WallStSmart

Franco-Nevada Corporation (FNV)vsHarmony Gold Mining Company Limited (HMY)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Harmony Gold Mining Company Limited generates 4213% more annual revenue ($99.24B vs $2.30B). FNV leads profitability with a 64.2% profit margin vs 29.6%. HMY appears more attractively valued with a PEG of 0.03. HMY earns a higher WallStSmart Score of 90/100 (A).

FNV

Strong Buy

68

out of 100

Grade: B-

Growth: 9.3Profit: 9.0Value: 2.7Quality: 7.8
Piotroski: 4/9Altman Z: 8.71

HMY

Exceptional Buy

90

out of 100

Grade: A

Growth: 10.0Profit: 10.0Value: 10.0Quality: 6.5
Piotroski: 3/9Altman Z: 3.35
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FNVSignificantly Overvalued (-23.9%)

Margin of Safety

-23.9%

Fair Value

$207.97

Current Price

$266.00

$58.03 premium

UndervaluedFair: $207.97Overvalued
HMYUndervalued (+68.7%)

Margin of Safety

+68.7%

Fair Value

$66.44

Current Price

$20.64

$45.80 discount

UndervaluedFair: $66.44Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FNV6 strengths · Avg: 9.5/10
Profit MarginProfitability
64.2%10/10

Keeps 64 of every $100 in revenue as profit

Operating MarginProfitability
77.0%10/10

Strong operational efficiency at 77.0%

Revenue GrowthGrowth
58.2%10/10

Revenue surging 58.2% year-over-year

Altman Z-ScoreHealth
8.7110/10

Safe zone — low bankruptcy risk

Market CapQuality
$51.34B9/10

Large-cap with strong market position

EPS GrowthGrowth
43.0%8/10

Earnings expanding 43.0% YoY

HMY6 strengths · Avg: 10.0/10
PEG RatioValuation
0.0310/10

Growing faster than its price suggests

P/E RatioValuation
7.0x10/10

Attractively priced relative to earnings

Return on EquityProfitability
57.8%10/10

Every $100 of equity generates 58 in profit

Operating MarginProfitability
47.2%10/10

Strong operational efficiency at 47.2%

Revenue GrowthGrowth
49.2%10/10

Revenue surging 49.2% year-over-year

EPS GrowthGrowth
198.8%10/10

Earnings expanding 198.8% YoY

Areas to Watch

FNV2 concerns · Avg: 3.0/10
P/E RatioValuation
34.8x4/10

Premium valuation, high expectations priced in

PEG RatioValuation
11.812/10

Expensive relative to growth rate

HMY1 concerns · Avg: 3.0/10
Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Comparative Analysis Report

WallStSmart Research

Bull Case : FNV

The strongest argument for FNV centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 64.2% and operating margin at 77.0%. Revenue growth of 58.2% demonstrates continued momentum.

Bull Case : HMY

The strongest argument for HMY centers on PEG Ratio, P/E Ratio, Return on Equity. Profitability is solid with margins at 29.6% and operating margin at 47.2%. Revenue growth of 49.2% demonstrates continued momentum.

Bear Case : FNV

The primary concerns for FNV are P/E Ratio, PEG Ratio.

Bear Case : HMY

The primary concerns for HMY are Piotroski F-Score.

Key Dynamics to Monitor

FNV carries more volatility with a beta of 0.96 — expect wider price swings.

FNV is growing revenue faster at 58.2% — sustainability is the question.

HMY generates stronger free cash flow (10.3B), providing more financial flexibility.

Monitor GOLD industry trends, competitive dynamics, and regulatory changes.

Bottom Line

HMY scores higher overall (90/100 vs 68/100), backed by strong 29.6% margins and 49.2% revenue growth. Both earn "Exceptional Buy" and "Strong Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Franco-Nevada Corporation

BASIC MATERIALS · GOLD · USA

Franco-Nevada Corporation is a gold-focused royalty and flow company in the United States, Latin America, Canada, Australia, Europe and Africa, and internationally. The company is headquartered in Toronto, Canada.

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Harmony Gold Mining Company Limited

BASIC MATERIALS · GOLD · USA

Harmony Gold Mining Company Limited is engaged in the exploration, extraction and processing of gold in South Africa and Papua New Guinea. The company is headquartered in Randfontein, South Africa.

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