3 TSX Stocks That May Be Trading Below Estimated Value In April 2026

As Canadian households brace for potential economic headwinds due to rising inflation and energy prices, the market's focus remains on how these factors might influence consumer spending and employment. In this climate, identifying stocks that may be trading below their estimated value could present opportunities, particularly if they are well-positioned to benefit from or withstand current economic conditions.

Top 10 Undervalued Stocks Based On Cash Flows In Canada

Name Current Price Fair Value (Est) Discount (Est) Wesdome Gold Mines (TSX:WDO) CA$24.84 CA$44.98 44.8% Vermilion Energy (TSX:VET) CA$19.17 CA$34.11 43.8% Topicus.com (TSXV:TOI) CA$91.94 CA$168.84 45.5% Pollard Banknote (TSX:PBL) CA$18.10 CA$31.84 43.2% OceanaGold (TSX:OGC) CA$43.86 CA$81.32 46.1% Hemlo Mining (TSXV:HMMC) CA$6.49 CA$11.96 45.7% EQB (TSX:EQB) CA$111.48 CA$211.93 47.4% Energy Fuels (TSX:EFR) CA$25.51 CA$50.45 49.4% Endeavour Mining (TSX:EDV) CA$83.41 CA$151.45 44.9% Altus Group (TSX:AIF) CA$47.75 CA$92.50 48.4%

Click here to see the full list of 31 stocks from our Undervalued TSX Stocks Based On Cash Flows screener.

We'll examine a selection from our screener results.

Aya Gold & Silver

Overview: Aya Gold & Silver Inc. is involved in the exploration, evaluation, and development of precious metals projects in Morocco with a market capitalization of CA$3.03 billion.

Operations: Aya Gold & Silver Inc. generates revenue through its operations focused on the exploration, evaluation, and development of precious metals projects in Morocco.

Estimated Discount To Fair Value: 36.5%

Aya Gold & Silver is currently trading at CA$21.22, significantly below its estimated future cash flow value of CA$33.41, making it potentially undervalued based on cash flows. The company recently reported a substantial increase in annual sales to US$202.1 million and turned profitable with a net income of US$45.56 million for 2025. Despite insider selling, earnings are forecast to grow significantly above the Canadian market average over the next few years.

Our growth report here indicates Aya Gold & Silver may be poised for an improving outlook. Take a closer look at Aya Gold & Silver's balance sheet health here in our report.TSX:AYA Discounted Cash Flow as at Apr 2026

Energy Fuels

Overview: Energy Fuels Inc., along with its subsidiaries, is involved in the exploration, recovery, recycling, operation, development, permitting, evaluation, and sale of uranium mineral properties in the United States and has a market cap of CA$5.54 billion.

Operations: The company's revenue segments consist of $50.10 million from uranium and $15.82 million from heavy mineral sands.

Story Continues

Estimated Discount To Fair Value: 49.4%

Energy Fuels, trading at CA$25.51, is significantly below its estimated future cash flow value of CA$50.45, suggesting it may be undervalued based on cash flows. The company is expanding its rare earth element production capabilities and has recently produced high-purity terbium oxide in the U.S., a critical component for electric vehicles. Despite recent insider selling and reporting a net loss of US$85.63 million in 2025, revenue growth forecasts remain strong at 27.8% annually, surpassing Canadian market averages.

The analysis detailed in our Energy Fuels growth report hints at robust future financial performance. Unlock comprehensive insights into our analysis of Energy Fuels stock in this financial health report.TSX:EFR Discounted Cash Flow as at Apr 2026

OceanaGold

Overview: OceanaGold Corporation is involved in the exploration, development, and operation of gold and gold/copper mines across the United States, the Philippines, and New Zealand, with a market capitalization of approximately CA$9.40 billion.

Operations: The company's revenue segments are comprised of $662.90 million from Haile, $271.80 million from Waihi, $438.80 million from Didipio, and $519.70 million from Macraes.

Estimated Discount To Fair Value: 46.1%

OceanaGold, trading at CA$43.86, is priced significantly below its estimated future cash flow value of CA$81.32, highlighting potential undervaluation based on cash flows. The company reported strong financial performance for 2025 with net income rising to US$628.7 million from US$187.4 million the previous year and earnings per share increasing substantially. However, recent insider selling and a moderate revenue growth forecast of 9.7% annually warrant cautious consideration despite positive industry comparisons and an increased buyback plan to $350 million.

According our earnings growth report, there's an indication that OceanaGold might be ready to expand. Navigate through the intricacies of OceanaGold with our comprehensive financial health report here.TSX:OGC Discounted Cash Flow as at Apr 2026

Next Steps

Dive into all 31 of the Undervalued TSX Stocks Based On Cash Flows we have identified here. Are you invested in these stocks already? Keep abreast of every twist and turn by setting up a portfolio with Simply Wall St, where we make it simple for investors like you to stay informed and proactive. Enhance your investing ability with the Simply Wall St app and enjoy free access to essential market intelligence spanning every continent.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TSX:AYA TSX:EFR and TSX:OGC.

This article was originally published by Simply Wall St.

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