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Ivanhoe Mines Ltd
TSX:IVN

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Ivanhoe Mines Ltd
TSX:IVN
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Price: 11.35 CAD -4.3% Market Closed
Market Cap: CA$16.2B

EV/S

19.2
Current
55%
Cheaper
vs 3-y average of 42.4

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
19.2
=
Enterprise Value
CA$21.7B
/
Revenue
$622.2m

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
19.2
=
Enterprise Value
CA$21.7B
/
Revenue
$622.2m

Valuation Scenarios

Ivanhoe Mines Ltd is trading below its 3-year average

If EV/S returns to its 3-Year Average (42.4), the stock would be worth CA$25.05 (121% upside from current price).

Statistics
Positive Scenarios
2/4
Maximum Downside
-85%
Maximum Upside
+127%
Average Upside
22%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 19.2 CA$11.35
0%
3-Year Average 42.4 CA$25.05
+121%
5-Year Average 43.6 CA$25.72
+127%
Industry Average 4.7 CA$2.75
-76%
Country Average 2.9 CA$1.72
-85%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
CA$21.7B
/
Jan 2026
$622.2m
=
19.2
Current
CA$21.7B
/
Dec 2026
$850.2m
=
25.5
Forward
CA$21.7B
/
Dec 2027
$1B
=
21.2
Forward
CA$21.7B
/
Dec 2028
$1.4B
=
15.3
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close
Market Cap EV/S P/E
CA
Ivanhoe Mines Ltd
TSX:IVN
16.9B CAD 19.2 45.5
AU
BHP Group Ltd
ASX:BHP
281.5B AUD 3.8 19.1
AU
Rio Tinto Ltd
ASX:RIO
279.5B AUD 3.5 19.7
UK
Rio Tinto PLC
LSE:RIO
118.8B GBP 3.1 15.7
MX
Grupo Mexico SAB de CV
BMV:GMEXICOB
1.5T MXN 4.7 17
CH
Glencore PLC
LSE:GLEN
64.7B GBP 0.5 236
SA
Saudi Arabian Mining Company SJSC
SAU:1211
248.9B SAR 7 33.9
CN
CMOC Group Ltd
SSE:603993
395.4B CNY 1.9 19.5
UK
Anglo American PLC
LSE:AAL
41.5B GBP 3.4 -14.7
CN
China Molybdenum Co Ltd
OTC:CMCLF
47.1B USD 1.5 15.9
ZA
African Rainbow Minerals Ltd
JSE:ARI
44.5B ZAR 2.6 34.6

Market Distribution

Higher than 88% of companies in Canada
Percentile
88th
Based on 2 384 companies
88th percentile
19.2
Low
0 — 1.7
Typical Range
1.7 — 5.7
High
5.7 —
Distribution Statistics
Canada
Min 0
30th Percentile 1.7
Median 2.9
70th Percentile 5.7
Max 15 639 353.3

Ivanhoe Mines Ltd
Glance View

Market Cap
16.2B CAD
Industry
Metals & Mining

Ivanhoe Mines Ltd., a dynamic player in the global mining landscape, is predominantly known for its strategic focus on developing and exploring mineral properties in Africa. The company's flagship asset, the Kamoa-Kakula Project in the Democratic Republic of Congo (DRC), has swiftly garnered attention as one of the most significant copper discoveries in recent decades. This massive project is co-owned with the Congolese government and Chinese mining company Zijin Mining Group, creating a formidable alliance that promises not only substantial copper output but also a sustainable development model. The mine's proximity to critical infrastructure, such as hydroelectric power facilities, underscores its operational efficiency and potential for environmentally conscious mining practices. In addition to its copper interests, Ivanhoe Mines also holds substantial stakes in two other major mining ventures: the Platreef Project in South Africa, focusing on platinum-group metals, and the Kipushi Project in the DRC, renowned for its exceptional zinc deposits. Ivanhoe’s diversified portfolio strategically positions the company to benefit from various metals, each serving essential roles in the global economy—from electronics to automotive manufacturing. The company's revenue model hinges on producing and selling these valuable resources on the global market, complemented by strategic partnerships that enhance capital and operational capacity. By steadily advancing these high-quality resource projects, Ivanhoe Mines not only crafts a tale of growth and resilience but also contributes significantly to regional economic development where its operations are based.

IVN Intrinsic Value
9.1 CAD
Overvaluation 20%
Intrinsic Value
Price CA$11.35
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