Newmont (NEM) Reaffirmed Guidance In Q2, Is It Still Below Fair Value?

Newmont (NEM) just reported Q2 2026 results that showed higher sales and earnings than a year ago and confirmed its 5.3 million ounce production guidance, which sharpens the focus on whether current pricing reflects this profile.

See our latest analysis for Newmont.

Newmont’s Q2 2026 update and reaffirmed 5.3 million ounce guidance come after a sharp short term share price swing, with a 1-day share price return of 7.16% and a 7-day share price return of 20.56% at a US$112.98 share price. This is set against a softer 90-day share price return that fell 6.37% but a very strong 3-year total shareholder return of 200.31%, suggesting recent momentum has picked up again while the longer term record remains strong.

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After Newmont’s sharp rebound and with the stock still sitting below both analyst targets and intrinsic estimates, the real tension is clear: Does the recent move already capture fair value, or is there still a gap to close?

Most Popular Narrative: 20.1% Undervalued

Newmont’s most followed narrative places fair value at $141.46, above the $112.98 last close, which puts a spotlight on the assumptions behind that gap.

The realization of synergies and increased production scale following the Newcrest Mining acquisition, together with ongoing asset optimization and the ramp-up of expansion projects (such as Ahafo North and Tanami), should support long-term revenue growth and cash flow stability.

Read the complete narrative.

Want to see what is powering that $141.46 fair value for Newmont? The narrative leans on expectations of higher revenue, wider margins, and a future profit multiple that still sits below many peers.

Result: Fair Value of $141.46 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Newmont’s story also carries clear risks, including higher sustaining and development capital needs, as well as potential production pressure at assets moving into lower grade periods.

Find out about the key risks to this Newmont narrative.

Next Steps

With Newmont showing both clear strengths and real pressure points, now is the time to look through the data and form your own view. To weigh up both sides quickly, start with the 4 key rewards and 1 important warning sign.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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