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29METALS Ltd (29M) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of 29METALS Ltd stock A$0.16, price A$0.26, that is 36.7% below the price, quality 36 out of 100. Rating: strongly overvalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials AU · ISIN AU0000157067

2L 29METALS Ltd logo Thin data Nov 11, 2026

29METALS Ltd

29M · AU

Far too expensive (fair value 37% below the price), weak company and falling price: meets none of the 3 rules.

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Low debt 
Ranks above peers (7/11) 
Loss over the last twelve months · -7.7% net margin (TTM) · fiscal year 2025 4.3% 
Fair value A$0.1615 · Strongly overvalued 
Quality 36/100 
Falling price (downtrend) 
Weak Growth (revenue 3y −7.4 %/yr in AUD) 
Negative free cash flow 
Narrow moat 15/100 · thin data
Thin data 
⟳ Cyclical⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

A$3.14 A$0.1050 Fair Value A$0.1615 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range A$0.1050 – A$3.14 · fair‑value band A$0.1530 – A$0.2040 · the A$0.2550 price screens above the A$0.1615 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.

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Company profile

29Metals Limited operates as a copper-focused base and precious metals mining company in Australia and Chile. The company explores copper, gold, silver, zinc, and lead deposits.

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It is also involved in base and precious metals mining, mineral production, and associated activities; exploration for mineral resources; and Cervantes, and Gossan Valley projects.

Its primary assets include the Golden Grove property covering an area of approximately 129 square kilometers located in Western Australia; the Capricorn Copper property covering an area of approximately 1,900 square kilometers situated in Queensland; and Redhill property covering an area of approximately 227 square kilometers. 29Metals Limited was incorporated in 2021 and is headquartered in Melbourne, Australia.

Stock analysis

29METALS Ltd (29M) currently trades at A$0.2550, while our model-based Fair Value estimate is A$0.1615, 37% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of A$0.2800 per share, and 2 of the 8 models we run sit above the A$0.2550 price.

Bear case: the Asset-Based group reads lowest at A$0.1700, and 6 of the 8 models stay below the price. Data coverage for this calculation is low.

Scenario range: A$0.1530 (bear) to A$0.2040 (bull), the price of A$0.2550 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

29METALS Ltd reported revenue of A$566M in FY2025 versus A$601M in FY2021, a compound −1.5%/yr. Reported net income was A$24.2M in FY2025, compounding −33.1%/yr from FY2021.

Key figures

Market cap A$446M (≈ $303M) Small · P/S ratio 0.79 · EPS (TTM) A$−0.0300 · Net margin −7.7% · Return on equity −9.1% · Return on assets (EBIT) −4.8% (5-year average) · Operating margin −2.5% · Revenue (TTM) A$600M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 15 out of 100 (low confidence).

What moves the price

The share trades about 61% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −14% fair-value upside, at −37%, 29M screens richer than that median.

Fair Value models

Bear A$0.1530 Fair Value A$0.1615 Bull A$0.2040
Price A$0.2550 · Downside -36.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income A$0.1900 A$0.1900 A$0.2000 71
EV/EBITDA A$0.3700 A$0.5300 A$0.6900 67
Growth-Adj P/E A$0.1300 A$0.1800 A$0.2400 67
All 8 models by family
Earnings-Based
Graham-Dodd A$0.0900 A$0.1800 A$0.2300 66
Multiples
P/E Multiple A$0.1800 A$0.2300 A$0.2900 63
P/S Multiple A$0.1800 A$0.2300 A$0.2900 58
P/B Multiple A$0.2500 A$0.3300 A$0.4100 55
EV/EBITDA A$0.3700 A$0.5300 A$0.6900 67
Asset-Based
NCAV (Graham) A$0.1300 A$0.1700 A$0.2500 54
Economic Profit
Residual Income A$0.1900 A$0.1900 A$0.2000 71
Growth Earnings
Growth-Adj P/E A$0.1300 A$0.1800 A$0.2400 67

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 36/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 26
How much profit the company makes from its sales and capital
Quality Growth 77
Are margins and returns getting better?
Cashflow 29
Do the profits arrive as real cash?
Financial strength 43
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 32
How calm the share price moves, does not count
Price momentum 20
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 4
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 32/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−7.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−37.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−37.6%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → −3%
⚠ Revenue per share shrinking 6.7%/yr over ~5Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

29M screens overvalued: fair value 37% below the price. Compare with PT Amman Mineral Internasional Tbk →

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Peer Groupⓘ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.Other Precious Metals & Mining · 150 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 36 · Above median
Fair Value upside −36.7% · Below median
Profitability
Return on assets 2.3% · Top 25%
Net margin (12 months) −7.7% · Bottom 25%
Operating margin (12 months) −2.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 12.5% · Above median
Balance sheet
Debt / equity 0.32× · Highest 25%

Valuation Multiplesvs Other Precious Metals & Mining median · lower = cheaper

P/B 1.00× · Cheapest 25%
P/S (12 months) 0.74× · Cheapest 25%
EV/EBITDA 4.8× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 6
FUTURE (revenue growth)63 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)84 · sector 98
DIVIDEND (yield)0 · sector 56

