Lundin Mining Corporation (LUN.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

-85.5%

CA$4.35

vs CA$29.96 price

Levered DCF

CA$8.16

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

5.53

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	14.04×	-33.06×	26.36×	10.57×	7.37×	38.56×	25.96×	15.31×
P/B	2.78×	1.51×	1.28×	0.92×	1.31×	1.64×	1.19×	0.82×
P/S	4.83×	1.95×	2.3×	1.49×	1.73×	3.19×	2.32×	1.75×
EV / EBITDA	9.82×	6.13×	7.76×	4.11×	2.91×	7.71×	6.26×	3.61×
Gross margin	27.5%	44.3%	40.1%	43.3%	56.9%	46.3%	43.7%	43.8%
Operating margin	25.7%	41.2%	36.0%	36.8%	53.9%	42.0%	37.2%	36.0%
Net margin	34.3%	-5.9%	8.8%	14.0%	23.4%	8.3%	8.8%	11.3%
Current ratio	1.64×	1.72×	1.48×	1.28×	1.94×	1.43×	1.44×	2.92×
Debt / equity	0.09×	0.45×	0.3×	0.04×	0.01×	0.05×	0.08×	0×
Interest coverage	10.75×	10.91×	11.78×	21.34×	51.6×	19.08×	16.36×	8.4×
Dividend yield	0.6%	2.9%	3.3%	5.9%	3.9%	1.4%	1.5%	2.1%
Payout ratio	8.2%	-94.7%	86.9%	62.6%	28.7%	54.8%	39.6%	32.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.8%	-4.6%	4.9%	8.7%	17.7%	4.3%	4.6%	5.3%
Return on invested capital	10.0%	6.2%	5.7%	11.6%	18.6%	7.2%	8.0%	8.4%
Return on assets	12.1%	-2.0%	2.2%	5.2%	10.3%	2.4%	2.5%	3.3%
Free cash flow yield	3.4%	8.7%	1.8%	0.9%	16.7%	2.2%	0.3%	-8.6%
Earnings yield	7.1%	-3.1%	3.8%	9.4%	13.6%	2.6%	3.8%	6.5%
Enterprise value	CA$18.7B	CA$8.3B	CA$7.5B	CA$4.5B	CA$5.2B	CA$6.6B	CA$4.4B	CA$2.2B
Net debt / EBITDA	0.17×	1.22×	1.25×	0.01×	-0.31×	0.07×	0.08×	-1.31×
Cash conversion cycle (days)	109	107	153	68	79	113	78	51