eyeQ: Antofagasta, Rio Tinto, BMW, Diageo

Cryptoassets are very high risk and you should be prepared to lose all your money before you invest

• Bitcoin and crypto stocks: examining the risk

“Our signals are crafted through macro-valuation, trend analysis, and meticulous back-testing. This combination ensures a comprehensive evaluation of an asset's value, market conditions, and historical performance.” eyeQ

• Discover: eyeQ analysis explained | eyeQ: our smart machine in action | Glossary

This series of weekly articles uses eyeQ’s smart machine to highlight 10 stocks whose share price trades at either a discount or premium to eyeQ’s Model Value price (where macro conditions say the share 'should’ trade).

A minus figure in these tables indicates a share trading below eyeQ’s Model Value, implying they are ‘cheap’ versus macro conditions. A plus figure screens as rich because the current share price is above eyeQ’s Model Value.

All companies must have a model relevance above 65%, which means the macro environment is critical and any valuation signals carry strong weight.

Here are definitions of terms used in the analysis:

Model value

Where our smart machine calculates that any stock market index, single stock or exchange-traded fund (ETF) should be priced (the fair value) given the overall macroeconomic environment.

Model relevance

How confident we are in the model value. The higher the number the better! Above 65% means the macro environment is critical, so any valuation signals carry strong weight. Below 65%, we deem that something other than macro is driving the price.

Fair Value Gap (FVG)

The difference between our model value (fair value) and where the price currently is. A positive Fair Value Gap means the security is above the model value, which we refer to as “rich”. A negative FVG means that it’s cheap. The bigger the FVG, the bigger the dislocation and therefore a better entry level for trades.

Long Term model

This model looks at share prices over the last 12 months, captures the company’s relationship with growth, inflation, currency shifts, central bank policy etc and calculates our key results - model value, model relevance, Fair Value Gap.

UK Top 10

Source: eyeQ. Long Term strategic models. Data correct as at 6 November 2026.

Antofagasta, Rio, BHP

Being early is the same as being wrong. While acknowledging that truism, we make no apology for repeating the fact that three mining stocks screen as cheap versus the macro environment. It’s the same pattern each time. Macro fair value is moving sideways; the miners have taken a hit and that divergence has left all three looking cheap and our smart machine has fired bullish signals on all of them.

They have been cheap for three weeks now; hence the mea culpa. But they continue to dominate today’s list of stocks in macro regimes and with the biggest fair value gaps. Macro continues to argue that this sell-off isn’t justified. 

International Top 10

Source: eyeQ. Long Term strategic models. Data correct as at 6 November 2026.

BMW

The international stock with the highest positive fair value gap is Bayerische Motoren Werke AG (XETRA:BMW). The German car company sits almost 20% above macro fair value, which currently sits at €47.17. That’s down from €55.25 just a week ago. On our model, BMW is sensitive to risk appetite so last week’s risk-off move with equity market volatility spiking and credit spreads widening has been a powerful headwind. That fair value gap is big enough to trigger a bearish signal.