2 models fit Agnico Eagle Mines Limited Common Stock and they agree: 2 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze54
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionAgnico Eagle Mines Limited Common Stock (AEM)
Fair value (2 models)
$181
ACCE price target
$190
Rating
Fairly valued
Horizon
12 months
Fair value published on 18 Oct 2026, 17:04 CEST; previously $182 since 15 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 00:00 CEST; previously $215 since 6 May 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 17:04 CEST.
Price used: $174 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
3.7% below
+3.8% to fair value
ACCE score
74
out of 100
Analysts
82% buy
22 covering
P/E
15.1x
forward 17.0x
1-year return
+5.6%
Dividend yield
0.91%
Agnico Eagle Mines Limited Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Agnico Eagle is a Canadian gold producer running a portfolio of operating mines across Canada, Australia, Mexico and Finland, with its Canadian and Nunavut assets forming the core of output. Its advantage is the combination of low-cost production and a jurisdictional mix that tends to hold up better than most peers when the gold price moves. Revenue growth of 35% and a 58.1% operating margin show that the price tailwind is reaching the income statement, with ROE of 23% and a 74.5% gross margin confirming the cash generation is real. At a trailing P/E of 16.0 and a forward P/E of 17.0, the market is not pricing in the full gold cycle for a company of this scale, so the question for the team is how much of the current margin depends on gold staying high and whether production growth is adding to it. This merits a deeper look at the cost curve and reserve life before drawing any conclusion.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Margin quality concern
Operating margin 58.1% vs net margin 40.4% suggests 18pp gap from taxes/other items. For a gold miner, this compression warrants scrutiny on sustainability.
moderate
Sequential revenue decline
QoQ revenue down 7.2% despite YoY +35.0%. Seasonal or demand deceleration? Needs clarification given strong recent growth.
moderate
ACCE score deterioration
Score fell 5 points in 90 days (79 to 74). Momentum subscore M:38 is weak.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue has grown 35.0% year over year with a 30.6% five-year average, showing sustained expansion.
Net margin of 40.4% and ROE of 23.0% demonstrate exceptional profitability and capital efficiency.
Analyst consensus targets $219.82, implying 16.3% upside, with 82% of analysts rating Buy or Strong Buy.
Why it could disappoint
Current valuation at 17.0x forward P/E exceeds the sector median of 17.5x only slightly despite premium growth.
The reverse DCF implies only 6.7% annual cash flow growth over five years, below historical performance.
Consensus fair value of $186.34 sits 1.4% below the current $189.02 share price, offering minimal margin of safety.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 28, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where AEM's valuation models land
Price
$173.94
Model fair value
$181
Model range
$157 to $204
Fair value $181
Price $174
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
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