Franco-Nevada Corp (FNV) is overvalued and Newmont Corp (NEM) is undervalued.
Against our estimates of intrinsic value, NEM trades at the wider discount: a margin of safety of +46%, 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 8.4% (average of 3 methods) values the shares at $234.78; the price of $127.26 is 46% below that value, and 78% of that value comes from beyond year five.
Leak Score 94/100 on 9 of 12 signals
| Metric | FNV | NEM |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $267.20 | $127.26 |
| Intrinsic value | $168.65 | $234.78 |
| Margin of safety | -58% | +46% |
| Leak Score | 44/100 (2/12) | 94/100 (9/12) |
| Market cap | $51.5B | $134.1B |
| Revenue growth, 5 years | 12.4% | 14.1% |
| Operating margin | 75.4% | 54.0% |
| Net margin | 63.9% | 34.0% |
| Return on equity | 19.9% | 25.5% |
| Debt to equity | 0.00 | 0.16 |
| P/E | 34.9x | 16.1x |
| Forward P/E | 28.5x | 12.0x |
| P/B | 6.3x | 3.8x |
| Dividend yield | 0.7% | 0.8% |