Centerra Gold Inc. (CGAU) 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

-55.5%

$9.25

vs $20.78 price

Levered DCF

$14.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.51

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	4.96×	15.81×	-15.68×	-17.86×	-5.95×	7.94×	-24.81×	11.43×
P/B	1.43×	0.73×	0.78×	0.76×	1.12×	1.39×	1.13×	0.57×
P/S	2.12×	1×	1.18×	1.62×	2.53×	4.74×	1.69×	1.09×
EV / EBITDA	2.88×	2×	4.56×	14.34×	2.55×	22.15×	11.71×	3.98×
Gross margin	33.5%	31.1%	24.1%	21.0%	32.4%	29.9%	32.7%	31.6%
Operating margin	22.7%	19.5%	3.9%	-4.3%	37.1%	6.1%	-6.2%	8.7%
Net margin	42.2%	6.6%	-7.4%	-9.1%	-42.4%	56.6%	-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	217.45×	216.78×	65.42×	-9.81×	107.42×	9.69×	-7.01×	0×
Dividend yield	1.4%	3.6%	3.5%	3.5%	2.0%	1.2%	0.0%	0.0%
Payout ratio	7.2%	54.1%	-55.3%	-61.7%	-11.8%	10.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.4%	4.9%	-4.9%	-4.3%	-18.7%	16.6%	-4.5%	5.0%
Return on invested capital	10.0%	5.5%	-12.7%	-1.8%	14.2%	1.0%	-3.2%	3.8%
Return on assets	19.9%	3.5%	-3.5%	-3.4%	-14.8%	13.0%	-3.4%	3.8%
Free cash flow yield	3.2%	9.4%	12.4%	-6.0%	14.1%	17.7%	1.5%	-5.5%
Earnings yield	19.9%	6.6%	-6.3%	-5.6%	-16.8%	12.0%	-4.0%	8.7%
Enterprise value	$2.4B	$610.2M	$709.1M	$855.5M	$1.4B	$2.9B	$2.4B	$1.3B
Net debt / EBITDA	-0.59×	-1.98×	-3.77×	-8.68×	-1.75×	-4.03×	0.25×	0.12×
Cash conversion cycle (days)	70	90	78	133	85	335	249	244