Kinross Gold Corporation

XTRA:KIN2 Stock Report

Market Cap: €12.0b

Kinross Gold Valuation

Is KIN2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 KIN2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KIN2 (€9.75) is trading above our estimate of fair value (€9.62)

Significantly Below Fair Value: KIN2 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KIN2?

Key metric: As KIN2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KIN2. This is calculated by dividing KIN2's market cap by their current earnings.
What is KIN2's PE Ratio?
PE Ratio17x
EarningsUS$738.60m
Market CapUS$12.55b

Price to Earnings Ratio vs Peers

How does KIN2's PE Ratio compare to its peers?

The above table shows the PE ratio for KIN2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.5x
SY1 Symrise
37.8x13.2%€14.8b
EVK Evonik Industries
35.8x33.1%€8.2b
HEI Heidelberg Materials
11.4x7.8%€21.2b
NDA Aurubis
9x-6.2%€3.4b
KIN2 Kinross Gold
17x-4.7%€17.5b

Price-To-Earnings vs Peers: KIN2 is good value based on its Price-To-Earnings Ratio (17x) compared to the peer average (23.5x).

Price to Earnings Ratio vs Industry

How does KIN2's PE Ratio compare vs other companies in the European Metals and Mining Industry?

15 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KIN2 17.0xIndustry Avg. 12.1xNo. of Companies15PE0816243240+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KIN2 is expensive based on its Price-To-Earnings Ratio (17x) compared to the European Metals and Mining industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is KIN2'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.

KIN2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17x
Fair PE Ratio13.7x

Price-To-Earnings vs Fair Ratio: KIN2 is expensive based on its Price-To-Earnings Ratio (17x) compared to the estimated Fair Price-To-Earnings Ratio (13.7x).

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 KIN2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€9.75
€11.53
+18.2%
20.6%€13.53€5.43n/a8
Nov ’25€9.33
€10.93
+17.1%
21.8%€13.30€5.31n/a8
Oct ’25€8.60
€9.79
+13.9%
18.3%€11.34€5.20n/a9
Sep ’25€8.12
€9.13
+12.4%
19.2%€11.28€5.19n/a9
Aug ’25€8.33
€9.39
+12.7%
17.1%€10.75€5.41n/a9
Jul ’25€7.69
€8.28
+7.7%
14.5%€9.56€5.46n/a9
Jun ’25€7.42
€8.13
+9.6%
15.5%€9.42€5.10n/a9
May ’25€6.12
€7.51
+22.8%
15.6%€9.20€5.28n/a9
Apr ’25€5.65
€6.51
+15.3%
11.2%€7.54€5.07n/a9
Mar ’25€4.63
€6.52
+40.6%
11.2%€7.55€5.07n/a9
Feb ’25€5.27
€6.51
+23.5%
11.1%€7.54€5.00n/a9
Jan ’25€5.44
€6.07
+11.5%
10.4%€7.31€5.06n/a9
Dec ’24€5.44
€6.03
+10.9%
10.9%€7.28€4.88n/a9
Nov ’24€4.95
€6.22
+25.6%
11.6%€7.55€4.91€9.339
Oct ’24€4.30
€6.27
+46.0%
11.9%€7.61€4.88€8.609
Sep ’24€4.72
€6.24
+32.1%
12.2%€7.50€4.81€8.128
Aug ’24€4.38
€6.06
+38.3%
10.5%€6.74€4.77€8.338
Jul ’24€4.32
€6.14
+42.0%
12.5%€6.96€4.79€7.697
Jun ’24€4.59
€6.24
+36.0%
11.4%€6.94€4.88€7.428
May ’24€4.60
€5.96
+29.6%
11.5%€6.73€4.76€6.129
Apr ’24€4.35
€5.65
+29.9%
13.3%€6.81€4.07€5.658
Mar ’24€3.52
€5.76
+63.7%
13.2%€6.92€4.14€4.638
Feb ’24€4.24
€5.63
+32.6%
16.4%€6.85€3.41€5.278
Jan ’24€3.87
€5.75
+48.6%
17.6%€7.18€3.50€5.448
Dec ’23€4.22
€5.84
+38.5%
17.0%€7.28€3.64€5.448
Nov ’23€3.80
€6.26
+64.8%
18.6%€7.79€3.64€4.958

Analyst Forecast: Target price is less than 20% higher than the current share price.

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