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

Context: sector, industry, market

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

Similar stocks

10 more Other Precious Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Sibanye Stillwater Limited SBSW $8.86 $12.05 +36% vs 29M
Hecla Mining Company HL $13.35 $14.69 +10% vs 29M
Triple Flag Precious Metals Corp TFPM $30.46 $32.54 +7% vs 29M
Compañía de Minas Buenaventura S.A. BVN $25.30 $26.98 +7% vs 29M
Perpetua Resources Corp PPTA $17.82 $15.34 −14% vs 29M
Sino-Platinum Metals Co 600459 ¥16.39 ¥13.23 −19% vs 29M
International Gemological Institute Limited IGIL ₹428.40 ₹338.90 −21% vs 29M
China Gold International Resources Corp CGG C$30.51 C$15.11 −50% vs 29M
Artemis Gold Inc ARTG C$38.73 C$15.63 −60% vs 29M
PT Amman Mineral Internasional Tbk AMMN 3,700 IDR 881.70 IDR −76% vs 29M

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29METALS Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "29METALS Ltd Fair Value". https://www.fairvalue-calculator.com/stock/29M

Frequently asked questions

Is 29METALS Ltd (29M) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of A$0.1615 versus a price of A$0.2550, about 37% lower (overvalued).
What is the fair value of 29M?
Our model-based fair value for 29METALS Ltd is A$0.1615 (as of Nov 11, 2026), built from audited fundamentals. The current price: A$0.2550.
What is the quality score of 29M?
29METALS Ltd has a Quality Score of 36/100. 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 price target for 29METALS Ltd (29M)?
Our model-based price target is the fair value of A$0.1615 (as of Nov 11, 2026) from 8 valuation models. Cautious scenario A$0.1530, optimistic scenario A$0.2040. It is a calculation from audited fundamentals, not an analyst target.
What is the 29METALS Ltd stock forecast for 2026?
Our models put fair value at A$0.1615, about 37% lower versus a price of A$0.2550 (overvalued). Cautious scenario A$0.1530, optimistic scenario A$0.2040. The calculation is refreshed regularly with new filings.
What is the revenue of 29METALS Ltd (29M)?
29METALS Ltd reported trailing-twelve-month revenue of about A$600M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of 29METALS Ltd (29M)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For 29METALS Ltd it is A$0.1615 per share (as of Nov 11, 2026), against a price of A$0.2550. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is 29METALS Ltd stock overvalued or undervalued in 2026?
As of Nov 11, 2026, 29M trades above its calculated fair value: price A$0.2550, fair value A$0.1615, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 29M?
No. The price is what the market pays today (A$0.2550); the fair value is what the company's own numbers justify (A$0.1615). For 29METALS Ltd the two are A$0.0935 per share apart. That gap is exactly why we show both numbers side by side.
How much is 29METALS Ltd worth?
The market values 29METALS Ltd at about A$446M (market capitalisation, as of Nov 11, 2026). Per share that is A$0.2550; our models calculate a fair value of A$0.1615 per share.
What do the bullish and bearish scenarios say about 29M?
Our models span a range for 29METALS Ltd: cautious scenario A$0.1530, base A$0.1615, optimistic A$0.2040 per share (as of Nov 11, 2026, price A$0.2550). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of 29METALS Ltd (29M)?
Balance-sheet figures for 29METALS Ltd (as of Nov 11, 2026): return on equity −9.1%, debt of 0.32 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is 29M from its 52-week high?
29METALS Ltd trades at A$0.2550, about 61% below its 52-week high of A$0.6550 and 16% above the low of A$0.2200 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.1615 is for.
Which stocks are comparable to 29METALS Ltd?
From the same area (Basic Materials) we also value PT Amman Mineral Internasional Tbk, Hecla Mining Company, China Gold International Resources Corp, Compañía de Minas Buenaventura S.A., among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is 29METALS Ltd stock attractive at the current price?
The data as of Nov 11, 2026: price A$0.2550, calculated fair value A$0.1615 (−37%), Quality Score 36/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 29M calculated?
We run 29METALS Ltd through 8 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of A$0.1615 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. 29METALS Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of 29METALS Ltd (29M)?
The closing price on Nov 13, 2026 was A$0.2550. Our model-based fair value is A$0.1615, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with 29METALS Ltd right now?
The price sits above even our optimistic bull case (A$0.2040). The favourable scenario is already priced in. Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of 29METALS Ltd

How large is the market capitalisation of 29METALS Ltd (29M)?
The market capitalisation of 29METALS Ltd is A$446M (≈ $303M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of 29METALS Ltd (29M)?
The price-to-sales ratio of 29METALS Ltd is 0.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of 29METALS Ltd (29M)?
Earnings per share at 29METALS Ltd are A$−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of 29METALS Ltd (29M)?
The net margin of 29METALS Ltd is −7.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of 29METALS Ltd (29M)?
The return on equity (ROE) of 29METALS Ltd is −9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of 29METALS Ltd (29M)?
On an EBIT basis the return on assets of 29METALS Ltd is −4.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of 29METALS Ltd (29M)?
The operating margin of 29METALS Ltd is −2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at 29METALS Ltd (29M)?
Revenue at 29METALS Ltd is growing +12.5% versus a year earlier (3y avg −7.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does 29METALS Ltd (29M) generate?
The free cash flow of 29METALS Ltd is −A$76.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does 29METALS Ltd (29M) carry?
The net debt of 29METALS Ltd is A$175M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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