Integra Resources Corp. (NYSE: ITRG)

Sector: Basic Materials Industry: Other Precious Metals & Mining CIK: 0001722387
Market Cap 297.34 Mn
P/B 2.19
P/E 22.93
P/S 1.36
ROIC (Qtr) -174.57
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 23.25 Mn
Debt/Equity (Qtr) 0.17
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About

Integra Resources Corp., a mineral resources company, operates in the mining industry with a focus on the acquisition and exploration of mineral properties in the Americas. The company is listed on the NYSE American under the symbol "IRR" and has a market capitalization of around $100 million. Integra Resources Corp.'s main business activities include the exploration and development of its mineral properties, as well as the sale of royalties and convertible loans. The company generates revenue through the exploration and development of its mineral...

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Investment thesis

Bull case

  • Strong operating cash flow of 75.92M provides robust 3.27x coverage of total debt 23.25M, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 96.94M provide 4.62x coverage of short-term debt 20.98M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 283.71M provides 12.20x coverage of total debt 23.25M, indicating robust asset backing and low credit risk.
  • Operating cash flow of 75.92M provides exceptional 10.95x coverage of interest expenses 6.93M, showing strong debt service capability.
  • Strong operating cash flow of 75.92M provides 8.94x coverage of SG&A expenses 8.49M, showing efficient operational cost management.

Bear case

  • Operating cash flow of 75.92M barely covers its investment activities of (13.13M), with a coverage ratio of -5.78, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (13.13M) provide weak support for R&D spending of 13.92M, which is -0.94x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating earnings of 38.65M show weak coverage of depreciation charges of 13.54M, with a 2.85 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of 41.11M represents just -11.42x of debt issuance (3.60M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Tax assets of 265000 provide limited offset against tax liabilities of 14.25M, which is 0.02x, indicating potential future cash flow pressure from tax obligations.

Peer comparison

Companies in the Other Precious Metals & Mining
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 HL Hecla Mining Co/De/ 13.92 Bn 43.35 9.78 275.80 Mn
2 TFPM Triple Flag Precious Metals Corp. 7.13 Bn 34.87 20.73 14.50 Mn
3 PPTA Perpetua Resources Corp. 2.49 Bn -56.16 0.00 0.05 Mn
4 ASM Avino Silver & Gold Mines Ltd 1.28 Bn 82.71 20.45 3.38 Mn
5 MUX McEwen Inc. 1.25 Bn -104.83 7.51 127.73 Mn
6 MTA Metalla Royalty & Streaming Ltd. 0.74 Bn -347.30 96.23 8.77 Mn
7 NEWP New Pacific Metals Corp 0.58 Bn -195.22 0.00 0.00 Mn
8 ELE Elemental Royalty Corp 0.30 Bn -829.72 18.50 0.00 Mn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.88 0.38
EV to Cash from Ops. EV/CFO 3.27 46.96
EV to Debt EV to Debt 10.69 3,165.55
EV to EBIT EV/EBIT 6.43 -95.38
EV to EBITDA EV/EBITDA 3.83 4.86
EV to Free Cash Flow [EV/FCF] EV/FCF 6.05 31.14
EV to Market Cap EV to Market Cap 0.84 0.86
EV to Revenue EV/Rev 1.13 13.34
Price to Book Value [P/B] P/B 2.19 6.32
Price to Earnings [P/E] P/E 22.93 -125.76
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 2.56
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -10.52
Dividend per Basic Share Div per Share (Qtr) 0.00 0.02
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 3.93
Interest Coverage Int. cover (Qtr) 5.57 9.92
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -8,076.13 -825.54
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 945.75 689.03
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -3.81
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 169.13 85.08
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 382.28 150.70
EBIT Growth (1y) % EBIT 1y % (Qtr) 269.10 97.21
EBT Growth (1y) % EBT 1y % (Qtr) 221.85 107.49
EPS Growth (1y) % EPS 1y % (Qtr) 145.45 129.12
FCF Growth (1y) % FCF 1y % (Qtr) 276.40 414.62
Gross Profit Growth (1y) % Gross Profit Growth (1y) % 0.00 41.58
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.77 0.15
Cash Payout Ratio Cash Payout Ratio 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 1.20 9.29
Current Ratio Curr Ratio (Qtr) 1.58 12.32
Debt to Equity Ratio Debt/Equity (Qtr) 0.17 0.07
Interest Cover Ratio Int Coverage (Qtr) 5.57 9.92
Times Interest Earned Times Interest Earned (Qtr) 5.57 9.92
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 23.80 -110.37
EBIT Margin % EBIT Margin % (Qtr) 17.64 -125.82
EBT Margin % EBT Margin % (Qtr) 14.47 -136.05
Gross Margin % Gross Margin % (Qtr) 34.10 27.60
Net Profit Margin % Net Margin % (Qtr) 5.90 -140.71