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Zijin Gold International Company (2259) Fair Value & Analysis

Basic Materials · HK · Market cap HK$252B

ZG Zijin Gold International Company 2259 · HK
PriceHK$144.00
Fair ValueHK$96.81
Upside-32.8%
Quality79/100
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Healthy Growth
Highly profitable · 34.1% net margin
Low debt · generates free cash flow
Ranks above peers (11/14)
Wide moat 100/100
Evidence: Medium Range HK$70.09 – HK$166.69 Share as image

Fair value as of: Aug 5, 2026

From 16 valuation models · updated 6 days ago

Fair value updated Aug 5, 2026, revised from HK$83.81 to HK$96.81 (+15.5%) since Jul 2, 2026. Share price +46.5% over the past month.

A strong business, but screening 33% overvalued on our models.

What matters now

  • A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • A fairly wide model range (HK$70.09 to HK$166.69) leaves room in how you read the outcome.
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Price vs Fair Value (10 months)

HK$250.22 HK$88.50 Fair Value HK$96.81 Sep 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Aug 5, 2026.

How to read this chart

10‑month range HK$88.50 – HK$250.22 · fair‑value band HK$70.09 – HK$166.69 · the HK$144.00 price screens above the HK$96.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 5, 2026.

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Analysis

Zijin Gold International Company (2259) currently trades at HK$144.00, while our model-based Fair Value estimate is HK$96.81, implying the stock looks roughly 32.8% overvalued today. The Quality Score stands at 79/100 (high quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Zijin Gold International Company generated revenue of HK$6.6B at a net margin of 34.1%. Revenue grew 137.8% year over year. It earns a return on equity of 31.7%. The balance sheet holds a net cash position of HK$20.7B. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$70.09 (bear case) to HK$166.69 (bull case); at HK$144.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high and 71% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 16% fair-value upside, at -33%, 2259 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$87.88 HK$173.10 HK$316.20 80
Residual Income HK$29.63 HK$40.48 HK$204.38 76
Rev-Margin DCF HK$90.53 HK$158.06 HK$299.16 74
All 16 models by family
DCF Models
FCF DCF HK$92.68 HK$143.75 HK$310.73 38
5Y Revenue Exit HK$82.70 HK$139.39 HK$258.29 39
5Y EBITDA Exit HK$115.85 HK$206.44 HK$384.43 41
10Y Revenue Exit HK$84.17 HK$181.31 HK$245.41 36
10Y EBITDA Exit HK$111.88 HK$254.38 HK$508.13 37
Dividend Discount
Gordon GGM HK$7.95 HK$17.35 HK$29.19 70
DDM Multi-Stage HK$7.95 HK$14.21 HK$18.08 61
Multiples
P/S Multiple HK$53.43 HK$71.24 HK$89.04 58
P/B Multiple HK$32.82 HK$43.76 HK$54.70 55
EV/EBIT HK$122.34 HK$160.02 HK$197.70 53
EV/EBITDA HK$119.00 HK$155.57 HK$192.14 54
EV/Revenue HK$71.64 HK$98.36 HK$125.08 43
Asset-Based
NCAV (Graham) HK$10.94 HK$14.66 HK$21.88 50
Growth DCF
Growth DCF HK$87.88 HK$173.10 HK$316.20 80
Rev-Margin DCF HK$90.53 HK$158.06 HK$299.16 74
Economic Profit
Residual Income HK$29.63 HK$40.48 HK$204.38 76

Widest divergence: DCF Models (HK$181.31) versus Dividend Discount (HK$14.21). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$6.6B
Revenue growth (YoY) +138%
Net margin 34.1%
Return on equity 31.7%
Free cash flow HK$12.5B FY2025
P/E ratio 14.7
More key figures
Operating margin 61.5%
EPS (TTM) HK$0.2300
EPS growth (YoY) +35.5%
Net cash HK$20.7B FY2025

Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 76 · Market factors (momentum, volatility) 18

Profitability 62
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zijin Gold International Company Limited, an investment holding company, engages in the exploration, mining, processing, smelting, refining, and sale of gold and other non-ferrous metals. The company's principal products include gold bullion, alloy, doré, bars, and gold concentrate.

Full company description

Zijin Gold International Company Limited, an investment holding company, engages in the exploration, mining, processing, smelting, refining, and sale of gold and other non-ferrous metals. The company's principal products include gold bullion, alloy, doré, bars, and gold concentrate. It operates in Colombia, Suriname, Australia, Tajikistan, Ghana, Guyana, Papua New Guinea, Kyrgyzstan, and Kazakhstan. The company was formerly known as Jinfeng (HK) International Mining Company Limited. Zijin Gold International Company Limited was founded in 2000 and is headquartered in Kowloon, Hong Kong. Zijin Gold International Company Limited operates as a subsidiary of Gold Mountains (Hong Kong) International Mining Company Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Zijin Gold International Company reported revenue of HK$37.7B in FY2025 versus HK$12.5B in FY2022, a compound +44.6%/yr. Reported net income was HK$11.2B in FY2025, compounding +107.3%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$37.7B
Latest YoY
+72.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+44.6%
Revenue +44.6%/yr
FY22 HK$12.5B
FY23 HK$16.0B
FY24 HK$21.8B
FY25 HK$37.7B
Net income +107.3%/yr
FY22 HK$1.3B
FY23 HK$1.6B
FY24 HK$3.5B
FY25 HK$11.2B

2259 screens 33% overvalued. Compare with Newmont Corporation →

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Cite: Fair Value Calculator (2026). "Zijin Gold International Company Fair Value". https://www.fairvalue-calculator.com/stock/2259

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Gold · 258 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 79 · Top 25%
Fair Value upside −33% · Above median
Return on equity (TTM) 32% · Top 25%
Return on assets 18% · Top 25%
Net margin (TTM) 34% · Top 25%
Operating margin (TTM) 61% · Top 25%
Revenue growth 138% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Gold median · lower = cheaper

P/E (TTM) 14.7× · Pricier than median
P/B 0.55× · Cheaper than 75% of peers
P/S (TTM) 4.89× · Pricier than median
P/FCF 2.6× · Cheaper than 75% of peers
EV/EBITDA 2.5× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 100
PAST 100 · sector 0
HEALTH 100 · sector 98
DIVIDEND 0 · sector 24

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Gold stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
Newmont Corporation NEMCL $112.00 $132.73 +19%
Zijin Mining Group 601899 ¥28.36 ¥30.58 +8%
Agnico Eagle Mines Limited AEM C$191.93 C$154.33 -20%
Barrick Mining Corporation B $34.93 $50.66 +45%
Wheaton Precious Metals Corp WPM C$152.57 C$52.47 -66%
Franco-Nevada Corporation FNV C$284.75 C$97.76 -66%
AngloGold Ashanti plc AU $76.35 $88.63 +16%
Gold Fields Limited GFI $33.33 $59.06 +77%
Kinross Gold Corporation KGC $22.57 $34.62 +53%
Northern Star Resources Limited NST A$20.48 A$15.98 -22%

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Frequently asked questions

Is Zijin Gold International Company (2259) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$96.81 versus a price of HK$144.00, about −33% (overvalued).
What is the fair value of 2259?
Our model-based fair value for Zijin Gold International Company is HK$96.81 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$144.00.
What is the quality score of 2259?
Zijin Gold International Company has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Zijin Gold International Company (2259)?
Zijin Gold International Company reported trailing-twelve-month revenue of about HK$6.6B (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 2259?
The net profit margin of Zijin Gold International Company is about 34.1%, meaning it keeps roughly 34.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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