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49 North Resources Inc (FNINF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of 49 North Resources Inc $0.02, price $0.01, upside +43.8%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Thin data
Sep 24, 2026
Thin data
Sep 24, 2026
49 North Resources Inc
FNINF · USUndervaluedThe stock appears undervalued with acceptable quality.
✓Fair value $0.0173 · Undervalued (+43.8%)
✓Quality 64/100
!Weak Growth (revenue 3y −8.3 %/yr)
✓Highly profitable · 79.1% net margin (TTM)
!Moderate debt · negative free cash flow
✓Wide moat 79/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $0.0008 – $0.0500 · fair‑value band $0.0173 – $0.0188 · the $0.0120 price screens below the $0.0173 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
49 North Resources Inc. is a venture capital firm specializing in seed capital and early stage investments. The firm typically invests in a diversified portfolio of common shares and other securities of resource issuers including all sectors of mineral exploration as well as oil and gas exploration and production around the globe.
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49 North Resources Inc. is a venture capital firm specializing in seed capital and early stage investments. The firm typically invests in a diversified portfolio of common shares and other securities of resource issuers including all sectors of mineral exploration as well as oil and gas exploration and production around the globe. It focuses on resource issuers with exploration programs in Saskatchewan. The firm also seeks to co-invest. 49 North Resources Inc. was founded in 2005 and is based in Saskatoon, Canada.
Stock analysis
49 North Resources Inc (FNINF) currently trades at $0.0120, while our model-based Fair Value estimate is $0.0173, implying the stock looks roughly 30.4% undervalued today.
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Valuation
How firm this estimate is: it rests on 12 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: $0.0173 (bear) to $0.0188 (bull), the price of $0.0120 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
49 North Resources Inc reported revenue of C$593K in FY2025 versus C$641K in FY2021, a compound −1.9%/yr. Reported net income was C$1.0M in FY2025.
Key figures
Market cap $2.5M · P/E ratio 1.2 · P/S ratio 2.11 · EPS (TTM) $0.0100 · Net margin 79.1% · Return on equity 35.2% · Return on assets (EBIT) −14.2% · Operating margin 42.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 900% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 44%, FNINF screens cheaper than that median.
Fair Value models
Bear $0.0173
Fair Value $0.0173
Bull $0.0188
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.0076 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple
$0.0300
$0.0300
$0.0400
55
NCAV (Graham)
$0.0200
$0.0300
$0.0400
54
All 2 models by family
Multiples
P/B Multiple
$0.0300
$0.0300
$0.0400
55
Asset-Based
NCAV (Graham)
$0.0200
$0.0300
$0.0400
54
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Set up alert →Quality Score breakdown
Overall quality
64/100
Of which business quality 57 · Market factors (momentum, volatility) 54
Profitability
39
Margins and returns on capital today
Quality Growth
68
Are margins and returns improving?
Cashflow
33
Earnings quality: real cash, not paper profit
Fin. Strength
50
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
42
Price trend over the last 3–12 months (market factor)
52W Momentum
78
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
17/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+406.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.3%
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.8%
’06
’07
’09
’10
’12
’14
’15
’21
’22
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−36.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−36.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−36.2% vs −20.2%, slowing
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−991% → 190%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 39.2%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 657 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Asset Management median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $112.09 | $52.29 | −53% |
| KKR & Co KKR | $93.18 | $29.26 | −69% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $116.06 | $197.23 | +70% |
| State Street Corporation STT | $177.78 | $139.37 | −22% |
| Ameriprise Financial, Inc AMP | $494.82 | $595.40 | +20% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €68.10 | €136.20 | +100% |
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Frequently asked questions
Is 49 North Resources Inc (FNINF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.0173 versus the last price from Sep 25, 2026 of $0.0120, about +44% upside (undervalued).
What is the fair value of FNINF?
Our model-based fair value for 49 North Resources Inc is $0.0173 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $0.0120.
What is the quality score of FNINF?
