AngloGold Ashanti Plc (AU) is undervalued and Barrick Mining Corp (B) is undervalued.
Against our estimates of intrinsic value, B trades at the wider discount: a margin of safety of +49%, against +48% for AU.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $86.47; the price of $43.88 is 49% below that value, and 81% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | AU | B |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $104.60 | $43.88 |
| Intrinsic value | $202.91 | $86.47 |
| Margin of safety | +48% | +49% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $52.8B | $72.2B |
| Revenue growth, 5 years | 17.4% | 6.1% |
| Operating margin | 50.7% | 52.2% |
| Net margin | 32.2% | 31.6% |
| Return on equity | 46.5% | 25.0% |
| Debt to equity | 0.20 | 0.17 |
| P/E | 14.0x | 11.3x |
| Forward P/E | 11.0x | 10.8x |
| P/B | 5.9x | 2.6x |
| Dividend yield | 4.6% | 2.4% |