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STOCK COMPARISON

Newmont vs Spear REIT: Fair Value & Quality

Both stocks run through our valuation models. Here is how Newmont (NEM) and Spear REIT (SEA) compare, as of Sep 6, 2026.

As of Sep 6, 2026, Fair Value Calculator sees Newmont as the less overvalued of the two: Newmont trades at A$178 versus a fair value of A$162 (-9%), while Spear REIT trades at ZAR 12.90 versus ZAR 4.53 (-65%).
Newmont
NEM.AU · AUD · Materials
-9%
upside to fair value
fairly valued
PriceA$178
Fair ValueA$162
Quality71/100
Spear REIT
SEA.JSE · ZAC · Energy
-65%
upside to fair value
overvalued
PriceZAR 12.90
Fair ValueZAR 4.53
Quality44/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

NewmontSpear REIT
Valuation
11.6×P/E (TTM)6.1×
4.00×P/S (TTM)7.81×
2.95×P/B1.24×
6.0×EV/EBITDA17.5×
2.63×PEG—
−9.1%Fair value upside−64.9%
0.6%Dividend yield6.7%
A$1.02Dividend per shareZAR 0.86
Profitability
61%Operating margin54%
1.76×EBIT margin trend (5Y)1.32×
26%Return on equity17%
15%Return on assets4%
Growth
46%Revenue growth (YoY)20%
25.3%Avg. growth/yr (3Y)13.7%
15.3%Avg. growth/yr (5Y)10.0%
+14.3%Value creation/yr+28.7%
Balance & size
46.9×Interest coverage (EBIT/interest)3.0×
0.15×Debt / equity0.36×
$100BMarket cap$417M
healthyGrowth qualitymixed
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Newmont leads: 9 to 2 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Newmontof which business quality 70 · market factors 73 Spear REITof which business quality 45 · market factors 68
ProfitabilityMargins and returns on capital today
63
47
Quality GrowthAre margins and returns improving?
98
61
CashflowEarnings quality: real cash, not paper profit
81
67
Fin. StrengthBalance sheet, leverage, solvency risk
85
55
InvestmentDisciplined investing over empire-building
22
17
Low VolatilityCalm price path (market factor)
63
86
MomentumPrice trend over the last 3–12 months (market factor)
69
53
52W MomentumDistance to the 52-week high (market factor)
92
73
Net IssuanceBuybacks instead of dilution
50
0

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyNewmontPrice A$178Spear REITPrice ZAR 12.90
DCF Models+10%close to the priceA$197-52%below the priceZAR 6.15
Earnings-Based-13%close to the priceA$155n/a
Dividend Discountn/a-26%below the priceZAR 9.56
Multiples-41%below the priceA$106-68%below the priceZAR 4.15
Asset-Based-88%below the priceA$21.27-46%below the priceZAR 7.02
Growth DCF-16%below the priceA$150-43%below the priceZAR 7.41
Economic Profit-51%below the priceA$86.58+2%close to the priceZAR 13.14
Growth Earnings+6%close to the priceA$189n/a
Minimum-88%below the priceA$21.27-68%below the priceZAR 4.15
Maximum+10%close to the priceA$197+2%close to the priceZAR 13.14
Median-16%below the priceA$150-44%below the priceZAR 7.21
Geometric mean-40%below the priceA$108-42%below the priceZAR 7.42

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Newmont: 15 of 24 models see the stock below the current price.

Spear REIT: 13 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Newmont
Bear A$122Fair Value A$162Bull A$340
A$178 = current price (white tick)
Spear REIT
Bear ZAR 1.50Fair Value ZAR 4.53Bull ZAR 8.44
ZAR 12.90 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Newmont · Materials

Quality score71 · Top 25%
Fair value upside-9% · above median

Spear REIT · Energy

Quality score44 · below median
Fair value upside-65% · bottom 25%

Bottom line

As of Sep 6, 2026, Fair Value Calculator sees Newmont as the less overvalued of the two: Newmont trades at A$178 versus a fair value of A$162 (-9%), while Spear REIT trades at ZAR 12.90 versus ZAR 4.53 (-65%).

Newmont has the higher quality score (71/100).

See the full analysis →
Newmont · Spear REIT

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.