Company Overview
Endomines is a Finnish mining company that operates globally, with a strong presence in the United States. The company's primary mission is to extract and process minerals, particularly gold, from its mines in Idaho, USA.
As a leading player in the mining industry, Endomines' core values include a commitment to safety, sustainability, and innovation. Their primary goal is to deliver value to their shareholders while minimizing their environmental footprint.
Key Products/Services
Endomines' main product is gold, which they extract from its mines in Idaho, USA. The company's gold production is primarily focused on the Friday, Buffalo Gulch, and Deadwood deposits.
The company also provides other services, including the processing of gold-bearing ore and the sale of gold concentrates to refineries.
Benefits
Endomines' gold production offers several benefits, including a strong potential for growth due to increasing demand for gold. The company's focus on sustainability and innovation also sets it apart from competitors.
The processing of gold-bearing ore provides an additional revenue stream for the company, while the sale of gold concentrates ensures a stable source of income.
Business Model
Endomines operates under a mining model, where they extract minerals from their mines and sell them to refineries or other buyers. The company's business is primarily driven by the price of gold, which can be volatile.
The company's focus on sustainability and innovation also drives their business model, as they seek to minimize their environmental footprint while maximizing value for shareholders.
Risk Management
Endomines manages risk through a combination of hedging strategies, diversification, and contingency planning. The company also maintains strong relationships with suppliers and buyers to mitigate potential disruptions.
The company's focus on sustainability and innovation also helps to manage risk by reducing the likelihood of environmental or social issues that could impact operations.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 9.3 | 9.8 | 10.8 | 12.0 | 38.3 | 38.3 | 38.3 |
| Target Valuation (MEur) | 0.0 | 9.2 | 18.6 | 44.0 | 75.5 | 86.9 | 86.9 |
| Target Price | 0.0 | 0.94 | 1.71 | 3.68 | 1.97 | 2.27 | 2.27 |
| Potential, % | 0.0 | -84.3 | -79.2 | -86.9 | -79.0 | -75.8 | -75.8 |
| Recommendation | Hold | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 46.4 | 58.7 | 89.4 | 335.3 | 359.7 | 359.7 | 359.7 |
| Price | 5.0 | 5.99 | 8.25 | 28.02 | 9.39 | 9.39 | 9.39 |
| EV | 53.0 | 74.0 | 103.0 | 345.0 | 363.0 | 352.0 | 337.0 |
| P/S | 3.44 | 2.98 | 3.11 | 7.37 | 5.46 | 5.27 | 4.94 |
| EV/S | 3.95 | 3.74 | 3.57 | 7.59 | 5.51 | 5.15 | 4.62 |
| EV/EBIT | -3.63 | -24.54 | 39.45 | 45.42 | 20.24 | 16.6 | 12.85 |
| P/E | -2.41 | -8.21 | -42.55 | 60.41 | 22.66 | 21.23 | 17.17 |
| P/B | 1.28 | 1.82 | 2.17 | 5.91 | 4.71 | 3.85 | 3.15 |
| P/OCF | -9.66 | -19.57 | 14.41 | 25.59 | 16.22 | 13.61 | 12.09 |
| EV/OCF | -11.1 | -24.54 | 16.54 | 26.35 | 16.38 | 13.3 | 11.31 |
| P/FCF | -3.62 | -5.87 | -22.34 | -64.48 | 75.4 | 30.92 | 24.06 |
| EV/FCF | -4.16 | -7.36 | -25.64 | -66.38 | 76.14 | 30.23 | 22.52 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 13.5 | 19.7 | 28.7 | 45.5 | 65.9 | 68.2 | 72.9 |
| Rev. Growth, % | 0.0 | 45.9 | 45.7 | 58.5 | 44.8 | 3.5 | 6.9 |
| Ebit | -14.7 | -3.0 | 2.6 | 7.6 | 17.9 | 21.2 | 26.2 |
| Ebit Growth, % | 0.0 | 79.6 | 186.7 | 192.3 | 135.5 | 18.4 | 23.6 |
| Ebit, % | -108.9 | -15.2 | 9.1 | 16.7 | 27.2 | 31.1 | 35.9 |
| Profit | -19.2 | -7.2 | -2.1 | 5.6 | 15.9 | 16.9 | 21.0 |
| EPS | -2.07 | -0.74 | -0.19 | 0.47 | 0.42 | 0.44 | 0.55 |
| Profit Growth, % | 0.0 | 62.5 | 70.8 | 366.7 | 183.9 | 6.3 | 24.3 |
| Profit, % | -142.2 | -36.5 | -7.3 | 12.3 | 24.1 | 24.8 | 28.8 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.4 | 0.4 | 0.4 | 1.1 | 1.7 | 1.7 | 1.6 |
| Acc. Receivable | 1.3 | 1.7 | 3.1 | 7.7 | 7.4 | 7.8 | 8.4 |
| Cash | 3.7 | 0.9 | 0.0 | 3.9 | 8.4 | 20.0 | 35.0 |
| Equity | 36.3 | 32.3 | 41.2 | 56.7 | 76.4 | 93.3 | 114.3 |
| ROE, % | -52.9 | -22.3 | -5.1 | 9.9 | 20.8 | 18.1 | 18.4 |
| ROCE, % | -31.3 | -6.2 | 4.8 | 10.8 | 20.3 | 20.2 | 20.8 |
| Net Debt | 6.9 | 14.9 | 13.2 | 9.9 | 3.5 | -8.1 | -23.1 |
| Gearing, % | 19.0 | 46.1 | 32.0 | 17.5 | 4.6 | -8.7 | -20.2 |
| Equity ratio, % | 66.0 | 54.8 | 54.4 | 61.4 | 73.0 | 80.7 | 86.2 |
| Acc. Payable | 4.7 | 5.0 | 6.9 | 6.2 | 7.0 | 6.5 | 4.9 |
| Total Assets | 55.0 | 58.9 | 75.8 | 92.3 | 104.7 | 115.6 | 132.6 |
| ROA, % | -34.9 | -12.2 | -2.8 | 6.1 | 15.2 | 14.6 | 15.8 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -4.8 | -3.0 | 6.2 | 13.1 | 22.2 | 26.4 | 29.8 |
| Investment Cash Flow | -8.0 | -7.0 | -10.2 | -18.3 | -17.4 | -14.8 | -14.8 |
| Free Cash Flow | -12.8 | -10.0 | -4.0 | -5.2 | 4.8 | 11.6 | 15.0 |
| OCF/CAPEX | 0.0 | 0.0 | 0.61 | 0.72 | 1.27 | 1.79 | 2.01 |
| Financial Cash Flow | 10.5 | 7.5 | 4.9 | 7.0 | -0.2 | 0.0 | 0.0 |
Disclaimer
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