Niocorp Developments Ltd (NASDAQ: NB)

Sector: Basic Materials Industry: Other Industrial Metals & Mining CIK: 0001512228
Market Cap 470.85 Mn
P/B 3.11
P/E -7.93
P/S 0.00
ROIC (Qtr) -25.08
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 112,000.00
Debt/Equity (Qtr) 0.00

About

NioCorp Developments Ltd., commonly referred to as NioCorp, operates in the mining industry with the ticker symbol NB. The company is a reporting issuer in several Canadian provinces and is headquartered in Nebraska, USA. NioCorp's primary business activities include the acquisition, exploration, and development of mineral properties. Currently, the company is focused on the Elk Creek Project, a superalloy materials project located in Nebraska. The Elk Creek Project is a significant undertaking for NioCorp, as it is expected to produce niobium,...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 162.85M provide 1661.76x coverage of short-term debt 98000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 194.69M provides 1738.26x coverage of total debt 112000, indicating robust asset backing and low credit risk.
  • Cash reserves of 162.85M provide robust 40.96x coverage of current liabilities 3.98M, indicating strong short-term solvency.
  • Cash reserves of 162.85M provide solid 4.15x coverage of other non-current liabilities 39.25M, indicating strong liquidity.
  • Cash position of 162.85M represents healthy 1.02x of working capital 159.57M, demonstrating strong operational liquidity.

Bear case

  • Investment activities of (14.08M) provide weak support for R&D spending of 11.08M, which is -1.27x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (16.69M) shows concerning coverage of stock compensation expenses of 3.09M, with a -5.40 ratio indicating potential earnings quality issues.
  • Free cash flow of (30.71M) provides weak coverage of capital expenditures of 14.02M, with a -2.19 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (59.38M) show weak coverage of depreciation charges of 3000, with a -19794.33 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of (16.69M) barely covers operating expenses of 7.67M with a -2.18 ratio, suggesting thin operational efficiency margins and limited flexibility.

Peer comparison

Companies in the Other Industrial Metals & Mining
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 BHP BHP Group Ltd 162.30 Bn 17.99 3.17 -
2 TECK Teck Resources Ltd 24.54 Bn 27.27 3.23 3.67 Bn
3 MP MP Materials Corp. / DE 10.73 Bn -91.17 46.08 1.00 Bn
4 SKE Skeena Resources Ltd 3.07 Bn -36.58 0.00 0.04 Bn
5 MTRN MATERION Corp 2.85 Bn 87.35 2.45 0.53 Bn
6 VZLA Vizsla Silver Corp. 2.28 Bn -205.10 0.00 0.00 Bn
7 SGML Sigma Lithium Corp 1.76 Bn -65.03 15.16 0.12 Bn
8 ALM Almonty Industries Inc. 1.65 Bn -145.44 82.20 0.14 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.29 3.13
EV to Cash from Ops. EV/CFO -26.69 -51.74
EV to Debt EV to Debt 3,976.73 863.55
EV to EBIT EV/EBIT -7.50 -27.66
EV to EBITDA EV/EBITDA -19.73 566.13
EV to Free Cash Flow [EV/FCF] EV/FCF -14.50 -24.46
EV to Market Cap EV to Market Cap 0.95 0.59
EV to Revenue EV to Revenue 0.00 42.69
Price to Book Value [P/B] P/B 3.11 10.60
Price to Earnings [P/E] P/E -7.93 -35.19
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -16.20
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.46
Dividend per Basic Share Div per Share (Qtr) 0.00 0.08
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.53
Interest Coverage Int. cover (Qtr) -14,845.75 51.59
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -444.92
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 87,928.11 3,116.99
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.80
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -627.49 -69.51
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -92.86 20.12
EBIT Growth (1y) % EBIT 1y % (Qtr) -624.89 -24.32
EBT Growth (1y) % EBT 1y % (Qtr) -457.57 -92.39
EPS Growth (1y) % EPS 1y % (Qtr) -211.11 -31.76
FCF Growth (1y) % FCF 1y % (Qtr) -218.66 -5,473.04
Gross Profit Growth (1y) % Gross Profit Growth (1y) % 0.00 9.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.13
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 40.96 5.35
Current Ratio Curr Ratio (Qtr) 41.13 6.87
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 0.74
Interest Cover Ratio Int Coverage (Qtr) -14,845.75 51.59
Times Interest Earned Times Interest Earned (Qtr) -14,845.75 51.59
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 -684.18
EBIT Margin % EBIT Margin % 0.00 -696.12
EBT Margin % EBT Margin % 0.00 -788.27
Gross Margin % Gross Margin % 0.00 11.29
Net Profit Margin % Net Profit Margin % 0.00 -790.78