DDM Analysis: WPM

Valuation Snapshot

Stable Growth	$25.40 - $41.18	$32.49
Multi-Stage	$21.08 - $22.95	$22.00
Blended Fair Value	$27.24
Current Price	$89.80
Upside	-69.66%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.51%	13.34%	0.61	0.58	0.52	0.48	0.37	0.29	0.29	0.27	0.17	0.15
YoY Growth	-	-	5.26%	11.81%	8.73%	30.40%	28.64%	-2.20%	9.01%	54.92%	14.75%	-14.02%
Dividend Yield	-	-	0.79%	1.22%	1.08%	1.01%	0.96%	1.04%	1.23%	1.32%	0.83%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,001.62
(-) Cash Dividends Paid (M)	292.11
(=) Cash Retained (M)	709.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	200.32	125.20	75.12
Cash Retained (M)	709.50	709.50	709.50
(-) Cash Required (M)	-200.32	-125.20	-75.12
(=) Excess Retained (M)	509.18	584.30	634.38
(/) Shares Outstanding (M)	454.56	454.56	454.56
(=) Excess Retained per Share	1.12	1.29	1.40
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	1.12	1.29	1.40
(=) Adjusted Dividend	1.76	1.93	2.04
WACC / Discount Rate	12.82%	12.82%	12.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.40	$32.49	$41.18
Upside / Downside	-71.71%	-63.82%	-54.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,001.62	1,066.72	1,136.06	1,209.90	1,288.55	1,372.30	1,413.47
Payout Ratio	29.16%	41.33%	53.50%	65.67%	77.83%	90.00%	92.50%
Projected Dividends (M)	292.11	440.89	607.77	794.49	1,002.91	1,235.07	1,307.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.82%	12.82%	12.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	387.12	390.79	394.46
Year 2 PV (M)	468.57	477.49	486.50
Year 3 PV (M)	537.81	553.25	568.98
Year 4 PV (M)	596.10	619.03	642.61
Year 5 PV (M)	644.56	675.69	708.02
PV of Terminal Value (M)	6,948.07	7,283.66	7,632.10
Equity Value (M)	9,582.23	9,999.91	10,432.67
Shares Outstanding (M)	454.56	454.56	454.56
Fair Value	$21.08	$22.00	$22.95
Upside / Downside	-76.53%	-75.50%	-74.44%

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Wheaton Precious Metals Corp. (WPM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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