Montage Gold Corp.

TSX:MAU Stock Report

Market Cap: CA$5.4b

Montage Gold Valuation

Is MAU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of MAU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: MAU (CA$15.83) is trading above our estimate of future cash flow value (CA$11.41)

Significantly Below Future Cash Flow Value: MAU is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MAU?

Key metric: As MAU is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for MAU. This is calculated by dividing MAU's market cap by their current book value.
What is MAU's PB Ratio?
PB Ratio35.5x
BookUS$116.85m
Market CapUS$3.88b

Price to Book Ratio vs Peers

How does MAU's PB Ratio compare to its peers?

The above table shows the PB ratio for MAU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average8.5x
ARIS Aris Mining
2.6x53.09%CA$4.9b
NG NovaGold Resources
24.1x40.71%CA$4.9b
KNT K92 Mining
5.4x28.46%CA$5.5b
TXG Torex Gold Resources
1.8x16.21%CA$5.6b
MAU Montage Gold
35.5x55.79%CA$5.4b

Price-To-Book vs Peers: MAU is expensive based on its Price-To-Book Ratio (35.5x) compared to the peer average (8.5x).

Historical Price to Book Ratio

Historical Price to Book Ratio compares a stock's price to the book value of it's equity over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Book Ratio vs Industry

How does MAU's PB Ratio compare vs other companies in the CA Metals and Mining Industry?

84 CompaniesPrice / BookEstimated GrowthMarket Cap
DC.A Dundee
0.6xn/aUS$235.40m
NIF.UN Noranda Income Fund
0.3xn/aUS$72.05m
LIO Lion One Metals
0.5xn/aUS$70.94m
WM Wallbridge Mining
0.3xn/aUS$70.29m
MAU 35.5xIndustry Avg. 3.2xNo. of Companies134PB02.44.87.29.612+
84 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: MAU is expensive based on its Price-To-Book Ratio (35.5x) compared to the Canadian Metals and Mining industry average (3x).

Price to Book Ratio vs Fair Ratio

What is MAU's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MAU PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio35.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MAU's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MAU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$15.83
CA$15.00
-5.24%
21.79%CA$20.00CA$8.75n/a10
Mar ’27CA$17.00
CA$14.05
-17.35%
24.61%CA$20.00CA$8.75n/a10
Feb ’27CA$12.24
CA$12.93
+5.60%
24.73%CA$20.00CA$8.75n/a10
Jan ’27CA$9.88
CA$9.83
-0.56%
9.46%CA$11.50CA$8.50n/a10
Dec ’26CA$8.80
CA$9.30
+5.68%
4.93%CA$10.00CA$8.50n/a10
Nov ’26CA$6.96
CA$8.60
+23.56%
7.14%CA$9.50CA$7.50n/a10
Oct ’26CA$7.03
CA$7.08
+0.71%
14.95%CA$9.50CA$6.00n/a10
Sep ’26CA$5.48
CA$6.09
+11.20%
7.38%CA$6.75CA$5.25n/a8
Aug ’26CA$4.31
CA$5.72
+32.69%
10.81%CA$6.50CA$4.75n/a8
Jul ’26CA$4.51
CA$5.66
+25.42%
10.81%CA$6.50CA$4.75n/a8
Jun ’26CA$4.54
CA$5.34
+17.70%
11.44%CA$6.50CA$4.50n/a8
May ’26CA$3.59
CA$5.14
+43.28%
14.06%CA$6.50CA$4.15n/a8
Apr ’26CA$3.26
CA$4.39
+34.78%
9.18%CA$5.00CA$3.50CA$15.838
Mar ’26CA$2.38
CA$3.86
+62.37%
16.61%CA$5.00CA$3.00CA$17.007
Feb ’26CA$2.16
CA$3.92
+81.55%
15.57%CA$5.00CA$3.00CA$12.247
Jan ’26CA$2.08
CA$3.74
+79.99%
16.02%CA$4.60CA$3.00CA$9.888
Dec ’25CA$2.23
CA$3.76
+68.44%
16.82%CA$4.85CA$3.00CA$8.808
Nov ’25CA$2.48
CA$3.73
+50.45%
16.66%CA$4.85CA$3.00CA$6.968
Oct ’25CA$1.94
CA$2.72
+40.14%
9.99%CA$3.00CA$2.20CA$7.038
Sep ’25CA$1.77
CA$2.59
+46.09%
8.31%CA$2.90CA$2.20CA$5.487
Aug ’25CA$1.77
CA$2.35
+32.77%
17.65%CA$2.90CA$1.65CA$4.315
Jul ’25CA$1.32
CA$2.05
+55.30%
18.19%CA$2.50CA$1.65CA$4.515
Jun ’25CA$1.45
CA$1.91
+31.72%
15.83%CA$2.50CA$1.65CA$4.545
May ’25CA$1.27
CA$1.91
+50.39%
15.83%CA$2.50CA$1.65CA$3.595
Apr ’25CA$1.27
CA$1.83
+44.09%
19.97%CA$2.50CA$1.50CA$3.265
CA$15
Fair Value
5.5% overvalued intrinsic discount
10
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/31 06:39
End of Day Share Price 2026/03/31 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Montage Gold Corp. is covered by 18 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Bereket BerheBeacon Securities Limited
Matthew MurphyBMO Capital Markets Equity Research
Brian QuastBMO Capital Markets Equity Research