Wheaton Precious Metals Corp.

DB:SII Stock Report

Market Cap: €27.8b

Wheaton Precious Metals Valuation

Is SII 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 SII when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SII (€61.3) is trading below our estimate of fair value (€81.94)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SII. This is calculated by dividing SII's market cap by their current earnings.
What is SII's PE Ratio?
PE Ratio47.5x
EarningsUS$609.43m
Market CapUS$28.95b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SII vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average40.4x
BAS BASF
76.5x34.2%€38.0b
HEI Heidelberg Materials
11.4x7.8%€21.2b
SY1 Symrise
37.8x13.2%€14.8b
EVK Evonik Industries
35.8x33.1%€8.2b
SII Wheaton Precious Metals
47.5x8.6%€40.5b

Price-To-Earnings vs Peers: SII is expensive based on its Price-To-Earnings Ratio (47.5x) compared to the peer average (40.4x).

Price to Earnings Ratio vs Industry

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

15 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SII 47.5xIndustry Avg. 12.1xNo. of Companies15PE0816243240+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SII is expensive based on its Price-To-Earnings Ratio (47.5x) compared to the European Metals and Mining industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is SII'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.

SII PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio47.5x
Fair PE Ratio18.4x

Price-To-Earnings vs Fair Ratio: SII is expensive based on its Price-To-Earnings Ratio (47.5x) compared to the estimated Fair Price-To-Earnings Ratio (18.4x).

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 SII forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€61.30
€71.43
+16.5%
5.3%€76.08€64.93n/a7
Nov ’25€61.12
€68.59
+12.2%
6.4%€73.45€60.86n/a7
Oct ’25€55.10
€62.43
+13.3%
8.4%€71.02€54.55n/a7
Sep ’25€55.44
€59.34
+7.0%
6.3%€66.42€53.44n/a7
Aug ’25€54.82
€60.37
+10.1%
6.4%€66.68€54.71n/a7
Jul ’25€48.62
€57.32
+17.9%
4.1%€61.50€54.06n/a8
Jun ’25€51.60
€56.57
+9.6%
4.1%€60.61€53.34n/a8
May ’25€49.01
€55.71
+13.7%
4.8%€61.67€51.87n/a8
Apr ’25€43.50
€50.56
+16.2%
6.4%€56.08€45.69n/a8
Mar ’25€38.05
€50.75
+33.4%
6.4%€56.35€45.76n/a8
Feb ’25€43.50
€52.46
+20.6%
3.7%€56.63€50.34n/a8
Jan ’25€44.60
€49.92
+11.9%
4.8%€53.17€45.20n/a8
Dec ’24€45.00
€48.96
+8.8%
5.7%€53.43€44.82n/a7
Nov ’24€39.60
€50.06
+26.4%
5.8%€54.49€45.61€61.127
Oct ’24€38.65
€51.13
+32.3%
5.5%€56.32€47.46€55.107
Sep ’24€39.95
€47.87
+19.8%
9.7%€54.52€37.54€55.449
Aug ’24€39.90
€48.90
+22.5%
10.6%€55.10€37.19€54.829
Jul ’24€39.30
€49.28
+25.4%
11.2%€55.76€38.49€48.6210
Jun ’24€43.20
€49.84
+15.4%
11.1%€55.60€39.19€51.6010
May ’24€44.60
€47.66
+6.9%
8.1%€53.80€38.94€49.0111
Apr ’24€44.20
€45.00
+1.8%
8.1%€51.00€39.14€43.5010
Mar ’24€39.36
€46.71
+18.7%
7.3%€53.11€39.59€38.0510
Feb ’24€41.30
€44.89
+8.7%
7.5%€47.84€38.23€43.509
Jan ’24€37.28
€43.47
+16.6%
11.2%€48.89€34.50€44.609
Dec ’23€38.17
€44.57
+16.8%
11.6%€50.27€35.98€45.009
Nov ’23€34.01
€45.84
+34.8%
13.5%€53.72€35.08€39.609

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

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