Wheaton Precious Metals Corp.

TSX:WPM Stock Report

Market Cap: CA$37.3b

Wheaton Precious Metals Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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$80.5) is trading below our estimate of fair value (CA$99.76)

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 Ratio41.7x
EarningsUS$609.43m
Market CapUS$25.96b

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 Average19.9x
ABX Barrick Gold
16.6x19.5%CA$39.5b
K Kinross Gold
15.3x-1.4%CA$16.5b
AGI Alamos Gold
31.1x38.9%CA$11.1b
LUG Lundin Gold
16.6x23.5%CA$7.4b
WPM Wheaton Precious Metals
41.7x9.6%CA$37.3b

Price-To-Earnings vs Peers: WPM is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the peer average (19.9x).

Price to Earnings Ratio vs Industry

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

38 CompaniesPrice / EarningsEstimated GrowthMarket Cap
IMG IAMGOLD
4x-2.0%US$2.96b
SLI Standard Lithium
2.5xn/aUS$272.54m
THX Thor Explorations
2.8x-3.4%US$139.40m
APM Andean Precious Metals
2.3x-42.9%US$134.42m
WPM 41.7xIndustry Avg. 12.8xNo. of Companies38PE01632486480+
38 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: WPM is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the Canadian Metals and Mining industry average (12.8x).

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 Ratio41.7x
Fair PE Ratio20x

Price-To-Earnings vs Fair Ratio: WPM is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the estimated Fair Price-To-Earnings Ratio (20x).

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$80.50
CA$105.13
+30.6%
5.4%CA$111.83CA$95.07n/a7
Dec ’25CA$87.12
CA$104.59
+20.1%
5.3%CA$111.39CA$95.08n/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$66.19CA$87.127
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

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/30 23:20
End of Day Share Price 2024/12/30 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

Wheaton Precious Metals Corp. is covered by 41 analysts. 13 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
Ishan MajumdarBaptista Research
Matthew MurphyBarclays