Franco-Nevada Corp (FNV) is overvalued and Gold Fields Ltd ADR (GFI) is undervalued.
Against our estimates of intrinsic value, GFI trades at the wider discount: a margin of safety of +65%, against -58% for FNV.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $121.29; the price of $42.96 is 65% below that value, and 78% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | FNV | GFI |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $267.20 | $42.96 |
| Intrinsic value | $168.65 | $121.29 |
| Margin of safety | -58% | +65% |
| Leak Score | 44/100 (2/12) | 100/100 (3/12) |
| Market cap | $51.5B | $38.5B |
| Revenue growth, 5 years | 12.4% | 17.7% |
| Operating margin | 75.4% | 52.6% |
| Net margin | 63.9% | 39.2% |
| Return on equity | 19.9% | 58.8% |
| Debt to equity | 0.00 | 0.29 |
| P/E | 34.9x | 8.8x |
| Forward P/E | 28.5x | 8.4x |
| P/B | 6.3x | 4.3x |
| Dividend yield | 0.7% | 5.2% |