Discounted Cash Flow (DCF) Analysis Unlevered

Wheaton Precious Metals Corp. (WPM)

$37.88

-0.88 (-2.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.94 | 37.88 | undervalue

Operating Data

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 (%)
EBITDA 345.16732.16380.74519.581,011.65815.85896.48985.081,082.441,189.42
EBITDA (%)
EBIT 81.81478.82122.01517.70731.22507.70557.87613.01673.60740.17
EBIT (%)
Depreciation 263.35253.34258.731.89280.44308.15338.61372.07408.85449.25
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 98.5275.77103.99192.68226.04184.03202.22222.21244.17268.30
Total Cash (%)
Account Receivables 3.192.407.266.7012.398.369.1910.0911.0912.19
Account Receivables (%)
Inventories ----8.719.5710.5211.5612.7013.96
Inventories (%)
Accounts Payable ---13.0213.9315.5017.0318.7120.5622.60
Accounts Payable (%)
Capital Expenditure ----1.82-525.96-290.07-318.74-350.24-384.85-422.89
Capital Expenditure (%)

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

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
EBITDA 345.16732.16380.74519.581,011.65815.85896.48985.081,082.441,189.42
EBIT 81.81478.82122.01517.70731.22507.70557.87613.01673.60740.17
Tax Rate -1.56%3.58%-11.76%-0.49%-0.04%-2.05%-2.05%-2.05%-2.05%-2.05%
EBIAT 83.09461.67136.37520.23731.48518.12569.33625.60687.43755.36
Depreciation 263.35253.34258.731.89280.44308.15338.61372.07408.85449.25
Accounts Receivable -0.80-4.870.57-5.704.03-0.83-0.91-1-1.10
Inventories ------0.86-0.95-1.04-1.14-1.26
Accounts Payable ----0.911.561.531.681.852.03
Capital Expenditure ----1.82-525.96-290.07-318.74-350.24-384.85-422.89
UFCF 346.44715.81390.23520.86481.17540.94588.96647.17711.13781.41
WACC
PV UFCF 515.48534.81560.01586.38614.01
SUM PV UFCF 2,810.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.94
Free cash flow (t + 1) 797.04
Terminal Value 27,110.09
Present Value of Terminal Value 21,302.26

Intrinsic Value

Enterprise Value 24,112.95
Net Debt -223.17
Equity Value 24,336.12
Shares Outstanding 451.17
Equity Value Per Share 53.94