Ivanhoe Mines - Public Comps and Valuation Multiples

Ivanhoe Mines Overview

About Ivanhoe Mines

Ivanhoe Mines Ltd is a diversified mining company focused on advancing its four principal projects in Southern Africa namely the Kamoa-Kakula Copper Complex, a large, high-grade, stratiform copper deposit, Platreef Project, where the Company discovered thick and high-grade palladium, nickel, platinum, rhodium, copper and gold deposit, The Kipushi Project, a past-producing, high-grade underground zinc-copper-germanium-silverlead mine, The Western Foreland Exploration Project, a group of exploration licences. The Company has four reportable segments, including the Platreef property, Kamoa Holding joint venture, Kipushi properties, and the Company’s treasury offices.

Founded

1993

HQ

Employees

1.1K+

Website

ivanhoemines.com

Sectors

Metals & Mining

Financials

LTM Revenue $271M

LTM EBITDA $1.1B

EV

$12.3B

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Ivanhoe Mines Financials

Ivanhoe Mines has a last 12-month revenue of $271M and a last 12-month EBITDA of $1.1B.

In the most recent fiscal year, Ivanhoe Mines achieved revenue of $28.6M and an EBITDA of $146M.

Ivanhoe Mines expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Ivanhoe Mines P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	n/a	$28.6M	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	$203M	$146M	XXX	XXX	XXX
EBITDA Margin	Infinity%	510%	XXX	XXX	XXX
Net Profit	$287M	$223M	XXX	XXX	XXX
Net Margin	Infinity%	781%	XXX	XXX	XXX
Net Debt	n/a	$52.9M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Ivanhoe Mines Stock Performance

As of April 24, 2025, Ivanhoe Mines's stock price is CAD 13 (or $9).

Ivanhoe Mines has current market cap of CAD 17.2B (or $12.1B), and EV of CAD 17.6B (or $12.3B).

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Ivanhoe Mines Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.3B	$12.1B	XXX	XXX	XXX	XXX	$0.31

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Ivanhoe Mines Valuation Multiples

As of April 24, 2025, Ivanhoe Mines has market cap of $12.1B and EV of $12.3B.

Ivanhoe Mines's trades at 65.0x LTM EV/Revenue multiple, and 16.7x LTM EBITDA.

Analysts estimate Ivanhoe Mines's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Ivanhoe Mines Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$12.3B	XXX	XXX	XXX
EV/Revenue	431.2x	XXX	XXX	XXX
EV/EBITDA	84.6x	XXX	XXX	XXX
P/E	75.5x	XXX	XXX	XXX
P/E/Growth	0.7x	XXX	XXX	XXX
EV/FCF	-27.3x	XXX	XXX	XXX

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Ivanhoe Mines Valuation Multiples

Ivanhoe Mines's NTM/LTM revenue growth is 221%

Ivanhoe Mines's revenue per employee for the last fiscal year averaged $26K, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Ivanhoe Mines's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Ivanhoe Mines's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Ivanhoe Mines Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	Infinity%	XXX	XXX	XXX	XXX
EBITDA Margin	510%	XXX	XXX	XXX	XXX
EBITDA Growth	-28%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	731%	XXX	XXX	XXX	XXX
Revenue per Employee	$26K	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	163%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	290%	XXX	XXX	XXX	XXX

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