Intrinsic value of Wheaton Precious Metals Corp. - WPM

Previous Close

$26.53

  Intrinsic Value

$3.78

stock screener

  Rating & Target

str. sell

-86%

Previous close

$26.53

 
Intrinsic value

$3.78

 
Up/down potential

-86%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WPM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  37.56
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,205
  1,229
  1,257
  1,290
  1,326
  1,366
  1,410
  1,458
  1,510
  1,566
  1,626
  1,691
  1,759
  1,832
  1,910
  1,992
  2,080
  2,172
  2,270
  2,373
  2,482
  2,597
  2,719
  2,847
  2,981
  3,123
  3,273
  3,430
  3,595
  3,770
  3,953
Variable operating expenses, $m
 
  1,528
  1,563
  1,603
  1,648
  1,698
  1,753
  1,813
  1,877
  1,947
  2,022
  2,102
  2,187
  2,278
  2,374
  2,477
  2,585
  2,700
  2,822
  2,950
  3,085
  3,228
  3,379
  3,538
  3,706
  3,882
  4,068
  4,263
  4,469
  4,686
  4,913
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  903
  1,528
  1,563
  1,603
  1,648
  1,698
  1,753
  1,813
  1,877
  1,947
  2,022
  2,102
  2,187
  2,278
  2,374
  2,477
  2,585
  2,700
  2,822
  2,950
  3,085
  3,228
  3,379
  3,538
  3,706
  3,882
  4,068
  4,263
  4,469
  4,686
  4,913
Operating income, $m
  301
  -299
  -306
  -313
  -322
  -332
  -343
  -354
  -367
  -381
  -395
  -411
  -428
  -445
  -464
  -484
  -505
  -528
  -552
  -577
  -603
  -631
  -661
  -692
  -724
  -759
  -795
  -833
  -874
  -916
  -961
EBITDA, $m
  719
  128
  131
  134
  138
  142
  147
  152
  157
  163
  169
  176
  183
  191
  199
  207
  216
  226
  236
  247
  258
  270
  283
  296
  310
  325
  340
  357
  374
  392
  411
Interest expense (income), $m
  32
  56
  57
  59
  60
  62
  64
  66
  68
  71
  73
  76
  79
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  141
  147
  155
  162
  170
  178
Earnings before tax, $m
  262
  -355
  -363
  -372
  -383
  -394
  -407
  -420
  -435
  -451
  -469
  -487
  -507
  -528
  -550
  -574
  -599
  -626
  -654
  -684
  -715
  -748
  -783
  -820
  -859
  -900
  -943
  -988
  -1,036
  -1,086
  -1,139
Tax expense, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  264
  -355
  -363
  -372
  -383
  -394
  -407
  -420
  -435
  -451
  -469
  -487
  -507
  -528
  -550
  -574
  -599
  -626
  -654
  -684
  -715
  -748
  -783
  -820
  -859
  -900
  -943
  -988
  -1,036
  -1,086
  -1,139

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,314
  8,305
  8,496
  8,714
  8,959
  9,231
  9,529
  9,853
  10,205
  10,583
  10,989
  11,424
  11,887
  12,381
  12,906
  13,462
  14,052
  14,677
  15,337
  16,035
  16,772
  17,549
  18,369
  19,233
  20,144
  21,103
  22,113
  23,175
  24,294
  25,470
  26,708
Adjusted assets (=assets-cash), $m
  8,146
  8,305
  8,496
  8,714
  8,959
  9,231
  9,529
  9,853
  10,205
  10,583
  10,989
  11,424
  11,887
  12,381
  12,906
  13,462
  14,052
  14,677
  15,337
  16,035
  16,772
  17,549
  18,369
  19,233
  20,144
  21,103
  22,113
  23,175
  24,294
  25,470
  26,708
Revenue / Adjusted assets
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
Average production assets, $m
  7,694
  7,848
  8,028
  8,235
  8,466
  8,723
  9,005
  9,311
  9,643
  10,001
  10,385
  10,795
  11,233
  11,700
  12,196
  12,722
  13,279
  13,869
  14,493
  15,153
  15,849
  16,584
  17,358
  18,175
  19,036
  19,942
  20,896
  21,900
  22,957
  24,069
  25,238
Working capital, $m
  147
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
Total debt, $m
  1,612
  1,641
  1,680
  1,724
  1,773
  1,827
  1,887
  1,953
  2,023
  2,099
  2,181
  2,268
  2,361
  2,461
  2,566
  2,678
  2,797
  2,922
  3,055
  3,195
  3,343
  3,499
  3,664
  3,838
  4,021
  4,214
  4,417
  4,630
  4,855
  5,092
  5,340
Total liabilities, $m
  1,639
  1,669
  1,708
  1,752
  1,801
  1,855
  1,915
  1,981
  2,051
  2,127
  2,209
  2,296
  2,389
  2,489
  2,594
  2,706
  2,825
  2,950
  3,083
  3,223
  3,371
  3,527
  3,692
  3,866
  4,049
  4,242
  4,445
  4,658
  4,883
  5,120
  5,368
Total equity, $m
  6,674
  6,635
  6,788
  6,963
  7,158
  7,375
  7,614
  7,873
  8,154
  8,456
  8,780
  9,128
  9,498
  9,892
  10,312
  10,756
  11,228
  11,727
  12,254
  12,812
  13,401
  14,022
  14,677
  15,367
  16,095
  16,861
  17,668
  18,517
  19,411
  20,351
  21,339
Total liabilities and equity, $m
  8,313
  8,304
  8,496
  8,715
  8,959
  9,230
  9,529
  9,854
  10,205
  10,583
  10,989
  11,424
  11,887
  12,381
  12,906
  13,462
  14,053
  14,677
  15,337
  16,035
  16,772
  17,549
  18,369
  19,233
  20,144
  21,103
  22,113
  23,175
  24,294
  25,471
  26,707
Debt-to-equity ratio
  0.242
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Adjusted equity ratio
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799
  0.799

