Lundin Gold Inc. (LUG.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

-47.2%

CA$44.97

vs CA$85.20 price

Levered DCF

CA$57.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

12.27

Safe zone

Rating

B+

Overall 3 / 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	24.86×	11.97×	16.38×	31.48×	8.67×	-40.85×	-6.68×	-30.47×
P/B	14.7×	4.19×	3.07×	2.69×	2.35×	3.28×	3.04×	1.17×
P/S	11.03×	4.27×	3.26×	2.81×	2.61×	5.38×	0×	0×
EV / EBITDA	15.31×	6.2×	5.65×	5.58×	5.58×	13.09×	-84.73×	-35.92×
Gross margin	65.4%	70.4%	63.4%	61.3%	63.2%	62.9%	0.0%	0.0%
Operating margin	61.8%	64.3%	58.4%	57.1%	59.8%	57.1%	0.0%	0.0%
Net margin	44.4%	35.7%	19.9%	9.0%	30.2%	-13.2%	0.0%	0.0%
Current ratio	2.53×	3.13×	2.85×	1.44×	1.7×	1.24×	1.28×	4.34×
Debt / equity	0×	0×	0.32×	0.78×	0.91×	1.46×	1.88×	0.61×
Interest coverage	0×	3.02×	6.08×	1.99×	8.69×	4.3×	0×	0×
Dividend yield	3.4%	2.8%	3.2%	2.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	83.8%	33.8%	52.9%	63.9%	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	59.2%	35.0%	18.8%	8.6%	27.2%	-8.0%	-25.5%	-3.7%
Return on invested capital	56.6%	39.3%	24.7%	12.3%	24.2%	11.0%	-1.9%	-2.5%
Return on assets	45.2%	27.9%	12.2%	4.4%	13.1%	-3.1%	-8.4%	-2.2%
Free cash flow yield	4.8%	11.4%	16.0%	16.2%	18.9%	2.8%	-30.0%	-48.3%
Earnings yield	4.0%	8.4%	6.1%	3.2%	11.6%	-2.4%	-8.4%	-3.2%
Enterprise value	CA$19.6B	CA$4.7B	CA$3B	CA$2.6B	CA$2.4B	CA$2.7B	CA$2.2B	CA$896.6M
Net debt / EBITDA	-0.32×	-0.46×	0.07×	0.65×	1.11×	3.76×	-30.63×	-7.88×
Cash conversion cycle (days)	94	120	118	126	144	220	0	0