Franco-Nevada Corp (FNV) is overvalued and Kinross Gold Corp (KGC) is undervalued.
Against our estimates of intrinsic value, KGC trades at the wider discount: a margin of safety of +49%, against -55% for FNV.
Values as of the 23 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $168.65; the price of $260.91 is 55% 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 9.2% (average of 3 methods) values the shares at $53.91; the price of $27.62 is 49% below that value, and 76% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | FNV | KGC |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $260.91 | $27.62 |
| Intrinsic value | $168.65 | $53.91 |
| Margin of safety | -55% | +49% |
| Leak Score | 44/100 (2/12) | 100/100 (3/12) |
| Market cap | $50.3B | $32.8B |
| Revenue growth, 5 years | 12.4% | 10.8% |
| Operating margin | 75.4% | 50.1% |
| Net margin | 63.9% | 37.5% |
| Return on equity | 19.9% | 37.0% |
| Debt to equity | 0.00 | 0.08 |
| P/E | 34.1x | 10.5x |
| Forward P/E | 27.8x | 9.1x |
| P/B | 6.1x | 3.4x |
| Dividend yield | 0.7% | 0.5% |