Barrick Mining Corp (B) is undervalued and Franco-Nevada Corp (FNV) is overvalued.
Against our estimates of intrinsic value, B trades at the wider discount: a margin of safety of +49%, against -58% for FNV.
Values as of the 22 Sept 2026 close.
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
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 | B | FNV |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $43.88 | $267.20 |
| Intrinsic value | $86.47 | $168.65 |
| Margin of safety | +49% | -58% |
| Leak Score | 100/100 (3/12) | 44/100 (2/12) |
| Market cap | $72.2B | $51.5B |
| Revenue growth, 5 years | 6.1% | 12.4% |
| Operating margin | 52.2% | 75.4% |
| Net margin | 31.6% | 63.9% |
| Return on equity | 25.0% | 19.9% |
| Debt to equity | 0.17 | 0.00 |
| P/E | 11.3x | 34.9x |
| Forward P/E | 10.8x | 28.5x |
| P/B | 2.6x | 6.3x |
| Dividend yield | 2.4% | 0.7% |