Hecla Mining Co (HL) is slightly overvalued and Sibanye Stillwater Limited ADR (SBSW) is undervalued.
Against our estimates of intrinsic value, SBSW trades at the wider discount: a margin of safety of +64%, against -14% for HL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.3% (average of 3 methods) values the shares at $16.65; the price of $19.03 is 14% above that value, and 70% of that value comes from beyond year five.
Leak Score 59/100 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 | HL | SBSW |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $19.03 | $11.41 |
| Intrinsic value | $16.65 | $31.68 |
| Margin of safety | -14% | +64% |
| Leak Score | 59/100 (3/12) | 100/100 (3/12) |
| Market cap | $12.8B | $8.1B |
| Revenue growth, 5 years | 15.0% | -1.3% |
| Operating margin | 47.2% | 25.8% |
| Net margin | 32.8% | 10.1% |
| Return on equity | 20.8% | 35.7% |
| Debt to equity | 0.01 | 0.70 |
| P/E | 24.4x | 9.4x |
| Forward P/E | 18.4x | 5.1x |
| P/B | 4.8x | 2.5x |
| Dividend yield | 0.1% | 7.1% |