Metalla Royalty & Streaming Ltd. (NYSE: MTA)

Sector: Basic Materials Industry: Other Precious Metals & Mining CIK: 0001722606
Market Cap 735.37 Mn
P/B 4.00
P/E -347.30
P/S 96.23
ROIC (Qtr) 0.12
Div Yield % 0.00
Rev 1y % (Qtr) 143.04
Total Debt (Qtr) 8.77 Mn
Debt/Equity (Qtr) 0.05
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About

Investment thesis

Bull case

  • Strong tangible asset base of 194.94M provides 22.24x coverage of total debt 8.77M, indicating robust asset backing and low credit risk.
  • Long-term investments of 183.92M provide solid 20.98x coverage of long-term debt 8.77M, indicating strategic financial planning.
  • Cash reserves of 8.05M provide ample 41.92x coverage of acquisition spending 192028.99, enabling strategic growth opportunities.
  • Robust tangible asset base of 194.94M provides 22.19x coverage of working capital 8.78M, indicating strong operational backing.
  • Operating cash flow of 2.11M fully covers other non-current liabilities 381159.42 by 5.54x, showing strong long-term stability.

Bear case

  • The company's operating cash flow of 2.11M shows concerning coverage of stock compensation expenses of 2.09M, with a 1.01 ratio indicating potential earnings quality issues.
  • Operating earnings of (532608.70) show weak coverage of depreciation charges of 1.71M, with a -0.31 ratio indicating high capital intensity and potential reinvestment needs.
  • Tax assets of 55797.10 provide limited offset against tax liabilities of 381159.42, which is 0.15x, indicating potential future cash flow pressure from tax obligations.
  • Free cash flow of 2.11M represents just -4.26x of debt issuance (495652.17), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • High depreciation of 1.71M relative to operating cash flow of 2.11M, which is 0.81x suggests significant maintenance capital requirements affecting free cash flow.

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 2.95 0.38
EV to Cash from Ops. EV/CFO 272.26 46.96
EV to Debt EV to Debt 65.56 3,165.55
EV to EBIT EV/EBIT -1,079.03 -95.38
EV to EBITDA EV/EBITDA 290.72 4.86
EV to Free Cash Flow [EV/FCF] EV/FCF 272.26 31.14
EV to Market Cap EV to Market Cap 0.78 0.86
EV to Revenue EV/Rev 75.20 13.34
Price to Book Value [P/B] P/B 4.00 6.32
Price to Earnings [P/E] P/E -347.30 -125.76
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 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) -0.42 9.92
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -825.54
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 7.18 689.03
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -3.81
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 80.41 85.08
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 214.55 150.70
EBIT Growth (1y) % EBIT 1y % (Qtr) 82.54 97.21
EBT Growth (1y) % EBT 1y % (Qtr) 58.98 107.49
EPS Growth (1y) % EPS 1y % (Qtr) 63.04 129.12
FCF Growth (1y) % FCF 1y % (Qtr) 197.28 414.62
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 223.16 41.58
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.03 0.15
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 3.70 9.29
Current Ratio Curr Ratio (Qtr) 5.04 12.32
Debt to Equity Ratio Debt/Equity (Qtr) 0.05 0.07
Interest Cover Ratio Int Coverage (Qtr) -0.42 9.92
Times Interest Earned Times Interest Earned (Qtr) -0.42 9.92
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 15.40 -110.37
EBIT Margin % EBIT Margin % (Qtr) -9.62 -125.82
EBT Margin % EBT Margin % (Qtr) -23.71 -136.05
Gross Margin % Gross Margin % (Qtr) 77.60 27.60
Net Profit Margin % Net Margin % (Qtr) -27.70 -140.71