Agnico Eagle Mines Ltd (AEM) is undervalued and Kinross Gold Corp (KGC) is undervalued.
Against our estimates of intrinsic value, KGC trades at the wider discount: a margin of safety of +47%, 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 9.2% (average of 3 methods) values the shares at $53.89; the price of $28.70 is 47% below that value, and 76% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | AEM | KGC |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $203.55 | $28.70 |
| Intrinsic value | $364.78 | $53.89 |
| Margin of safety | +44% | +47% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $103.7B | $34.0B |
| Revenue growth, 5 years | 30.6% | 10.8% |
| Operating margin | 58.8% | 50.1% |
| Net margin | 40.4% | 37.5% |
| Return on equity | 23.0% | 37.0% |
| Debt to equity | 0.01 | 0.08 |
| P/E | 17.4x | 10.9x |
| Forward P/E | 16.5x | 9.5x |
| P/B | 3.6x | 3.5x |
| Dividend yield | 0.8% | 0.5% |