49 North Resources Inc has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for 49 North Resources Inc (FNINF)?
Our model-based price target is the fair value of $0.0173 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario $0.0173, optimistic scenario $0.0188. It is a calculation from audited fundamentals, not an analyst target.
What is the 49 North Resources Inc stock forecast for 2026?
Our models put fair value at $0.0173, about +44% upside versus the last price from Sep 25, 2026 of $0.0120 (undervalued). Cautious scenario $0.0173, optimistic scenario $0.0188. The calculation is refreshed regularly with new filings.
What is the intrinsic value of 49 North Resources Inc (FNINF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For 49 North Resources Inc it is $0.0173 per share (as of Sep 24, 2026), against a price of $0.0120. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is 49 North Resources Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FNINF trades below its calculated fair value: price $0.0120, fair value $0.0173, a gap of about +44% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FNINF?
No. The price is what the market pays today ($0.0120); the fair value is what the company's own numbers justify ($0.0173). For 49 North Resources Inc the two are $0.0053 per share apart. That gap is exactly why we show both numbers side by side.
How much is 49 North Resources Inc worth?
The market values 49 North Resources Inc at about $2.5M (market capitalisation, as of Sep 24, 2026). Per share that is $0.0120; our models calculate a fair value of $0.0173 per share.
What do the bullish and bearish scenarios say about FNINF?
Our models span a range for 49 North Resources Inc: cautious scenario $0.0173, base $0.0173, optimistic $0.0188 per share (as of Sep 24, 2026, price $0.0120). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FNINF?
49 North Resources Inc trades at a price-to-earnings ratio of 1.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.0173 is built from several models across several years. Other multiples: P/B 0.3, P/S 0.7, EV/EBITDA 2.7.
How solid is the balance sheet of 49 North Resources Inc (FNINF)?
Balance-sheet figures for 49 North Resources Inc (as of Sep 24, 2026): return on equity 35.2%, debt of 0.50 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is FNINF from its 52-week high?
49 North Resources Inc trades at $0.0120, about 42% below its 52-week high of $0.0206 and 900% above the low of $0.0012 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0173 is for.
Which stocks are comparable to 49 North Resources Inc?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is 49 North Resources Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $0.0120, calculated fair value $0.0173 (+44%), Quality Score 64/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FNINF calculated?
We run 49 North Resources Inc through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.0173, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. 49 North Resources Inc currently trades 30 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of 49 North Resources Inc (FNINF)?
The latest price we hold is from Sep 25, 2026 and stands at $0.0120. Our model-based fair value is $0.0173, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with 49 North Resources Inc right now?
The price is below even our cautious bear case ($0.0173). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band ($0.0173 to $0.0188), unusually little disagreement for a valuation.
Key figures of 49 North Resources Inc
How large is the market capitalisation of 49 North Resources Inc (FNINF)?
The market capitalisation of 49 North Resources Inc is $2.5M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of 49 North Resources Inc (FNINF)?
The price-to-sales ratio of 49 North Resources Inc is 2.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of 49 North Resources Inc (FNINF)?
Earnings per share at 49 North Resources Inc are $0.0100 (price ÷ EPS = P/E 1.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of 49 North Resources Inc (FNINF)?
The net margin of 49 North Resources Inc is 79.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of 49 North Resources Inc (FNINF)?
The return on equity (ROE) of 49 North Resources Inc is 35.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of 49 North Resources Inc (FNINF)?
On an EBIT basis the return on assets of 49 North Resources Inc is −14.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of 49 North Resources Inc (FNINF)?
The operating margin of 49 North Resources Inc is 42.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at 49 North Resources Inc (FNINF)?
Revenue at 49 North Resources Inc is growing +119% versus a year earlier (3y avg −8.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at 49 North Resources Inc (FNINF)?
Earnings per share at 49 North Resources Inc are growing +127% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does 49 North Resources Inc (FNINF) generate?
The free cash flow of 49 North Resources Inc is −$131K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does 49 North Resources Inc (FNINF) carry?
The net debt of 49 North Resources Inc is $5.4M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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