Franco-Nevada Corporation

TSX:FNV Stock Report

Market Cap: CA$32.1b

Franco-Nevada Valuation

Is FNV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FNV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FNV (CA$165.66) is trading below our estimate of fair value (CA$235.43)

Significantly Below Fair Value: FNV is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FNV?

Key metric: As FNV is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FNV. This is calculated by dividing FNV's market cap by their current revenue.
What is FNV's PS Ratio?
PS Ratio20.4x
SalesUS$1.09b
Market CapUS$22.29b

Price to Sales Ratio vs Peers

How does FNV's PS Ratio compare to its peers?

The above table shows the PS ratio for FNV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average8x
WPM Wheaton Precious Metals
21.2x9.3%CA$37.5b
ABX Barrick Gold
2.2x7.1%CA$39.1b
K Kinross Gold
2.3x-0.5%CA$16.0b
AGI Alamos Gold
6.2x15.5%CA$10.9b
FNV Franco-Nevada
20.4x12.5%CA$32.1b

Price-To-Sales vs Peers: FNV is expensive based on its Price-To-Sales Ratio (20.4x) compared to the peer average (8x).

Price to Sales Ratio vs Industry

How does FNV's PS Ratio compare vs other companies in the CA Metals and Mining Industry?

90 CompaniesPrice / SalesEstimated GrowthMarket Cap
TECK.B Teck Resources
1.8x-10.1%US$20.62b
LUN Lundin Mining
1.6x5.7%US$6.43b
EDV Endeavour Mining
1.9x12.8%US$4.37b
BTO B2Gold
1.7x14.6%US$3.28b
FNV 20.4xIndustry Avg. 2.6xNo. of Companies90PS0816243240+
90 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: FNV is expensive based on its Price-To-Sales Ratio (20.4x) compared to the Canadian Metals and Mining industry average (2.6x).

Price to Sales Ratio vs Fair Ratio

What is FNV's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FNV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio20.4x
Fair PS Ratio15.5x

Price-To-Sales vs Fair Ratio: FNV is expensive based on its Price-To-Sales Ratio (20.4x) compared to the estimated Fair Price-To-Sales Ratio (15.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FNV forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$165.66
CA$208.69
+26.0%
8.4%CA$246.15CA$188.32n/a8
Dec ’25CA$171.44
CA$207.20
+20.9%
8.5%CA$244.86CA$184.97n/a8
Nov ’25CA$183.87
CA$206.54
+12.3%
12.0%CA$265.74CA$176.81n/a8
Oct ’25CA$168.80
CA$200.21
+18.6%
12.6%CA$263.44CA$175.77n/a8
Sep ’25CA$164.56
CA$200.00
+21.5%
13.3%CA$265.12CA$168.33n/a8
Aug ’25CA$176.28
CA$206.25
+17.0%
11.4%CA$265.59CA$174.53n/a9
Jul ’25CA$162.20
CA$200.01
+23.3%
9.7%CA$249.86CA$173.71n/a10
Jun ’25CA$167.69
CA$197.72
+17.9%
9.9%CA$248.64CA$172.27n/a10
May ’25CA$167.59
CA$196.06
+17.0%
10.2%CA$249.33CA$172.24n/a10
Apr ’25CA$164.29
CA$187.77
+14.3%
13.4%CA$248.92CA$149.87n/a10
Mar ’25CA$145.11
CA$197.03
+35.8%
12.6%CA$251.55CA$163.06n/a9
Feb ’25CA$148.29
CA$191.00
+28.8%
13.4%CA$247.57CA$157.11n/a10
Jan ’25CA$146.77
CA$197.49
+34.6%
16.3%CA$248.56CA$146.53n/a9
Dec ’24CA$152.71
CA$206.13
+35.0%
15.0%CA$247.54CA$149.15CA$171.449
Nov ’24CA$165.81
CA$225.76
+36.2%
8.8%CA$258.59CA$194.96CA$183.879
Oct ’24CA$181.33
CA$226.48
+24.9%
8.5%CA$259.05CA$199.77CA$168.809
Sep ’24CA$195.21
CA$225.90
+15.7%
8.3%CA$258.71CA$198.77CA$164.569
Aug ’24CA$189.75
CA$232.29
+22.4%
7.2%CA$260.45CA$206.69CA$176.288
Jul ’24CA$188.81
CA$219.54
+16.3%
13.2%CA$246.85CA$147.05CA$162.2010
Jun ’24CA$201.26
CA$220.83
+9.7%
12.5%CA$247.77CA$149.82CA$167.6911
May ’24CA$208.86
CA$217.48
+4.1%
12.2%CA$251.55CA$150.37CA$167.5911
Apr ’24CA$197.13
CA$208.85
+5.9%
12.3%CA$239.84CA$150.59CA$164.2910
Mar ’24CA$181.94
CA$210.26
+15.6%
12.0%CA$239.88CA$150.68CA$145.1110
Feb ’24CA$197.79
CA$207.09
+4.7%
11.7%CA$239.41CA$147.50CA$148.2910
Jan ’24CA$184.57
CA$208.35
+12.9%
11.9%CA$244.46CA$150.87CA$146.7710
Dec ’23CA$197.77
CA$207.51
+4.9%
12.5%CA$248.00CA$149.89CA$152.7110

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 23:53
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Franco-Nevada Corporation is covered by 36 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harriet LiAccountability Research Corporation
Farooq HamedBarclays
David HaughtonBMO Capital Markets Equity Research