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Is Almonty Industries (TSX:AII) Still Below Fair Value On Its Delisting Plan?

Simply Wall St · 1d ago

Almonty Industries (TSX:AII) has set out a clear timetable to delist from the Australian Securities Exchange and Toronto Stock Exchange after receiving ASX approval, while keeping trading venues in Nasdaq and Frankfurt.

See our latest analysis for Almonty Industries.

The delisting plan comes after a sharp pullback in Almonty Industries' recent share price, with the stock down 47.77% on a 90 day share price return and 32.91% over 30 days, even as the 1 year total shareholder return sits at 220.88% and the 5 year total shareholder return remains very large. This suggests long term holders have seen strong gains while short term momentum has faded.

If this corporate reshuffle has you thinking about where else growth stories might emerge, it could be a good time to scan the market using the 29 best rare earth metal stocks.

After such a sharp pullback but still very strong multi year returns, Almonty Industries now sits at a very different entry point. Does the current valuation still offer an appealing balance of risk and reward for new buyers?

Preferred Price to Book Multiple of 12.4x: Is It Justified for Almonty Industries?

On Simply Wall St's numbers, Almonty Industries is trading on a P/B of 12.4x, which screens as expensive compared to both its Canadian Metals and Mining peers and the wider industry, even after the recent share price pullback.

The P/B ratio compares the CA$15.37 share price to the company’s book value per share. For a miner like Almonty Industries, it reflects how much investors are paying for assets such as producing mines, development projects and associated infrastructure, rather than current earnings, which are still in loss making territory.

At 12.4x, the stock trades above the Canadian Metals and Mining industry average of 2.4x and slightly above the peer average of 12.1x. That suggests the market is already pricing the company at a premium level relative to both the broader sector and closer peers, despite Almonty Industries being unprofitable, reporting a loss of CA$132.555m and carrying a negative return on equity of 37.15%.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-book of 12.4x (OVERVALUED)

However, Almonty Industries still carries clear risks, including ongoing losses of CA$132.555m and a rich 12.4x P/B that could unwind if sentiment weakens.

Find out about the key risks to this Almonty Industries narrative.

Another View on Almonty Industries: Cash Flows Tell a Different Story

The rich 12.4x P/B paints Almonty Industries as expensive, yet the SWS DCF model points the other way. On these cash flow assumptions, the stock at CA$15.37 sits 74.6% below an estimated fair value of CA$60.51, which screens as heavily undervalued. Which signal is more compelling?

Look into how the SWS DCF model arrives at its fair value.

AII Discounted Cash Flow as at Jul 2026
AII Discounted Cash Flow as at Jul 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Almonty Industries for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 8 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

If the mixed signals around Almonty Industries leave you unsure, act while the data is fresh and weigh the trade off between risks and potential rewards by reviewing the 2 key rewards and 3 important warning signs

Looking for more investment ideas beyond Almonty Industries?

Do not stop with Almonty Industries. Broaden your watchlist now so you do not miss other opportunities that may offer interesting combinations of quality, price and resilience.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.