Barrick Gold Corporation

NYSE:GOLD Stock Report

Market Cap: US$31.9b

Barrick Gold Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: GOLD ($18.22) is trading below our estimate of fair value ($18.93)

Significantly Below Fair Value: GOLD is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for GOLD. This is calculated by dividing GOLD's market cap by their current earnings.
What is GOLD's PE Ratio?
PE Ratio19.6x
EarningsUS$1.63b
Market CapUS$31.88b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GOLD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.9x
AEM Agnico Eagle Mines
41.7x8.9%US$42.2b
RGLD Royal Gold
34.1xn/aUS$9.8b
AU AngloGold Ashanti
19.4x36.5%US$10.9b
BVN Compañía de Minas BuenaventuraA
8.3x-1.6%US$3.1b
GOLD Barrick Gold
19.6x18.0%US$44.6b

Price-To-Earnings vs Peers: GOLD is good value based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (25.9x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VITF.F Victoria Gold
2.1xn/aUS$23.43m
BMXI Brookmount Explorations
0.5xn/aUS$5.00m
RMRI Rocky Mountain Industrials
0.9xn/aUS$1.76m
ZCRM.F Zincore Metals
0.5xn/aUS$852.33k
GOLD 19.6xIndustry Avg. 19.3xNo. of Companies6PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GOLD is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the US Metals and Mining industry average (19.3x).

Price to Earnings Ratio vs Fair Ratio

What is GOLD'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.

GOLD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.6x
Fair PE Ratio25.9x

Price-To-Earnings vs Fair Ratio: GOLD is good value based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (25.9x).

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 GOLD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$18.22
US$23.72
+30.2%
9.3%US$27.39US$20.02n/a11
Nov ’25US$19.05
US$24.10
+26.5%
8.0%US$27.57US$21.00n/a11
Oct ’25US$20.30
US$23.05
+13.6%
9.5%US$27.95US$20.73n/a11
Sep ’25US$20.19
US$22.49
+11.4%
9.5%US$27.66US$19.70n/a11
Aug ’25US$18.24
US$21.84
+19.8%
11.1%US$27.89US$18.60n/a11
Jul ’25US$16.56
US$21.69
+31.0%
11.9%US$26.16US$18.60n/a11
Jun ’25US$17.09
US$21.63
+26.6%
12.1%US$26.16US$18.10n/a11
May ’25US$16.36
US$21.25
+29.9%
13.3%US$26.16US$17.10n/a11
Apr ’25US$16.86
US$19.78
+17.3%
16.0%US$25.76US$14.26n/a11
Mar ’25US$14.94
US$19.79
+32.5%
16.1%US$25.82US$14.29n/a11
Feb ’25US$15.89
US$21.02
+32.3%
14.5%US$26.94US$17.08n/a11
Jan ’25US$18.09
US$21.68
+19.8%
15.6%US$30.06US$17.10n/a10
Dec ’24US$17.73
US$20.98
+18.3%
17.6%US$30.06US$15.43n/a11
Nov ’24US$16.03
US$21.17
+32.1%
18.3%US$30.06US$14.32US$19.0511
Oct ’24US$14.55
US$21.94
+50.8%
14.9%US$30.06US$17.20US$20.3011
Sep ’24US$16.12
US$21.16
+31.2%
10.0%US$25.25US$17.20US$20.1910
Aug ’24US$17.03
US$21.59
+26.8%
10.1%US$25.82US$17.80US$18.2410
Jul ’24US$16.93
US$21.75
+28.5%
9.9%US$25.03US$17.80US$16.5611
Jun ’24US$17.45
US$21.74
+24.6%
9.6%US$25.03US$17.80US$17.0912
May ’24US$19.00
US$21.94
+15.4%
10.1%US$25.25US$17.00US$16.3611
Apr ’24US$18.57
US$20.47
+10.3%
10.5%US$24.61US$17.00US$16.8611
Mar ’24US$16.31
US$20.76
+27.3%
9.5%US$24.61US$17.99US$14.9411
Feb ’24US$19.95
US$21.81
+9.3%
13.1%US$29.00US$17.73US$15.8911
Jan ’24US$17.18
US$21.31
+24.1%
17.7%US$29.00US$15.32US$18.0911
Dec ’23US$17.09
US$21.23
+24.2%
18.4%US$29.00US$15.32US$17.7311
Nov ’23US$15.14
US$21.69
+43.2%
19.0%US$29.00US$15.32US$16.0311

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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