19
US$4.43
+272.5%
25.8%US$6.00US$3.30US$0.993
Aug ’24US$1.57
US$5.00
+218.5%
20.0%US$6.00US$4.00US$1.042

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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