Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.75, read 2026-11-03
Ethical passes the values gate
Price15.85 USD
Fair value20.81
Ethical score64.7/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-11-04Read Distribution15.85+0.0% to today Markdown gives way to Distribution after a 14% slide in 5 weeks
2026-10-02Read Markdown18.34-13.6% to today ✓Markup gives way to Markdown after a 17% slide in 4 weeks
2026-09-01Read Markup22.17-28.5% to today Markdown gives way to Markup after a 52% rise in 4 weeks
2026-08-01Read Markdown14.56+8.9% to today Markup gives way to Markdown after a 6% slide in 4 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
IAMGOLD Corporation holds its Distribution at $15.85. The statistical read favours the sellers, held for 33 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 33 days
Price at the screen
$15.85
Valuation
8.09 trailing · 7.19 forward price to earnings
Values screen
PASS· score 64.7
Beta
2.39
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
13.02%
Below 33%
Interest-bearing debt is just 13.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.31%
Below 33%
Cash held in interest-bearing accounts and securities is 0.3% of assets, under the one-third limit.
Pass
Receivables
8.25%
Below 49%
Money owed to the company is 8.2% of assets, under the 49% limit.
Pass
Revenue purity
0.35%
Below 5%
Only 0.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
IAMGOLD clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 13%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Today IAG passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 24% discount to our $20.81 fair value, 47.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 23.8% discount to the base estimate.
Where our models see it going: fair-value estimate $20.81, with a range of $18.45 to $23.93, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold digger shows flashy numbers yet cycles loom large
Picture a miner hitting pay dirt when bullion prices spike, only to watch the seam run dry the next season. IAMGOLD flashes eye-catching revenue growth of 116 percent alongside a 29 percent profit margin and 28 percent ROE, all at a forward multiple of just 6 times. Yet the opportunity rating sits at none because this is a classic cyclical setup where today's fat earnings often mark the peak rather than a durable bargain.
The ethical screen clears without issue and five analysts lean buy with a median target near 21 dollars against the current 14.14 price. Still the business rests on volatile gold output from sites in Canada and Burkina Faso, where costs and grades swing with commodity cycles. Unknown moat and sudden revenue surges tied to metal prices rarely translate into lasting value once the cycle turns.
Low multiples in this sector usually signal warning rather than opportunity, as peak earnings compress the apparent cheapness. Currency swings, permitting delays and sudden cost spikes remain real threats that can erase the headline margin of safety in short order. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IAG trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 11% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-10-28Markdown$17.78+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 11% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-10-21Markdown$17.78-5.4%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading neutral. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-10-14Markdown$18.80+2.5%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-10-02Markdown · changed$18.34-17.3%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 17.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-09-01Markup · changed$22.17+52.3%Entry 5
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 52.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-08-01Markdown · changed$14.56-5.6%Entry 4
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-07-18Markup$15.42+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 104%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it buy, with a mean price target of $26.
2026-07-03Markup$15.42+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (65). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$15.42Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (65). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
