Centerra Gold Inc. (CG.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-26.7%

CA$21.08

vs CA$28.78 price

Levered DCF

CA$22.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.38

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.94×	16.24×	-15.69×	-17.83×	5.1×	8.32×	-24.84×	11.61×
P/B	1.43×	0.73×	0.77×	0.76×	1.12×	1.38×	1.13×	0.58×
P/S	2.13×	1×	1.18×	1.61×	2.54×	2.02×	1.69×	1.11×
EV / EBITDA	2.87×	1.99×	4.91×	14.29×	2.56×	22.1×	11.86×	4.09×
Gross margin	33.5%	31.1%	32.9%	28.5%	32.4%	46.5%	32.7%	31.6%
Operating margin	17.7%	6.3%	1.6%	-4.3%	19.3%	26.0%	10.0%	8.7%
Net margin	42.9%	6.6%	-7.4%	-9.1%	49.7%	24.2%	-6.8%	9.5%
Current ratio	2.39×	3.5×	3.25×	3.6×	5.59×	5.32×	3.81×	3.55×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.04×	0.09×
Interest coverage	62.51×	17.5×	2.8×	-54.19×	225.94×	96.65×	19.73×	4.43×
Dividend yield	1.4%	3.6%	3.5%	3.5%	2.0%	1.2%	0.0%	0.0%
Payout ratio	7.0%	54.1%	-55.3%	-61.7%	10.1%	9.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.9%	4.9%	-4.9%	-4.3%	21.9%	16.6%	-4.5%	5.0%
Return on invested capital	7.8%	1.8%	-5.3%	-1.8%	7.1%	14.9%	5.2%	3.8%
Return on assets	20.2%	3.5%	-3.6%	-3.3%	16.7%	13.0%	-3.5%	3.8%
Free cash flow yield	3.2%	9.4%	12.4%	-6.0%	14.1%	17.7%	1.5%	-5.5%
Earnings yield	20.2%	6.6%	-6.3%	-5.6%	19.5%	12.0%	-4.0%	8.6%
Enterprise value	CA$2.4B	CA$609M	CA$706.8M	CA$852.9M	CA$1.4B	CA$2.9B	CA$2.4B	CA$1.3B
Net debt / EBITDA	-0.6×	-1.98×	-4.09×	-8.68×	-1.75×	-4.03×	0.25×	0.12×
Cash conversion cycle (days)	70	90	102	133	79	198	243	220