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  264
  -355
  -363
  -372
  -383
  -394
  -407
  -420
  -435
  -451
  -469
  -487
  -507
  -528
  -550
  -574
  -599
  -626
  -654
  -684
  -715
  -748
  -783
  -820
  -859
  -900
  -943
  -988
  -1,036
  -1,086
  -1,139
Depreciation, amort., depletion, $m
  418
  427
  436
  448
  460
  474
  489
  506
  524
  544
  564
  587
  611
  636
  663
  691
  722
  754
  788
  824
  861
  901
  943
  988
  1,035
  1,084
  1,136
  1,190
  1,248
  1,308
  1,372
Funds from operations, $m
  767
  71
  73
  75
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
Change in working capital, $m
  -22
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  789
  72
  74
  76
  78
  81
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  135
  142
  148
  155
  162
  170
  178
  187
  195
  205
  215
  225
  236
Maintenance CAPEX, $m
  0
  -418
  -427
  -436
  -448
  -460
  -474
  -489
  -506
  -524
  -544
  -564
  -587
  -611
  -636
  -663
  -691
  -722
  -754
  -788
  -824
  -861
  -901
  -943
  -988
  -1,035
  -1,084
  -1,136
  -1,190
  -1,248
  -1,308
New CAPEX, $m
  -1,081
  -154
  -180
  -206
  -232
  -257
  -282
  -307
  -332
  -358
  -384
  -411
  -438
  -466
  -496
  -526
  -558
  -590
  -624
  -659
  -696
  -735
  -775
  -817
  -860
  -906
  -954
  -1,004
  -1,057
  -1,112
  -1,169
Cash from investing activities, $m
  -1,088
  -572
  -607
  -642
  -680
  -717
  -756
  -796
  -838
  -882
  -928
  -975
  -1,025
  -1,077
  -1,132
  -1,189
  -1,249
  -1,312
  -1,378
  -1,447
  -1,520
  -1,596
  -1,676
  -1,760
  -1,848
  -1,941
  -2,038
  -2,140
  -2,247
  -2,360
  -2,477
Free cash flow, $m
  -299
  -500
  -533
  -567
  -601
  -636
  -672
  -710
  -748
  -789
  -831
  -874
  -920
  -968
  -1,018
  -1,070
  -1,125
  -1,182
  -1,242
  -1,305
  -1,372
  -1,441
  -1,514
  -1,590
  -1,670
  -1,754
  -1,842
  -1,935
  -2,032
  -2,134
  -2,241
Issuance/(repayment) of debt, $m
  -369
  29
  38
  44
  49
  55
  60
  65
  71
  76
  82
  87
  93
  99
  105
  112
  119
  126
  133
  140
  148
  156
  165
  174
  183
  193
  203
  214
  225
  236
  249
Issuance/(repurchase) of shares, $m
  884
  485
  516
  547
  578
  611
  645
  680
  716
  754
  793
  834
  877
  922
  969
  1,019
  1,070
  1,125
  1,182
  1,241
  1,304
  1,369
  1,438
  1,510
  1,586
  1,666
  1,749
  1,837
  1,929
  2,026
  2,127
Cash from financing (excl. dividends), $m  
  433
  514
  554
  591
  627
  666
  705
  745
  787
  830
  875
  921
  970
  1,021
  1,074
  1,131
  1,189
  1,251
  1,315
  1,381
  1,452
  1,525
  1,603
  1,684
  1,769
  1,859
  1,952
  2,051
  2,154
  2,262
  2,376
Total cash flow (excl. dividends), $m
  134
  14
  21
  24
  27
  30
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  135
Retained Cash Flow (-), $m
  -1,066
  -485
  -516
  -547
  -578
  -611
  -645
  -680
  -716
  -754
  -793
  -834
  -877
  -922
  -969
  -1,019
  -1,070
  -1,125
  -1,182
  -1,241
  -1,304
  -1,369
  -1,438
  -1,510
  -1,586
  -1,666
  -1,749
  -1,837
  -1,929
  -2,026
  -2,127
Prev. year cash balance distribution, $m
 
