Euro Manganese Inc. (EMN.V) 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

+226.9%

CA$0.23

vs CA$0.07 price

Levered DCF

-CA$0.21

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-7.75

Distress zone

Rating

Overall 2 / 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	-0.91×	-1.09×	-23.49×	-38.78×	-86.57×	-30.97×	-15.5×	-28.2×
P/B	5.54×	2.05×	10.39×	14.01×	22.09×	36.12×	21.94×	17.56×
P/S	3.6×	6.26×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-3.99×	-3.01×	-22.54×	-37.84×	-84.47×	-31.38×	-15.06×	-27.67×
Gross margin	-175.1%	-17.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	-256.9%	-468.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-400.9%	-569.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	0.33×	3.69×	3×	9.1×	5.59×	14.43×	4.13×	6.94×
Debt / equity	10.79×	2.83×	0.01×	0.01×	0.01×	0.01×	0×	0×
Interest coverage	-2.65×	-4.68×	-502.57×	-511.65×	-445.27×	-61.48×	-137.47×	-70.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-617.5%	-186.7%	-44.3%	-36.2%	-25.6%	-116.7%	-141.4%	-62.2%
Return on invested capital	-33.5%	-40.0%	-46.4%	-35.3%	-24.4%	-111.7%	-140.4%	-60.0%
Return on assets	-47.8%	-45.3%	-40.1%	-33.8%	-22.1%	-111.5%	-120.4%	-53.2%
Free cash flow yield	-61.7%	-88.4%	-4.7%	-3.4%	-1.4%	-2.9%	-6.7%	-2.9%
Earnings yield	-111.4%	-91.0%	-4.3%	-2.6%	-1.2%	-3.2%	-6.4%	-3.5%
Enterprise value	CA$37M	CA$38.6M	CA$274.2M	CA$501M	CA$795.4M	CA$197.8M	CA$124.9M	CA$174M
Net debt / EBITDA	-2.29×	-1.44×	0.61×	1.6×	3.28×	0.42×	0.49×	1.65×
Cash conversion cycle (days)	-22	-149	-3,691	-3,396	-3,018	-861	-8,969	-60,663