Hudbay Minerals Inc (HBM) is undervalued and Teck Resources Ltd (TECK) is undervalued.
Against our estimates of intrinsic value, TECK trades at the wider discount: a margin of safety of +53%, against +40% for HBM.
Values as of the 30 Oct 2026 close.
Discounting its cash flows at 11.4% (average of 3 methods) values the shares at $35.90; the price of $21.70 is 40% below that value, and 69% of that value comes from beyond year five.
Leak Score 65/100 on 12 of 12 signals
Discounting its cash flows at 9.5% (average of 3 methods) values the shares at $127.71; the price of $60.61 is 53% below that value, and 76% of that value comes from beyond year five.
Leak Score 51/100 on 11 of 12 signals
| Metric | HBM | TECK |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $21.70 | $60.61 |
| Intrinsic value | $35.90 | $127.71 |
| Margin of safety | +40% | +53% |
| Leak Score | 65/100 (12/12) | 51/100 (11/12) |
| Market cap | $9.6B | $29.7B |
| Revenue growth, 5 years | 14.8% | 2.9% |
| Operating margin | 31.6% | 34.4% |
| Net margin | 27.3% | 25.1% |
| Return on equity | 17.7% | 14.2% |
| Debt to equity | 0.19 | 0.33 |
| P/E | 12.8x | 10.9x |
| Forward P/E | 11.0x | 14.9x |
| P/B | 2.0x | 1.5x |
| Dividend yield | 0.1% | 0.7% |