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Wheaton Precious Metals
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=== Historical === Excluding FY04 (part-year), WPMโs shares have historically traded on an average P/E multiple of 30.1x current year basic underlying EPS, excluding impairments (cf 27.1x Edison or 26.3x Refinitiv consensus FY22e โ see Exhibit 17). '''Exhibit 17: WPMโs historical current year P/E multiples, 2005โ21<ref>Source: Edison Investment Research.</ref>''' [[File:Image9-a92743c74c7dc30e74c82d745bb97cad.png|600x600px]] Applying this 30.1x multiple to Edison Investment Research's EPS forecast of US$2.06 in FY26 (previously US$1.84 in FY23) implies a potential value per share for WPM of US$62.02 or C$80.47 in that year. However, the graph above suggests that the investing environment post-2017 has been able to support an enhanced WPM multiple relative to earlier years. Edison Investment Research would ascribe this observation to macro-economic uncertainty and loose monetary policy combining to create a supportive environment for precious metals prices. As such, Edison believes that a multiple of 38.6x (the average of FY18, FY19, FY20 and FY21) may still be supported in the event of a return to favour of precious metals and precious metals stocks. In this case, applying a 38.6x earnings multiple to its updated EPS forecast of US$1.72 in FY23 implies a potential value per share for WPM in that year of US$66.34 or C$86.08. Even at such share price levels however, a multiple of 38.6x would still put WPMโs shares on little more than par relative to those of Franco-Nevada (see Exhibit 18, below).
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