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The FTSE 100’s biggest winners over the past year is a stark reminder of how market growth is often concentrated in a single sector. Miners Fresnillo, Endeavour Mining (LSE: EDV), Glencore, and Antofagasta all benefited from strong 100%+ rallies.
Meanwhile Polar Capital Technology Trust slid in fifth with 97% gains, revealing just how much tech has slipped behind.
- Fresnillo: 221%
- Endeavour Mining: 119%
- Glencore: 114%
- Antofagasta: 105%
- Polar Capital: 97%
If you bought any of these shares a year ago, you have done very well. The question now is: has the easy money already been made?
What drove the rally?
These were not random moves – that kind of performance usually means earnings, cash flow, and investor sentiment all moved in the same direction.
But when a stock price rises that fast, I want to know whether the valuation still leaves room for upside. So, are these shares still cheap?
Endeavour Mining is the one that stands out from the rest.
With a price-to-earnings (P/E) ratio of just 16.7, it looks cheaper than its mining peers on valuation. That’s even after a huge run and a set of recent results that look strong.
But does that tell the whole story?
Endeavour’s financial snapshot
A low P/E ratio alone doesn’t make a stock cheap, nor low risk. So let’s take a closer look.
| Price-to-book ratio | 4.27 (not particularly cheap) |
| Balance sheet | £580m of debt against £4.75bn in assets |
| Free cash flow | £1.02bn |
| Dividend per share growth | 41.7% year on year |
| Q1 2026 earnings before tax | $706.9m (up from $345m a year earlier) |
| Losses on financial instruments | Improved to $1m from $100m |
Overall, that’s fairly impressive. In my opinion, the main appeal is that it combines strong cash generation with a more modest valuation. By comparison, Fresnillo still sits on a P/E of 23 and Glencore and Antofagasta are even higher.
So why does the market still keep a discount on it?
Cheap for a reason
The short answer is that mining is a risky business, and Endeavour is particularly exposed. Silver and gold prices fell on 15 May, after hot US inflation data pushed traders to bet that rates will stay higher for longer.
That matters because higher rates can weigh on precious metals and on investor appetite more broadly.
Endeavour, in particular, relies heavily on operational stability in politically sensitive regions, and that can quickly turn into a real problem if anything goes wrong.
So does the valuation fully compensate for that risk?
My verdict
For investors with a finger on the pulse of mining and a high tolerance for risk, Endeavour is still an interesting option to consider. But for me, the answer is no.
Right now, I see FTSE 100 miners as high-risk, high-reward holdings rather than long-term growth opportunities. After several years of big hikes, the question I like to ask is: which stocks can keep afloat if the market takes a sharp downturn?
So in today’s economic climate, I’d rather lean towards more defensive names like Tesco or GSK until the macro backdrop settles. And that’s just two ‘safe haven’ stocks I’ve covered lately…
Mark Hartley does not hold positions in the companies mentioned.
