Agnico Eagle Mines Ltd (AEM) is undervalued and AngloGold Ashanti Plc (AU) is undervalued.
Against our estimates of intrinsic value, AU trades at the wider discount: a margin of safety of +48%, against +44% for AEM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $364.78; the price of $203.55 is 44% below that value, and 78% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $202.91; the price of $104.60 is 48% below that value, and 78% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | AEM | AU |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $203.55 | $104.60 |
| Intrinsic value | $364.78 | $202.91 |
| Margin of safety | +44% | +48% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $103.7B | $52.8B |
| Revenue growth, 5 years | 30.6% | 17.4% |
| Operating margin | 58.8% | 50.7% |
| Net margin | 40.4% | 32.2% |
| Return on equity | 23.0% | 46.5% |
| Debt to equity | 0.01 | 0.20 |
| P/E | 17.4x | 14.0x |
| Forward P/E | 16.5x | 11.0x |
| P/B | 3.6x | 5.9x |
| Dividend yield | 0.8% | 4.6% |