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Steppe Gold Ltd (STPGF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Steppe Gold Ltd $5.58, price $1.13, upside +393.8%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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SG
Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
Steppe Gold Ltd
STPGF · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value $5.58 · Strongly undervalued (+393.8%)
✓Quality 62/100
!Mixed Growth (revenue 5y +37.3 %/yr)
✓Solidly profitable · 16.5% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 84/100
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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
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $0.3920 – $1.74 · fair‑value band $3.27 – $7.25 · the $1.13 price screens below the $5.58 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Steppe Gold Ltd. engages in acquiring, exploring, developing, and operating of precious metal projects in Mongolia and Peru. It primarily explores gold and polymetallic deposits.
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Steppe Gold Ltd. engages in acquiring, exploring, developing, and operating of precious metal projects in Mongolia and Peru. It primarily explores gold and polymetallic deposits. The company holds 100% interest in the Altan Tsagaan Ovoo property covering an area of approximately 5,492 hectares located in Ulaanbaatar, Mongolia; and Boroo and Ulaanbulag mine property covering an area of approximately 6,594 hectares located in Mongolia. It also explores Uudam Khundii gold project covering an area of 14,400 hectares located in Bayankhongor province, Mongolia. The company is based in Toronto, Canada. Steppe Gold Ltd. operates as a subsidiary of Boroo Pte Ltd.
Stock analysis
Steppe Gold Ltd (STPGF) currently trades at $1.13, while our model-based Fair Value estimate is $5.58, implying the stock looks roughly 79.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $5.58 per share, and 22 of the 26 models we run sit above the $1.13 price.
Bear case: the Economic Profit group reads lowest at $0.9700, and 4 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $3.27 (bear) to $7.25 (bull), the price of $1.13 sits below 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 62/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Steppe Gold Ltd reported revenue of $254M in FY2025 versus $24.1M in FY2021, a compound +80.3%/yr. Reported net income was $32.7M in FY2025.
Key figures
Market cap $286M · P/E ratio 6.3 · P/S ratio 0.81 · EPS (TTM) $0.1800 · Dividend yield 0.8% · Net margin 12.9% · Return on equity 32.6% · Return on assets (EBIT) 21.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 38% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 394%, STPGF screens cheaper than that median.
Fair Value models
Bear $3.27
Fair Value $5.58
Bull $7.25
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.1361 per share) are deliberately not added.
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.
Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF
$4.64
$6.49
$11.89
75
Growth DCF
$4.35
$7.00
$11.14
75
EPV
$3.24
$3.62
$3.93
74
All 26 models by family
DCF Models
FCF DCF
$4.64
$6.49
$11.89
75
Owner Earnings
$1.49
$2.88
$5.32
70
5Y Revenue Exit
$2.40
$3.43
$5.52
69
5Y EBITDA Exit
$4.40
$7.45
$13.43
70
5Y P/E Exit
$2.74
$4.99
$7.88
67
10Y Revenue Exit
$3.19
$5.35
$6.26
66
10Y EBITDA Exit
$4.47
$9.01
$16.65
63
10Y P/E Exit
$3.44
$5.97
$9.72
60
Earnings-Based
Graham-Dodd
$0.8800
$6.14
$8.62
61
Lynch FV
$3.17
$4.53
$5.89
59
PEG = 1.0
$3.17
$4.53
$5.89
55
EPV
$3.24
$3.62
$3.93
74
Dividend Discount
Gordon GGM
$0.0500
$0.0900
$0.1100
66
DDM Multi-Stage
$0.0500
$0.0800
$0.0900
65
Multiples
P/E Multiple
$1.65
$2.20
$2.75
63
P/S Multiple
$1.13
$1.51
$1.88
58
P/B Multiple
$1.27
$1.70
$2.12
55
EV/EBIT
$5.26
$7.01
$8.75
66
EV/EBITDA
$4.25
$5.66
$7.07
67
EV/Revenue
$1.09
$1.55
$2.00
54
Asset-Based
NCAV (Graham)
$0.2800
$0.3800
$0.5700
54
Growth DCF
Growth DCF
$4.35
$7.00
$11.14
75
Rev-Margin DCF
$2.61
$3.92
$6.73
68
Economic Profit
Residual Income
$0.6600
$0.9700
$1.86
69
ROIC Compounder
$3.68
$4.68
$5.75
70
Growth Earnings
Growth-Adj P/E
$3.90
$5.58
$7.25
65
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Set up alert →Quality Score breakdown
Overall quality
62/100
Of which business quality 63 · Market factors (momentum, volatility) 35
Profitability
63
Margins and returns on capital today
Quality Growth
71
Are margins and returns improving?
