NEM Newmont
too hard · 46
Owner-earnings value$149.04
Price$116.05
Margin of safety
+28.4%
Quality gate · 46/100
⚠ sub-hurdle returns (median roic 4% < 9%) · unprofitable in too many years
Median ROIC4.4%
Gross margin59.1%
Net debt / EBITDA-0.1x
FCF conversion152%
Share count / yr+11.2%
Profitable years2/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 8.60B |
| Owner-earnings yield | 7.0% |
| Free-cash-flow yield | 8.0% |
| Growth used (normalized) | 4.4% |
| Market-implied growth (reverse DCF) | -1.6% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.0% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 8.90B | 4.4% | 8.16B |
| 2 | 9.27B | 4.2% | 7.81B |
| 3 | 9.65B | 4.1% | 7.45B |
| 4 | 10.03B | 3.9% | 7.10B |
| 5 | 10.40B | 3.8% | 6.76B |
| 6 | 10.78B | 3.6% | 6.43B |
| 7 | 11.15B | 3.5% | 6.10B |
| 8 | 11.52B | 3.3% | 5.78B |
| 9 | 11.88B | 3.2% | 5.47B |
| 10 | 12.24B | 3.0% | 5.17B |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Net cash 2.1B credited to value (interest stripped from owner earnings to avoid double-counting). · Price pays for ~-2%/yr owner-earnings growth over 10y (reverse DCF); model credits 4%. Capped at market + 6pts.