Sibanye Stillwater Limited ADR (SBSW) is undervalued and Triple Flag Precious Metals Corp (TFPM) is undervalued.
Against our estimates of intrinsic value, SBSW trades at the wider discount: a margin of safety of +64%, against +20% for TFPM.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $42.36; the price of $33.73 is 20% below that value, and 77% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | SBSW | TFPM |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $11.41 | $33.73 |
| Intrinsic value | $31.68 | $42.36 |
| Margin of safety | +64% | +20% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $8.1B | $6.9B |
| Revenue growth, 5 years | -1.3% | 28.1% |
| Operating margin | 25.8% | 64.3% |
| Net margin | 10.1% | 84.3% |
| Return on equity | 35.7% | 20.1% |
| Debt to equity | 0.70 | 0.10 |
| P/E | 9.4x | 16.9x |
| Forward P/E | 5.1x | 21.9x |
| P/B | 2.5x | 3.0x |
| Dividend yield | 7.1% | 0.7% |