POSCO Holdings Inc ADR (PKX) is overvalued and Ternium SA ADR (TX) is slightly undervalued.
Against our estimates of intrinsic value, TX trades at the wider discount: a margin of safety of +19%, against -69% for PKX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% values the shares at $34.89; the price of $59.05 is 69% above that value, and 78% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
Discounting its cash flows at 8.3% (average of 3 methods) values the shares at $69.30; the price of $56.43 is 19% below that value, and 79% of that value comes from beyond year five.
Leak Score 30/100 on 2 of 12 signals
| Metric | PKX | TX |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $59.05 | $56.43 |
| Intrinsic value | $34.89 | $69.30 |
| Margin of safety | -69% | +19% |
| Leak Score | 0/100 (3/12) | 30/100 (2/12) |
| Market cap | $17.9B | $11.1B |
| Revenue growth, 5 years | -0.1% | 11.9% |
| Operating margin | 3.0% | 7.8% |
| Net margin | 1.9% | 4.4% |
| Return on equity | 2.4% | 5.7% |
| Debt to equity | 0.55 | 0.25 |
| P/E | 19.4x | 15.9x |
| Forward P/E | 10.7x | 7.5x |
| P/B | 0.5x | 0.9x |
| Dividend yield | 3.0% | 4.3% |