Barrick Gold Corporation

TSX:ABX Stock Report

Market Cap: CA$44.2b

Barrick Gold Valuation

Is ABX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ABX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ABX (CA$25.49) is trading below our estimate of fair value (CA$35.73)

Significantly Below Fair Value: ABX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ABX?

Key metric: As ABX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ABX. This is calculated by dividing ABX's market cap by their current earnings.
What is ABX's PE Ratio?
PE Ratio19.6x
EarningsUS$1.63b
Market CapUS$31.65b

Price to Earnings Ratio vs Peers

How does ABX's PE Ratio compare to its peers?

The above table shows the PE ratio for ABX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.9x
WPM Wheaton Precious Metals
47.5x8.6%CA$40.2b
K Kinross Gold
17x-4.7%CA$17.3b
AGI Alamos Gold
32.6x29.2%CA$11.1b
LUG Lundin Gold
18.6x19.3%CA$7.9b
ABX Barrick Gold
19.6x17.9%CA$44.2b

Price-To-Earnings vs Peers: ABX is good value based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (28.9x).

Price to Earnings Ratio vs Industry

How does ABX's PE Ratio compare vs other companies in the CA Metals and Mining Industry?

33 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SLI Standard Lithium
2.9xn/aUS$311.02m
APM Andean Precious Metals
2.4x-42.9%US$128.77m
DC.A Dundee
2.3xn/aUS$108.72m
STGO Steppe Gold
2.3xn/aUS$104.91m
ABX 19.6xIndustry Avg. 12.3xNo. of Companies33PE01632486480+
33 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ABX is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the Canadian Metals and Mining industry average (12.3x).

Price to Earnings Ratio vs Fair Ratio

What is ABX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ABX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.6x
Fair PE Ratio24.4x

Price-To-Earnings vs Fair Ratio: ABX is good value based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (24.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ABX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$25.49
CA$33.17
+30.1%
9.3%CA$38.28CA$27.98n/a11
Nov ’25CA$26.60
CA$33.54
+26.1%
8.0%CA$38.37CA$29.23n/a11
Oct ’25CA$27.41
CA$31.17
+13.7%
9.5%CA$37.80CA$28.03n/a11
Sep ’25CA$27.21
CA$30.33
+11.5%
9.5%CA$37.30CA$26.57n/a11
Aug ’25CA$25.30
CA$30.26
+19.6%
11.1%CA$38.64CA$25.77n/a11
Jul ’25CA$22.82
CA$29.70
+30.2%
11.9%CA$35.83CA$25.47n/a11
Jun ’25CA$23.25
CA$29.51
+26.9%
12.1%CA$35.70CA$24.70n/a11
May ’25CA$22.52
CA$29.23
+29.8%
13.3%CA$36.00CA$23.53n/a11
Apr ’25CA$22.90
CA$26.84
+17.2%
16.0%CA$34.95CA$19.36n/a11
Mar ’25CA$20.27
CA$26.83
+32.4%
16.1%CA$35.01CA$19.37n/a11
Feb ’25CA$21.30
CA$28.25
+32.6%
14.5%CA$36.21CA$22.96n/a11
Jan ’25CA$23.94
CA$28.74
+20.1%
15.6%CA$39.86CA$22.67n/a10
Dec ’24CA$23.94
CA$28.74
+20.0%
17.6%CA$41.18CA$21.13n/a11
Nov ’24CA$22.24
CA$29.07
+30.7%
18.3%CA$41.28CA$19.67CA$26.6011
Oct ’24CA$19.73
CA$29.66
+50.3%
14.9%CA$40.64CA$23.25CA$27.4111
Sep ’24CA$21.95
CA$28.65
+30.5%
10.0%CA$34.19CA$23.29CA$27.2110
Aug ’24CA$22.64
CA$28.50
+25.9%
10.1%CA$34.08CA$23.50CA$25.3010
Jul ’24CA$22.41
CA$28.82
+28.6%
9.9%CA$33.16CA$23.58CA$22.8211
Jun ’24CA$23.48
CA$29.25
+24.6%
9.6%CA$33.67CA$23.94CA$23.2512
May ’24CA$25.74
CA$29.91
+16.2%
10.1%CA$34.44CA$23.18CA$22.5211
Apr ’24CA$25.09
CA$27.84
+11.0%
10.5%CA$33.47CA$23.12CA$22.9011
Mar ’24CA$22.22
CA$28.33
+27.5%
9.5%CA$33.58CA$24.55CA$20.2711
Feb ’24CA$26.52
CA$28.99
+9.3%
13.1%CA$38.54CA$23.56CA$21.3011
Jan ’24CA$23.21
CA$29.02
+25.0%
17.7%CA$39.49CA$20.86CA$23.9411
Dec ’23CA$23.01
CA$28.85
+25.4%
18.4%CA$39.40CA$20.81CA$23.9411
Nov ’23CA$20.58
CA$29.40
+42.9%
19.0%CA$39.32CA$20.77CA$22.2411

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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