NEM trades against a final fair-value range of $134.25-$241.74, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs. Fair value range: low $134, high $242, with mid-point at $181.
Stock analysis
Newmont CorporationNEM Newmont Corporation fair value $181–$242
Trades below fair value with a meaningful cushion to the midpoint.
Fair value
$181
Margin of safety
+35.7%
Confidence
88/100
Moat
6.5/10
Educational analysis only — not financial advice. Always do your own due diligence.
$116.51Price
FV $181.2
High $241.74
NEM trades against a final fair-value range of $134.25-$241.74, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.
Scale advantages in tier-one gold
Scale advantages in tier-one gold jurisdictions.
Diversified global portfolio limits single-asset
Diversified global portfolio limits single-asset risk.
Cycle upside
Current environment features peak margins driven by strong cyclical commodity pricing and heightened global macroeconomic uncertainty.
§2 ベアケース
A rapid normalization of gold prices back to historical averages combined with sticky operational costs will severely compress margins. Free cash flow could turn negative if capital expenditures remain elevated to maintain production profiles amid declining ore grades.
このテーゼが崩れる経路
Gold Price Collapse
· Medium
Macroeconomic shift drives gold prices down significantly, wiping out the current peak margin profile.
FV impact
-30% to -40%
Trigger
12-24 months
Severe Cost Inflation
· Low
Labor strikes and energy price spikes drive all-in sustaining costs above realized gold prices.
FV impact
-20%
Trigger
6-12 months
Geopolitical Expropriation
· Low
Key international assets face nationalization or prohibitive royalty increases, stripping significant production volume.
FV impact
-25%
Trigger
Unpredictable
監視すべき早期警戒シグナル
指標
現在
トリガーしきい値
Sequential quarterly declines in realized gold prices.
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Deterioration versus the report thesis
AISC rising faster than baseline inflation.
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Deterioration versus the report thesis
Downward revisions to annual production guidance.
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Deterioration versus the report thesis
Unexpected increases in sustaining capital expenditures.
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Deterioration versus the report thesis
Deteriorating political stability in key operating regions.
Based on our latest analysis, NEM looks meaningfully undervalued. The current price is $117 versus a composite fair-value midpoint of $181 (range $134–$242), which implies roughly 55.5% upside to the midpoint.
Our composite fair-value range for NEM is $134–$242, with a midpoint of $181. The range is triangulated across multiple valuation models (discounted earnings, forward earnings scenarios, peer multiples, and where applicable owner earnings or reverse DCF) and weighted by reliability for Newmont Corporation's archetype.
Our current rating for NEM is Strong Buy with a confidence score of 88/100. NEM is rated Strong Buy at $116.51 versus the reconciled fair value midpoint of $181.20, implying +55.52% upside/downside. Confidence is separately disclosed at 88/100. This is research for educational purposes, not personalized investment advice.
The top risks our latest report flags for Newmont Corporation are: Gold Price Collapse; Severe Cost Inflation; Geopolitical Expropriation. The single biggest risk is Gold Price Collapse: Macroeconomic shift drives gold prices down significantly, wiping out the current peak margin profile.
Our current rating for NEM is Strong Buy, issued with a confidence score of 88/100 and a moat score of 6.5/10. The rating reflects the composite fair-value range ($134–$242) versus the current price of $117.
Newmont Corporation is classified as a cyclical stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for NEM.