Cashflow
91
Earnings quality: real cash, not paper profit
Fin. Strength
68
Balance sheet, leverage, solvency risk
Investment
15
Disciplined investing over empire-building
Low Volatility
22
Calm price path (market factor)
Momentum
50
Price trend over the last 3–12 months (market factor)
52W Momentum
25
Distance to the 52-week high (market factor)
Net Issuance
40
Share count: buybacks or dilution?
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.
80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+42.7%
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.
+59.7%
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.
+37.3%
Start year 2020 (pandemic). Over 10 years: +23.7% a year
Revenue growth 11 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.
+20.7%
’14
’15
’16
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−29.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.4%
Dividend (yield on the price)0.8%
Profit margin 2019 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.−24% → 50%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −11.9% a year for the price.
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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.Gold · 232 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Gold median · lower = cheaper
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA 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 Gold stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Newmont Corporation NEM | $115.34 | $126.87 | +10% |
| Zijin Mining Group 601899 | ¥30.01 | ¥44.45 | +48% |
| Agnico Eagle Mines Limited AEM | $185.83 | $219.71 | +18% |
| Wheaton Precious Metals Corp WPM | $135.39 | $87.78 | −35% |
| Franco-Nevada Corporation FNV | $245.81 | $270.39 | +10% |
| AngloGold Ashanti plc AU | $99.03 | $88.60 | −11% |
| Zijin Gold International Company 2259 | HK$143.10 | HK$238.73 | +67% |
| Kinross Gold Corporation KGC | $24.06 | $51.30 | +113% |
| Royal Gold, Inc RGLD | $238.93 | $262.82 | +10% |
| Shandong Gold Mining Co 600547 | ¥29.07 | ¥23.61 | −19% |
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Frequently asked questions
Is Steppe Gold Ltd (STPGF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $5.58 versus a price of $1.13, about +394% upside (undervalued).
What is the fair value of STPGF?
Our model-based fair value for Steppe Gold Ltd is $5.58 (as of Sep 24, 2026), built from audited fundamentals. The current price: $1.13.
What is the quality score of STPGF?
Steppe Gold Ltd has a Quality Score of 62/100. 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 Steppe Gold Ltd (STPGF)?
Our model-based price target is the fair value of $5.58 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $3.27, optimistic scenario $7.25. It is a calculation from audited fundamentals, not an analyst target.
What is the Steppe Gold Ltd stock forecast for 2026?
Our models put fair value at $5.58, about +394% upside versus a price of $1.13 (undervalued). Cautious scenario $3.27, optimistic scenario $7.25. The calculation is refreshed regularly with new filings.
What is the revenue of Steppe Gold Ltd (STPGF)?
Steppe Gold Ltd reported trailing-twelve-month revenue of about $275M (latest available figure, as of Sep 24, 2026).
Does Steppe Gold Ltd pay a dividend?
Steppe Gold Ltd currently shows a dividend yield of about 0.77% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Steppe Gold Ltd (STPGF)?
For today's price to be fair in a discounted-cash-flow model, Steppe Gold Ltd would have to grow free cash flow by -9.8 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +37.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of STPGF use?
Our models discount Steppe Gold Ltd at 13.5 %: a base by market capitalisation (micro), damped by beta 1.24, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Steppe Gold Ltd that is -9.8 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Steppe Gold Ltd (STPGF) delivered so far?
