Franco-Nevada Corporation

NYSE:FNV Stock Report

Market Cap: US$32.9b

Franco-Nevada Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

Discounted Cash Flow
Simply Wall St
US$114.52
Fair Value
49.2% overvalued intrinsic discount
9
Number of Analysts

Below Fair Value: FNV ($170.85) is trading above our estimate of fair value ($114.52)

Significantly Below Fair Value: FNV is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FNV. This is calculated by dividing FNV's market cap by their current earnings.
What is FNV's PE Ratio?
PE Ratio59.6x
EarningsUS$552.10m
Market CapUS$32.85b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FNV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.5x
AU AngloGold Ashanti
20.7x19.9%US$19.9b
NEM Newmont
12x-4.7%US$60.0b
RGLD Royal Gold
35.8x7.5%US$11.8b
AEM Agnico Eagle Mines
25.3x1.0%US$59.6b
FNV Franco-Nevada
59.6x12.1%US$45.4b

Price-To-Earnings vs Peers: FNV is expensive based on its Price-To-Earnings Ratio (59.6x) compared to the peer average (23.5x).

Price to Earnings Ratio vs Industry

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

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VITF.F Victoria Gold
2.1xn/aUS$23.43m
BMXI Brookmount Explorations
0.6xn/aUS$5.80m
RMRI Rocky Mountain Industrials
0.9xn/aUS$1.76m
ZCRM.F Zincore Metals
0.5xn/aUS$852.33k
FNV 59.6xIndustry Avg. 20.8xNo. of Companies7PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FNV is expensive based on its Price-To-Earnings Ratio (59.6x) compared to the US Metals and Mining industry average (20.9x).

Price to Earnings Ratio vs Fair Ratio

What is FNV'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.

FNV PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio59.6x
Fair PE Ratio23.4x

Price-To-Earnings vs Fair Ratio: FNV is expensive based on its Price-To-Earnings Ratio (59.6x) compared to the estimated Fair Price-To-Earnings Ratio (23.4x).

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 FNV forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$170.85
US$186.76
+9.3%
5.3%US$201.62US$165.81n/a9
Apr ’26US$157.63
US$164.93
+4.6%
7.3%US$180.63US$145.78n/a8
Mar ’26US$142.94
US$153.12
+7.1%
9.9%US$183.23US$128.51n/a7
Feb ’26US$135.96
US$149.33
+9.8%
7.7%US$169.64US$128.51n/a7
Jan ’26US$117.59
US$144.73
+23.1%
8.4%US$170.47US$131.00n/a8
Dec ’25US$122.62
US$147.92
+20.6%
8.5%US$174.87US$132.10n/a8
Nov ’25US$131.71
US$149.44
+13.5%
12.0%US$192.27US$127.93n/a8
Oct ’25US$125.10
US$148.39
+18.6%
12.6%US$195.27US$130.28n/a8
Sep ’25US$122.15
US$148.31
+21.4%
13.3%US$196.60US$124.82n/a8
Aug ’25US$127.07
US$148.88
+17.2%
11.4%US$191.72US$125.98n/a9
Jul ’25US$117.47
US$145.57
+23.9%
9.7%US$181.86US$126.43n/a10
Jun ’25US$123.80
US$145.11
+17.2%
9.9%US$182.48US$126.43n/a10
May ’25US$121.83
US$143.50
+17.8%
10.2%US$182.49US$126.07n/a10
Apr ’25US$121.05
US$138.64
+14.5%
13.4%US$183.78US$110.66US$157.6310
Mar ’25US$106.99
US$145.32
+35.8%
12.6%US$185.53US$120.26US$142.949
Feb ’25US$110.78
US$142.66
+28.8%
13.4%US$184.91US$117.35US$135.9610
Jan ’25US$110.81
US$148.95
+34.4%
16.3%US$187.47US$110.52US$117.599
Dec ’24US$113.16
US$152.73
+35.0%
15.0%US$183.41US$110.52US$122.629
Nov ’24US$119.58
US$162.80
+36.1%
8.8%US$186.47US$140.59US$131.719
Oct ’24US$133.49
US$166.74
+24.9%
8.5%US$190.72US$147.08US$125.109
Sep ’24US$143.54
US$167.16
+16.5%
8.3%US$191.44US$147.08US$122.159
Aug ’24US$142.72
US$174.81
+22.5%
7.2%US$196.00US$155.54US$127.078
Jul ’24US$142.60
US$165.72
+16.2%
13.2%US$186.34US$111.00US$117.4710
Jun ’24US$149.60
US$163.60
+9.4%
12.5%US$183.56US$111.00US$123.8011
May ’24US$154.27
US$160.54
+4.1%
12.2%US$185.69US$111.00US$121.8311
Apr ’24US$145.80
US$153.95
+5.6%
12.3%US$176.79US$111.00US$121.0510
AnalystConsensusTarget
Consensus Narrative from 9 Analysts
US$187.37
Fair Value
8.8% undervalued intrinsic discount
9
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/28 01:25
End of Day Share Price 2025/04/28 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

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.

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 Github.

Analyst Sources

Franco-Nevada Corporation is covered by 36 analysts. 9 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
Matthew MurphyBMO Capital Markets Equity Research