Discounted Cash Flow (DCF) Analysis Levered

Wheaton Precious Metals Corp. (WPM)

$44.86

-0.45 (-0.99%)

All numbers are in Millions, Currency in USD

Stock DCF: 24.89 | 44.86 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	794.01	861.33	1,096.22	1,201.66	1,065.05	1,155.58	1,253.80	1,360.37	1,476	1,601.46
Revenue (%)
Operating Cash Flow	477.41	501.62	765.44	845.14	743.42	758.81	823.30	893.28	969.21	1,051.59
Operating Cash Flow (%)
Capital Expenditure	-1,125.66	-3.21	-1.82	-525.96	-21.67	-434.76	-471.71	-511.80	-555.31	-602.51
Capital Expenditure (%)
Free Cash Flow	-648.25	498.41	763.62	319.18	721.76	324.05	351.59	381.48	413.90	449.08

Weighted Average Cost Of Capital

Share price	$ 44.86
Beta	0.446
Diluted Shares Outstanding	452.34
Cost of Debt
Tax Rate	0.08
After-tax Cost of Debt	4.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.847
Total Debt	1.97
Total Equity	20,292.15
Total Capital	20,294.12
Debt Weighting	0.01
Equity Weighting	99.99
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	794.01	861.33	1,096.22	1,201.66	1,065.05	1,155.58	1,253.80	1,360.37	1,476	1,601.46
Operating Cash Flow	477.41	501.62	765.44	845.14	743.42	758.81	823.30	893.28	969.21	1,051.59
Capital Expenditure	-1,125.66	-3.21	-1.82	-525.96	-21.67	-434.76	-471.71	-511.80	-555.31	-602.51
Free Cash Flow	-648.25	498.41	763.62	319.18	721.76	324.05	351.59	381.48	413.90	449.08
WACC
PV LFCF						306.14	313.80	321.66	329.71	337.97
SUM PV LFCF										1,609.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.85
Free cash flow (t + 1)	458.07
Terminal Value	11,897.84
Present Value of Terminal Value	8,953.93

Intrinsic Value

Enterprise Value	10,563.22
Net Debt	-694.12
Equity Value	11,257.34
Shares Outstanding	452.34
Equity Value Per Share	24.89