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -303
  -495
  -523
  -552
  -581
  -612
  -644
  -678
  -713
  -749
  -787
  -827
  -869
  -912
  -958
  -1,006
  -1,057
  -1,110
  -1,165
  -1,223
  -1,285
  -1,349
  -1,416
  -1,487
  -1,561
  -1,640
  -1,721
  -1,808
  -1,898
  -1,993
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -290
  -453
  -455
  -454
  -451
  -444
  -435
  -424
  -409
  -393
  -374
  -353
  -330
  -306
  -281
  -256
  -230
  -204
  -179
  -155
  -133
  -112
  -93
  -76
  -61
  -48
  -37
  -28
  -21
  -15
Current shareholders' claim on cash, %
  100
  95.9
  91.9
  87.8
  83.9
  80.0
  76.2
  72.5
  68.9
  65.5
  62.2
  59.0
  55.9
  53.0
  50.2
  47.5
  45.0
  42.6
  40.2
  38.1
  36.0
  34.0
  32.1
  30.3
  28.7
  27.1
  25.6
  24.1
  22.8
  21.5
  20.3

Wheaton Precious Metals Corp, formerly Silver Wheaton Corp, is a Canada-based pure precious metals streaming company engaged in the sale of silver and gold. The Company operates through eight segments: the silver produced by the San Dimas, Penasquito and Antamina mines, the gold produced by the Sudbury and Salobo mines, the silver and gold produced by the Constancia mine and the Other mines, and corporate operations. The Company has entered into long-term purchase agreements and early deposit long-term purchase agreement associated with silver and gold (precious metal purchase agreements), relating to mining assets, whereby Silver Wheaton acquires silver and gold production at various mines. The San Dimas gold-silver deposit is located in the San Dimas district on the border of Durango and Sinaloa states. The Company holds interest in Los Filos mine, Zinkgruvan mining operations, Stratoni mine, Keno Hill silver, Cozamin mine, Aljustrel mine, 777 mine and Constancia mines.

FINANCIAL RATIOS  of  Wheaton Precious Metals Corp. (WPM)

Valuation Ratios
P/E Ratio 44.4
Price to Sales 9.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow -40.1
Growth Rates
Sales Growth Rate 37.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.6%
Cap. Spend. - 3 Yr. Gr. Rate -17%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 24.2%
Total Debt to Equity 24.2%
Interest Coverage 9
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 1.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 40.3%
EBITDA Margin 59.1%
EBITDA Margin - 3 Yr. Avg. 42.2%
Operating Margin 25.1%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin 21.9%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate -0.8%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 40.2%

WPM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WPM stock intrinsic value calculation we used $1205 million for the last fiscal year's total revenue generated by Wheaton Precious Metals Corp.. The default revenue input number comes from 2016 income statement of Wheaton Precious Metals Corp.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WPM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WPM is calculated based on our internal credit rating of Wheaton Precious Metals Corp., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Wheaton Precious Metals Corp..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WPM stock the variable cost ratio is equal to 124.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WPM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Wheaton Precious Metals Corp..

Corporate tax rate of 27% is the nominal tax rate for Wheaton Precious Metals Corp.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WPM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WPM are equal to 638.5%.

Life of production assets of 18.4 years is the average useful life of capital assets used in Wheaton Precious Metals Corp. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WPM is equal to -1.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6674 million for Wheaton Precious Metals Corp. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 442.032 million for Wheaton Precious Metals Corp. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Wheaton Precious Metals Corp. at the current share price and the inputted number of shares is $11.7 billion.

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Financial statements of WPM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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