i-80 Gold Corp. (NYSE: IAUX)

Sector: Basic Materials Industry: Gold CIK: 0001853962
Market Cap 772.58 Mn
P/B 1.83
P/E -5.36
P/S 7.95
ROIC (Qtr) -23.33
Div Yield % 0.00
Rev 1y % (Qtr) 178.21
Total Debt (Qtr) 175.91 Mn
Debt/Equity (Qtr) 0.42

About

Price action

Investment thesis

Bull case

  • Strong tangible asset base of 756.22M provides 4.30x coverage of total debt 175.91M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of (62.04M) exceeds capital expenditure of (7.85M) by 7.91x, indicating strong organic growth funding capability.
  • Robust tangible asset base of 756.22M provides 232.97x coverage of working capital 3.25M, indicating strong operational backing.
  • Tangible assets of 756.22M provide robust 38.38x coverage of other current liabilities 19.71M, indicating strong asset backing.
  • Strong cash position of 102.87M provides 5.22x coverage of other current liabilities 19.71M, indicating excellent liquidity.

Bear case

  • Operating cash flow of (69.89M) barely covers its investment activities of 2.83M, with a coverage ratio of -24.67, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 2.83M provide weak support for R&D spending of 24.56M, which is 0.12x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (69.89M) shows concerning coverage of stock compensation expenses of 4.65M, with a -15.04 ratio indicating potential earnings quality issues.
  • Operating cash flow of (69.89M) provides minimal -46.65x coverage of tax expenses of 1.50M, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (114.28M) show weak coverage of depreciation charges of 3.18M, with a -35.97 ratio indicating high capital intensity and potential reinvestment needs.

Segments Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Gold
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NEM NEWMONT Corp /DE/ 121.63 Bn 16.92 5.66 5.65 Bn
2 AEM Agnico Eagle Mines Ltd 96.06 Bn 27.86 9.09 0.34 Bn
3 B Barrick Mining Corp 82.76 Bn 23.10 5.67 4.71 Bn
4 WPM Wheaton Precious Metals Corp. 56.61 Bn 56.52 30.93 0.01 Bn
5 FNV FRANCO NEVADA Corp 44.11 Bn 47.96 28.52 0.00 Bn
6 KGC Kinross Gold Corp 38.43 Bn 21.85 5.96 1.24 Bn
7 PAAS Pan American Silver Corp 19.78 Bn 31.19 6.08 0.86 Bn
8 AGI Alamos Gold Inc 17.45 Bn 32.41 10.85 0.28 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.08 3.17
EV to Cash from Ops. EV/CFO -11.66 -11.55
EV to Debt EV to Debt 4.63 548.67
EV to EBIT EV/EBIT -7.13 12.24
EV to EBITDA EV/EBITDA -5.77 3.14
EV to Free Cash Flow [EV/FCF] EV/FCF -13.13 12.17
EV to Market Cap EV to Market Cap 1.05 1.72
EV to Revenue EV/Rev 8.39 7.50
Price to Book Value [P/B] P/B 1.83 5.26
Price to Earnings [P/E] P/E -5.36 -1.39
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 1.54
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 5.40
Dividend per Basic Share Div per Share (Qtr) 0.00 0.17
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 10.25
Interest Coverage Int. cover (Qtr) -4.02 406.21
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -50.63 -97.36
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 372.39 130.91
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -5.27
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 10.75 518.35
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 20.74 53.19
EBIT Growth (1y) % EBIT 1y % (Qtr) 8.26 679.30
EBT Growth (1y) % EBT 1y % (Qtr) 7.46 144.05
EPS Growth (1y) % EPS 1y % (Qtr) 41.67 224.62
FCF Growth (1y) % FCF 1y % (Qtr) 23.46 171.65
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 148.36 84.25
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.13 0.26
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.77 3.14
Current Ratio Curr Ratio (Qtr) 1.02 4.90
Debt to Equity Ratio Debt/Equity (Qtr) 0.42 0.27
Interest Cover Ratio Int Coverage (Qtr) -4.02 406.21
Times Interest Earned Times Interest Earned (Qtr) -4.02 406.21
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -114.40 -19.19
EBIT Margin % EBIT Margin % (Qtr) -117.65 -44.57
EBT Margin % EBT Margin % (Qtr) -146.93 -34.79
Gross Margin % Gross Margin % (Qtr) 7.60 30.59
Net Profit Margin % Net Margin % (Qtr) -148.50 -40.44