4 models fit Kinross Gold Corporation Common Stock and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze49
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionKinross Gold Corporation Common Stock (KGC)
Fair value (4 models)
$20.21
ACCE price target
$35.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 18 Oct 2026, 17:04 CEST; previously $22.98 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 21 Sept 2026, 00:00 CEST.
Price used: $22.34 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
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
10.5% above
-9.5% to fair value
ACCE score
75
out of 100
Analysts
78% buy
18 covering
P/E
9.1x
forward 10.6x
1-year return
-6.6%
Dividend yield
0.65%
Kinross Gold Corporation Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Kinross Gold mines and sells gold and silver from a portfolio of operating mines across the Americas, West Africa and Russia, with its Tasiast and Great Bear assets among the more notable. The business earns a 52.5% operating margin and a 69.1% gross margin, which leaves it well placed to keep generating cash as gold prices hold up. Revenue grew 29.5% over the last twelve months, and that top-line growth is the main reason the market is paying attention to the name. At a 9.0x trailing and 8.4x forward earnings multiple against a 37.0% return on equity, the stock trades at a discount to what the profitability would normally command, which is worth a closer look.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Momentum collapse and score deterioration
ACCE score fell 8 points in 90 days (85→77). QoQ revenue declined 7.0% despite YoY +29.5%, signalling deceleration. Valuation multiple compression risk if growth stalls.
moderate
Cyclical commodity exposure
Gold prices volatile; 69% gross margin and 37.5% net margin are cyclical peaks. Margin compression in downturn would compress earnings sharply given leverage to commodity price.
moderate
Model score quality disconnect
M score only 25/100 despite strong profitability and balance sheet. Suggests model flags hidden quality or accounting concern not visible in headline metrics.
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
KGC trades at 8.5x forward earnings, half the sector median of 17.5x, despite 37.5% net margins.
Free cash flow yield of 10.6% and 37.0% ROE show the company converts gold production into shareholder value efficiently.
83% of analysts rate the stock Buy or Strong Buy, with a mean target of $33.85 implying 42.6% upside.
Why it could disappoint
The stock's valuation assumes just 9.5% annual cash flow growth over five years, a modest hurdle for a cyclical commodity producer.
Revenue growth of 29.5% year over year far exceeds the 26.8% five-year average, suggesting current results may not be sustainable.
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 KGC's valuation models land
Price
$22.34
Model fair value
$20.21
Model range
$16.01 to $26.44
Fair value $20.21
Price $22.34
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores