McEwen Inc (MUX) is 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 -259% for MUX.
Values as of the 22 Sept 2026 close.
A 1.5x revenue multiple, discounted for its losses, values the shares at $5.60; the price of $20.09 is 259% above that value.
Leak Score 27/100 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 | MUX | SBSW |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $20.09 | $11.41 |
| Intrinsic value | $5.60 | $31.68 |
| Margin of safety | -259% | +64% |
| Leak Score | 27/100 (3/12) | 100/100 (3/12) |
| Market cap | $1.2B | $8.1B |
| Revenue growth, 5 years | 13.5% | -1.3% |
| Operating margin | -2.7% | 25.8% |
| Net margin | 32.5% | 10.1% |
| Return on equity | 13.5% | 35.7% |
| Debt to equity | 0.18 | 0.70 |
| P/E | 17.2x | 9.4x |
| Forward P/E | 8.6x | 5.1x |
| P/B | 1.7x | 2.5x |
| Dividend yield | — | 7.1% |