Discounted Cash Flow (DCF) Analysis Levered

Wheaton Precious Metals Corp. (WPM)

$37.88

-0.88 (-2.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.46 | 37.88 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 843.22794.01861.331,096.221,201.661,320.431,450.931,594.321,751.891,925.04
Revenue (%)
Operating Cash Flow 538.81477.41501.62765.44845.14851.46935.621,028.081,129.691,241.34
Operating Cash Flow (%)
Capital Expenditure ----1.82-525.96-290.07-318.74-350.24-384.85-422.89
Capital Expenditure (%)
Free Cash Flow 538.81477.41501.62763.62319.18561.40616.88677.85744.84818.45

Weighted Average Cost Of Capital

Share price $ 37.88
Beta 0.367
Diluted Shares Outstanding 451.17
Cost of Debt
Tax Rate -0.04
After-tax Cost of Debt 12.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.941
Total Debt 2.87
Total Equity 17,090.32
Total Capital 17,093.19
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 843.22794.01861.331,096.221,201.661,320.431,450.931,594.321,751.891,925.04
Operating Cash Flow 538.81477.41501.62765.44845.14851.46935.621,028.081,129.691,241.34
Capital Expenditure ----1.82-525.96-290.07-318.74-350.24-384.85-422.89
Free Cash Flow 538.81477.41501.62763.62319.18561.40616.88677.85744.84818.45
WACC
PV LFCF 534.97560.17586.55614.18643.11
SUM PV LFCF 2,938.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.94
Free cash flow (t + 1) 834.82
Terminal Value 28,395.30
Present Value of Terminal Value 22,312.13

Intrinsic Value

Enterprise Value 25,251.12
Net Debt -223.17
Equity Value 25,474.29
Shares Outstanding 451.17
Equity Value Per Share 56.46