Over the past 5 years revenue at Steppe Gold Ltd grew +37.3 % a year. The price currently implies -9.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Steppe Gold Ltd (STPGF) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into Steppe Gold Ltd (-9.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Steppe Gold Ltd (STPGF)?
The free-cash-flow yield on the price is 29.61 %: that much free cash flow Steppe Gold Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Steppe Gold Ltd (STPGF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Steppe Gold Ltd it is $5.58 per share (as of Sep 24, 2026), against a price of $1.13. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Steppe Gold Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, STPGF trades below its calculated fair value: price $1.13, fair value $5.58, a gap of about +394% (undervalued). 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 STPGF?
No. The price is what the market pays today ($1.13); the fair value is what the company's own numbers justify ($5.58). For Steppe Gold Ltd the two are $4.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Steppe Gold Ltd worth?
The market values Steppe Gold Ltd at about $286M (market capitalisation, as of Sep 24, 2026). Per share that is $1.13; our models calculate a fair value of $5.58 per share.
What do the bullish and bearish scenarios say about STPGF?
Our models span a range for Steppe Gold Ltd: cautious scenario $3.27, base $5.58, optimistic $7.25 per share (as of Sep 24, 2026, price $1.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of STPGF?
Steppe Gold Ltd trades at a price-to-earnings ratio of 6.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $5.58 is built from several models across several years. Other multiples: P/B 1.7, P/S 0.9, EV/EBITDA 1.5.
How solid is the balance sheet of Steppe Gold Ltd (STPGF)?
Balance-sheet figures for Steppe Gold Ltd (as of Sep 24, 2026): return on equity 32.6%, debt of 0.41 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is STPGF from its 52-week high?
Steppe Gold Ltd trades at $1.13, about 35% below its 52-week high of $1.74 and 38% above the low of $0.8200 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $5.58 is for.
Which stocks are comparable to Steppe Gold Ltd?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, 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 Steppe Gold Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $1.13, calculated fair value $5.58 (+394%), Quality Score 62/100, from 26 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 STPGF calculated?
We run Steppe Gold Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $5.58, 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 14.5 % above its aggregate fair value. Steppe Gold Ltd currently trades 80 % below its own fair value, and the market average says nothing about that. 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 Steppe Gold Ltd (STPGF)?
The closing price on Oct 2, 2026 was $1.13. Our model-based fair value is $5.58, about +394% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Steppe Gold Ltd right now?
The price is below even our cautious bear case ($3.27). The market is more pessimistic than our downside scenario. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($3.27 to $7.25) leaves room in how you read the outcome.
Key figures of Steppe Gold Ltd
How large is the market capitalisation of Steppe Gold Ltd (STPGF)?
The market capitalisation of Steppe Gold Ltd is $286M. 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 Steppe Gold Ltd (STPGF)?
The price-to-sales ratio of Steppe Gold Ltd is 0.81 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Steppe Gold Ltd (STPGF)?
Earnings per share at Steppe Gold Ltd are $0.1800 (price ÷ EPS = P/E 6.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Steppe Gold Ltd (STPGF)?
The dividend yield of Steppe Gold Ltd is 0.8% (payout 4.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Steppe Gold Ltd (STPGF)?
The net margin of Steppe Gold Ltd is 12.9% (fiscal year 2025). 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 Steppe Gold Ltd (STPGF)?
The return on equity (ROE) of Steppe Gold Ltd is 32.6% (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 Steppe Gold Ltd (STPGF)?
On an EBIT basis the return on assets of Steppe Gold Ltd is 21.1% (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 Steppe Gold Ltd (STPGF)?
The operating margin of Steppe Gold Ltd is 67.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Steppe Gold Ltd (STPGF)?
Revenue at Steppe Gold Ltd is growing +64.3% versus a year earlier (3y avg +59.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Steppe Gold Ltd (STPGF)?
Earnings per share at Steppe Gold Ltd are growing +191% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Steppe Gold Ltd (STPGF) carry?
The net debt of Steppe Gold Ltd is $60.5M (fiscal year 2025, ≈ 0.7 yrs of FCF). 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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