PJSC ALROSA-Nyurba (ALNU.ME)

Industry: Other Precious Metals Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
2099.HK	12	China Gold Interna	818	12.16	5.03	2.26	1.22	7.02	6.91
FSM	13	Fortuna Mining Cor	779	8.70	5.43	2.88	1.97	2.98	3.04
AUGO	14	Aura Minerals	772	-	-	12.49	12.49	3.75	5.59
29M.AX	15	29Metals Limited	681	-	-	17.40	17.40	2.34	-
BDM.AX	16	Burgundy Diamond M	573	-	-	0.85	0.27	0.05	0.48
FRES.L	17	Fresnillo plc	377	20.70	17.22	5.31	4.58	4.03	6.03
GEMD.L	18	Gem Diamonds Limit	359	-	-	0.67	0.82	-	21.28
ALNU.ME	19	PJSC ALROSA-Nyurba	329	3.78	4.01	3.32	3.58	8.65	3.54
1322.SR	20	Al Masane Al Kobra	260	25.94	25.94	11.25	7.93	15.47	19.21
TFPM	21	Triple Flag Precio	249	23.27	23.27	16.64	12.40	20.69	14.48
EXK	22	Endeavour Silver C	239	-	-	-	-	-	-
A1M.AX	23	AIC Mines Limited	226	13.53	20.79	1.99	1.04	1.81	1.89
SILV	24	SilverCrest Metals	203	16.02	16.02	7.48	7.48	8.69	9.28
ITRG	25	Integra Resources	158	38.19	38.19	8.78	8.78	5.34	8.40
LUC.ST	26	Lucara Diamond Cor	148	1.15	1.15	0.89	0.73	0.92	0.54
301611.SZ	27	Suzhou Kematek Inc	147	77.64	77.64	66.05	66.05	90.00	71.33

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.02	17.22	4.10	3.27	3.75	6.03
Full Range Median Multiple	18.36	19.01	6.39	6.03	4.03	6.91
Industry Multiple	23.73	23.07	11.07	10.23	12.55	12.96
Market Implied Multiple	3.78	4.01	3.32	3.58	8.65	3.54
Company (ALNU.ME) Multiple	3.78	4.01	3.32	3.58	8.65	3.54
(*) Net Income / EBITDA / Revenue	171	162	195	181	75	183
Winsorized Enterprise Value	N/A	N/A	800	592	281	1,104
Full Range Median Enterprise Value	N/A	N/A	1,247	1,090	302	1,265
(-) Net Debt	0	0	0	0	0	0
Winsorized Equity Value	2,745	2,784	800	592	281	1,104
Full Range Median Equity Value	3,145	3,072	1,247	1,090	302	1,265
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$277,076.14	$281,012.68	$80,722.17	$59,801.95	$28,376.07	$111,470.31
Full Range Median Fair Value	$317,528.74	$310,125.80	$125,935.11	$110,037.64	$30,484.05	$127,754.53
Current Price	$65,400.00	$65,400.00	$65,400.00	$65,400.00	$65,400.00	$65,400.00
Upside / Downside	323.66%	329.68%	23.43%	-8.56%	-56.61%	70.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$193,953.30	$196,708.88	$56,505.52	$41,861.36	$19,863.25	$78,029.22
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	BUY