Rankings Commodities & uranium Endomines
Endomines
50
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs history and peers−22
- Size and resource base−5
- Quality of growth−4
Strengths
- Strong drill results+2
How the score is built
From 100 to 50, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 7.53 EUR
- Median analyst target
- 8.90 EUR
- Upside to median
- +18.2%
- Analysts
- 3
- Target range
- 3.40 – 11.00 EUR
- 52-week change
- −15%
- P/E (trailing)
- 18.6
- Forward P/E
- 11.5
- PEG
- 1.32
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−16 of −30
- −3Margin and unit costEBIT margin 25% and EBITDA margin 41% TTM, but only thanks to gold prices around USD 4,700/oz; Pampalo's cash cost rose to EUR 1,642/oz in Q2, far above Inderes' expectation.
- −4Quality of growthRevenue rose 58% TTM to EUR 58.8m, but production only 5.5% in January-September 2026 (13,546 oz); growth is primarily the gold price, not more ounces.
- −4Capital allocationActual FCF about -EUR 4.8m TTM after investments (13.8m), capitalized exploration (7.4m) and acquisitions (2.8m); the share count rose 14% in a year, because convertible loans were converted.
- −5Size and resource baseOne small mine with about 17–20,000 oz a year and limited reserves (EV/reserves about EUR 500/oz according to Inderes); the target of 70–100,000 oz annually depends on Ukko, which can produce around 2030 at the earliest.
Price
Today's multiples against the company's own history and its peers. · 1 finding−22 of −35
- −22Multiples vs history and peersEV/EBITDA 15.3, P/E 23 and P/S 6.2 TTM versus P/S 2.8–3.6 in 2022–24. Small gold producers such as Caledonia Mining (EV/EBITDA 2.8, P/E 6.8) and Galiano Gold (EV/EBITDA 2.4) trade at a fraction. Both analysts' price targets (average EUR 7.77; Inderes 9.00 'Reduce') are below the share price, and Inderes writes that the price requires exploration success.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−14 of −35
- −4Production disappointmentQ3 production was 3,854 oz (-3.9% y/y) and about 20% below SEB's estimate due to lower ore grades; guidance of +10-20% requires at least about 4,750 oz in Q4, a record quarter.
- −4Liquidity and debtCash 4.8m EUR versus interest-bearing debt of 12.0m as of 30 Jun 2026, current ratio 0.76 and negative working capital; operations depend on an overdraft facility (4m) and bank loans with 3- and 5-year maturities.
- −3Gold price dependenceAlmost all of the lift in earnings comes from the gold price (average USD 4,697/oz in H1 2026 against 3,072); the CEO already mentions a slight fall due to interest rate expectations. A 20-25% fall in the gold price will halve EBIT at Pampalo's cost level.
- −3Project and permitting riskThe valuation rests on Ukko/Southern Gold Line, which does not yet have a resource estimate (expected late 2026/early 2027) and requires permits and capital before production around 2030.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Strong drill resultsUkko delivers wide, high-grade intercepts, e.g. 49.35 m at 2.10 g/t gold (UKKO-068) and 44.85 m at 2.27 g/t (UKKO-087); 650 m of strike length and 70 holes drilled in 2026.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (price DKK 70.7, far above DKK 3). Finnish gold producer (Pampalo mine in eastern Finland) with exploration along the Karelian Gold Line (Ukko/Ukkolanvaara). A price of EUR 9.47 and 38.34m shares give a market cap of EUR 363m (about DKK 2,710m; Nordnet 2,747). Share split in April 2026 (ratio not found), so Inderes' EPS for 2025 (0.94) and stockanalysis' (0.20) are not comparable. Stockanalysis' FCF (EUR 5.4m TTM) is before capitalized exploration (7.4m) and acquisitions (2.8m); actual FCF is about -EUR 4.8m TTM. Operating company with no burn, so runway is null; note that cash is only EUR 4.8m, and that two bank loans of EUR 5m have 3- and 5-year maturities. Q3 production (5/10-2026) disappointed, and full-year guidance requires a record quarter in Q4. Largest owners and insider trades not verified; short data not found.
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