Shares of many gold-producing companies appear to be undervalued based on the spot price of bullion and historical patterns, a report says.

Using two-year trailing data, Steven Butler, senior analyst at Canaccord Genuity Corp., looked at the relationship between gold-producer stock prices and the spot price of the precious metal. He concluded that the top five stocks, offering the best value at the moment based on their departure from the historical pattern, are: Golden Star Resources Randgold Resources Aura Minerals Northgate Minerals and Eldorado Gold

Mr. Butler then looked at the price-to-net-asset-value per share of various producers. Based on average multiples, he determined the spot gold prices implied by the price of each gold stock today. On this basis, senior and intermediate gold producers are priced at an average multiple that discounts gold by $95 an ounce, he said.

Goldcorp Inc. valuation appeared to discount the price of gold by $174 an ounce, Randgold Resources' stock price suggested a $225 discount and Aura Minerals a discount of $243.

"We continue to believe that equities are inexpensive relative to the gold price and to historical trading multiples," Mr. Butler wrote in a recent report.

"We forecast renewed upward pressure on the price of gold as investors focus again on the sovereign debt issues in Europe, as Portugal, Spain, and Italy are all due to issue bonds later this week," he wrote.