AngloGold Ashanti Plc (AU) is undervalued and Franco-Nevada Corp (FNV) is overvalued.
Against our estimates of intrinsic value, AU trades at the wider discount: a margin of safety of +48%, against -58% for FNV.
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 7.7% (average of 3 methods) values the shares at $168.65; the price of $267.20 is 58% above that value, and 81% of that value comes from beyond year five.
Leak Score 44/100 on 2 of 12 signals
| Metric | AU | FNV |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $104.60 | $267.20 |
| Intrinsic value | $202.91 | $168.65 |
| Margin of safety | +48% | -58% |
| Leak Score | 100/100 (3/12) | 44/100 (2/12) |
| Market cap | $52.8B | $51.5B |
| Revenue growth, 5 years | 17.4% | 12.4% |
| Operating margin | 50.7% | 75.4% |
| Net margin | 32.2% | 63.9% |
| Return on equity | 46.5% | 19.9% |
| Debt to equity | 0.20 | 0.00 |
| P/E | 14.0x | 34.9x |
| Forward P/E | 11.0x | 28.5x |
| P/B | 5.9x | 6.3x |
| Dividend yield | 4.6% | 0.7% |