The table below shows the state of play at the end of this week (and perhaps provides a helping hand for those researching briners over the weekend). The Enterprise Value to NPV ratio (2nd last column) is a good/simple indicator of how under or over valued a company is. The lower the number the better. Based on this measure GLN is the most undervalued company in this list (obviously there are many other things to consider but I think this measure is one of the most important).
Even VUL is starting to look cheap in this market... lol... who would have thought that was possible.
Keep in mind that the closer a project is to production the more justified a higher EV to NPV ratio is. For example, AGY is planning for 1st production in mid 2022 so it can justify a higher EV to NPV ratio - in fact once you start getting close to production you need to start looking at Price/Earnings multiples to value a company (which allows the valuation to move much higher because future years earnings are so heavily discounted in an NPV model). So to be fair, AGY is probably a little out of place here - i.e. it's not overvalued like LKE. However, its useful to include AGY here as it shows what is possible as we move into construction in 2023.
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