Compania de Minas Buenaventura SA ADR (BVN) is undervalued and Sibanye Stillwater Limited ADR (SBSW) is undervalued.
Against our estimates of intrinsic value, BVN trades at the wider discount: a margin of safety of +65%, against +64% for SBSW.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $99.09; the price of $34.70 is 65% below that value, and 82% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $31.68; the price of $11.41 is 64% below that value, and 79% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | BVN | SBSW |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $34.70 | $11.41 |
| Intrinsic value | $99.09 | $31.68 |
| Margin of safety | +65% | +64% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $8.8B | $8.1B |
| Revenue growth, 5 years | 20.7% | -1.3% |
| Operating margin | 44.4% | 25.8% |
| Net margin | 50.9% | 10.1% |
| Return on equity | 28.8% | 35.7% |
| Debt to equity | 0.16 | 0.70 |
| P/E | 7.8x | 9.4x |
| Forward P/E | 8.7x | 5.1x |
| P/B | 2.0x | 2.5x |
| Dividend yield | 2.9% | 7.1% |