Is FNV or HMY more undervalued in 2026?

CirclFi compares Franco-Nevada Corporation (FNV) and Harmony Gold Mining Company Lim (HMY) using 13 institutional-grade valuation models. FNV has a Quality of Company score of 2.1/10 while HMY scores 9.2/10.

Which is a better buy — FNV or HMY?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FNV and HMY valuations compare?

FNV at $225.56 and HMY at $18.26 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FNV vs HMY Valuation Comparison 2026 — Intrinsic Value Analysis

FNV

Gold

Franco-Nevada Corporation

Quality

2.1

out of 10

Value Trap

—

Price

$225.56

Last close

Models

13/13

Active

HMY

Gold

Harmony Gold Mining Company Lim

Quality

9.2

out of 10

Value Trap

—

Price

$18.26

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	FNV Fair Value	FNV Upside	HMY Fair Value	HMY Upside
Bayesian DCF	Intrinsic	$57.69	-74.4%	$6.17	-66.2%
Earnings Power Value	Intrinsic	$94.61	-59.7%	$17.80	-2.5%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FNV vs HMY — Which Stock Is More Undervalued?

HMY scores higher with a 9.2/10 quality rating vs FNV's 2.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Franco-Nevada Corporation (FNV) and Harmony Gold Mining Company Lim (HMY) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FNV currently trades at $225.56 with a QOC of 2.1/10, while HMY trades at $18.26 with a QOC of 9.2/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).