Dundee Corp DC.A

MaterialsInvestment Banking & Investment ServicesCanada

Last close 3.53 CAD on Nov 2, 2026, −7.1% year to date

Quant rating

Quant rating D Rank 132 of 154 in Materials

Growth D 126 of 154
Valuation C 66 of 154
Quality C 90 of 154
Revisions D 135 of 154
Momentum D 109 of 154

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 307M
Enterprise value: 130M
52-week range: 3.01 – 5.63
3-year range: 0.72 – 5.63
Dividend yield: –
Beta (5 years): 1.25
Shares outstanding: 86.9M
Next earnings: –

About the company

Dundee Corporation is a Canadian independent mining-focused holding company. The Company is primarily engaged in acquiring mineral resource assets. The Company operates with the objective of unlocking value through strategic investments in mining projects globally. Its segments include mining investments, mining services and corporate and others. The Company's asset base includes investments in precious and base metals projects across four continents. The Company, through its subsidiary, Dundee Sustainable Technologies Inc., is focused on commercializing environmentally responsible technologies for the treatment of complex materials from the mining industry. Through the development of patented proprietary processes, the GlassLock Process and the CLEVR Process, it extracts precious and base metals from ores and concentrates, while stabilizing contaminants such as arsenic, a major contaminant within the industry. The CLEVR Process offers an alternative for extracting gold.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5.4	4.6	6.8	8.7	18.4	–
Revenue growth	15.8%	−31.8%	−21.5%	−53.1%	2.4%	−21.5%
EPS (basic, normalized)	−3.52	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	84.3%	72.8%	71.2%	64.5%	45.4%	67.6%
Net margin	5,975.1%	1,225.2%	−554.2%	298.4%	−505.6%	1,287.8%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	178
Current ratio	–
Long-term debt (mil)	1.7
Net debt (mil)	−177
Total equity (mil)	569
Net debt / equity	−0.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	5.4	+15.8%	24.3x	–	–	–	−3.52	–	−1.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DC.A Dundee Corp	307M	–	5,975.1%	0.56x	–	–	–	–
DLCG Dominion Lending Centres Inc	653M	0.87x	25.5%	4.66x	17.4x	12.6x	11.5x	8.7x
DUKE Duke Capital Ltd	173M	–	42.2%	0.52x	6.5x	6.5x	4.7x	4.7x
DWTZ Data Watts Partners Inc	2M	–	–	−2.54x	–	–	–	–
Mean		0.87x	2,014.3%	0.80x	11.9x	9.6x	8.1x	6.7x
Median		0.87x	42.2%	0.54x	11.9x	9.6x	8.1x	6.7x

Technical analysis

1M−24.1%
3M+6.3%
1Y+4.7%
3Y+204.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Dundee Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5.4	4.6	6.8	8.7	18.4	18.0
Cost of revenue	0.8	1.3	2.0	3.1	10.1	9.1
Gross profit	4.5	3.4	4.8	5.6	8.4	8.9
Selling, general & administrative expenses	14.9	16.0	15.2	25.3	24.9	32.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	0.9	1.0	2.0	1.1	6.8	3.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−17.0	−9.3	0.8	0.8	0	5.7
Other operating expenses	0	−0.6	0.2	1.5	34.3	123
Operating income	5.7	−3.8	−13.5	−23.1	−57.6	−155
Net interest income (expense)	327	63.0	−26.8	57.7	−36.4	77.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	333	59.2	−40.3	34.6	−94.0	−77.8
Provision for taxes	12.3	1.7	−1.1	5.6	3.1	11.9
Minority interest	−0.3	1.6	0.6	1.1	7.4	22.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	321	59.1	−38.6	30.1	−89.6	−66.8
Extraordinary items	–	0	−0.2	−13.0	−3.4	1.4
Net income	321	59.1	−38.8	17.1	−93.0	−65.4
EBIT, normalized	−11.4	−13.1	−12.6	−22.3	−57.6	−149
EBITDA, normalized	−10.4	−12.1	−10.6	−21.3	−50.8	−144
Basic EPS, normalized	−3.52	–	–	–	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Dundee Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	144	32.0	26.3	47.2	93.9	123
Receivables	18.5	3.3	3.6	6.7	10.9	21.2
Total inventory	–	–	–	0	0.3	2.4
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	2.1	2.3	2.7	3.5	11.7	62.5
Goodwill	–	–	–	–	–	–
Intangibles	18.3	18.9	22.2	5.0	5.9	7.6
Long-term investments	433	229	243	298	217	284
Note receivable	–	–	–	–	–	–
Other long-term assets	174	47.4	42.1	67.8	123	186
Total assets	627	297	310	374	358	539
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	6.9	6.3	6.7	10.3	16.1	19.9
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1.9	12.6	20.9	8.7	9.2	52.4
Minority interest	−5.1	−5.3	−11.3	−6.3	−4.9	1.3
Other liabilities	24.9	6.3	7.4	15.1	16.1	27.2
Total liabilities	21.7	13.6	17.1	17.5	20.4	80.8
Shareholders' equity
Preferred stock	–	0	45.8	78.1	78.1	78.1
Common stock	283	282	282	281	281	331
Additional paid-in capital	25.4	25.7	24.3	23.2	20.5	19.0
Retained earnings (accumulated deficit)	294	−26.1	−78.3	−44.6	−58.4	11.2
Treasury stock	–	–	–	–	–	–
Other equity	2.6	1.9	18.7	18.8	16.8	19.4
Total equity	606	284	293	357	338	459
Total liabilities & shareholders' equity	627	297	310	374	358	539

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Dundee Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	321	57.5	−39.4	16.0	−101	−88.1
Depreciation, depletion & amortization	0.9	1.0	2.0	1.1	6.8	5.7
Deferred taxes	11.2	0.2	−3.2	4.2	1.6	10.1
Non-cash items	−343	−72.2	28.7	−37.2	90.7	64.2
Changes in working capital	0.3	−0.9	−3.0	−5.2	−8.8	−13.1
Cash from operations	−10.1	−14.4	−14.8	−21.1	−10.7	−21.3
Investing activities
Capital expenditures	0	–	–	−0.5	−0.9	−3.4
Other investing cash flows	129	79.3	12.9	−19.9	52.4	178
Cash from investing	129	79.3	12.9	−20.4	51.5	174
Financing activities
Financing cash flow items	0	−0.2	−0.2	−0.1	−40.2	0
Cash dividends paid	0	−2.4	−5.2	−4.3	−3.6	−5.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−6.5	−56.6	−13.6	−0.8	−25.8	−51.1
Cash from financing	−6.5	−59.2	−19.0	−5.2	−69.6	−57.0
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	112	5.7	−20.8	−46.7	−28.7	96.0
Free cash flow	−10.2	−14.4	−14.8	−21.6	−11.5	−24.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.