Wheaton Precious Metals Corp.

TSX:WPM Stock Report

Market Cap: CA$39.7b

Wheaton Precious Metals Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: WPM (CA$88.06) is trading below our estimate of fair value (CA$93.85)

Significantly Below Fair Value: WPM is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As WPM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for WPM. This is calculated by dividing WPM's market cap by their current earnings.
What is WPM's PE Ratio?
PE Ratio46.9x
EarningsUS$609.43m
Market CapUS$28.36b

Price to Earnings Ratio vs Peers

How does WPM's PE Ratio compare to its peers?

The above table shows the PE ratio for WPM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.5x
ABX Barrick Gold
19.2x17.9%CA$43.3b
K Kinross Gold
16.6x-5.6%CA$17.1b
AGI Alamos Gold
32.3x29.2%CA$11.0b
LUG Lundin Gold
18x21.4%CA$7.6b
WPM Wheaton Precious Metals
46.9x9.6%CA$39.7b

Price-To-Earnings vs Peers: WPM is expensive based on its Price-To-Earnings Ratio (46.9x) compared to the peer average (21.5x).

Price to Earnings Ratio vs Industry

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

34 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SLI Standard Lithium
2.7xn/aUS$324.28m
APM Andean Precious Metals
2.3x-42.9%US$134.61m
STGO Steppe Gold
2.1xn/aUS$117.54m
DC.A Dundee
2.4xn/aUS$113.81m
WPM 46.9xIndustry Avg. 13.5xNo. of Companies34PE01632486480+
34 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: WPM is expensive based on its Price-To-Earnings Ratio (46.9x) compared to the Canadian Metals and Mining industry average (13.5x).

Price to Earnings Ratio vs Fair Ratio

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

WPM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio46.9x
Fair PE Ratio20.1x

Price-To-Earnings vs Fair Ratio: WPM is expensive based on its Price-To-Earnings Ratio (46.9x) compared to the estimated Fair Price-To-Earnings Ratio (20.1x).

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 WPM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$88.06
CA$104.64
+18.8%
5.4%CA$111.49CA$94.84n/a7
Nov ’25CA$90.93
CA$102.89
+13.1%
6.4%CA$110.18CA$91.30n/a7
Oct ’25CA$82.55
CA$94.22
+14.1%
8.4%CA$107.18CA$82.33n/a7
Sep ’25CA$83.29
CA$89.33
+7.3%
6.3%CA$100.00CA$80.46n/a7
Aug ’25CA$81.11
CA$90.52
+11.6%
6.4%CA$99.99CA$82.03n/a7
Jul ’25CA$71.73
CA$83.88
+16.9%
4.1%CA$89.99CA$79.11n/a8
Jun ’25CA$74.65
CA$83.84
+12.3%
4.1%CA$89.82CA$79.05n/a8
May ’25CA$72.85
CA$81.88
+12.4%
4.8%CA$90.63CA$76.23n/a8
Apr ’25CA$64.86
CA$74.28
+14.5%
6.4%CA$82.39CA$67.13n/a8
Mar ’25CA$56.93
CA$74.47
+30.8%
6.4%CA$82.69CA$67.16n/a8
Feb ’25CA$64.34
CA$76.19
+18.4%
3.7%CA$82.25CA$73.12n/a8
Jan ’25CA$65.37
CA$72.98
+11.6%
4.8%CA$77.74CA$66.08n/a8
Dec ’24CA$66.84
CA$72.31
+8.2%
5.7%CA$78.90CA$66.19n/a7
Nov ’24CA$59.72
CA$73.47
+23.0%
5.8%CA$79.97CA$66.94CA$90.937
Oct ’24CA$55.12
CA$73.41
+33.2%
5.5%CA$80.87CA$68.15CA$82.557
Sep ’24CA$58.74
CA$70.75
+20.4%
9.7%CA$80.58CA$55.49CA$83.299
Aug ’24CA$58.20
CA$71.34
+22.6%
10.6%CA$80.40CA$54.26CA$81.119
Jul ’24CA$57.29
CA$71.23
+24.3%
11.2%CA$80.60CA$55.64CA$71.7310
Jun ’24CA$62.18
CA$72.83
+17.1%
11.1%CA$81.25CA$57.27CA$74.6510
May ’24CA$66.33
CA$71.25
+7.4%
8.1%CA$80.44CA$58.21CA$72.8511
Apr ’24CA$65.09
CA$66.29
+1.9%
8.1%CA$75.14CA$57.67CA$64.8610
Mar ’24CA$56.62
CA$67.26
+18.8%
7.3%CA$76.48CA$57.02CA$56.9310
Feb ’24CA$60.88
CA$65.53
+7.6%
7.5%CA$69.83CA$55.81CA$64.349
Jan ’24CA$52.90
CA$63.09
+19.3%
11.2%CA$70.95CA$50.07CA$65.379
Dec ’23CA$53.89
CA$62.19
+15.4%
11.6%CA$70.14CA$50.20CA$66.849
Nov ’23CA$44.95
CA$62.14
+38.2%
13.5%CA$72.82CA$47.56CA$59.729

Analyst Forecast: Target price is less than 20% higher than the current share price.

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