<h3>关键洞察</h3>
<ul>
<li>Wheaton Precious Metals 的估计公允价值为 186 加元，基于两阶段自由现金流折现模型</li>
<li>当前股价为 161 加元，Wheaton Precious Metals 的交易价格接近其估计公允价值</li>
<li>分析师对 WPM 的目标股价为 190 美元，比我们的公允价值估计高出 2.1%</li>
</ul>
<p>今天我们将简单介绍一种估值方法，用于评估 Wheaton Precious Metals Corp. (TSE:WPM) 作为投资机会的吸引力，通过将预期未来现金流折现到其现值。我们的分析将采用折现现金流（DCF）模型。尽管看起来可能相当复杂，但实际上并没有那么多内容。</p>
<p>公司可以通过多种方式进行估值，因此我们要指出，DCF 并不适用于每种情况。如果您对这种估值方法仍有疑问，可以查看 Simply Wall St 的分析模型。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>计算</h2>
<p>我们将使用两阶段 DCF 模型，顾名思义，它考虑了两个增长阶段。第一阶段通常是一个较高的增长期，随后趋于稳定，进入第二个 “稳定增长” 期。在第一阶段，我们需要估计未来十年内企业的现金流。在可能的情况下，我们使用分析师的估计，但当这些不可用时，我们会从上一个估计或报告值中推算出之前的自由现金流（FCF）。我们假设自由现金流减少的公司将减缓其缩减速度，而自由现金流增长的公司在此期间将看到其增长速度放缓。我们这样做是为了反映出增长在早期阶段往往比后期阶段放缓得更快。</p>
<p>通常我们假设今天的一美元比未来的一美元更有价值，因此我们需要折现这些未来现金流的总和，以得出现值估计：</p>
<h4>10 年自由现金流（FCF）估计</h4>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>杠杆自由现金流（美元，百万）</strong></td>
<td>16.6 亿美元</td>
<td>19.7 亿美元</td>
<td>23.3 亿美元</td>
<td>26.1 亿美元</td>
<td>28.5 亿美元</td>
<td>30.5 亿美元</td>
<td>32.3 亿美元</td>
<td>33.9 亿美元</td>
<td>35.4 亿美元</td>
<td>36.7 亿美元</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x4</td>
<td>分析师 x2</td>
<td>分析师 x1</td>
<td>估计 @ 11.85%</td>
<td>估计 @ 9.12%</td>
<td>估计 @ 7.21%</td>
<td>估计 @ 5.87%</td>
<td>估计 @ 4.94%</td>
<td>估计 @ 4.28%</td>
<td>估计 @ 3.82%</td>
</tr>
<tr>
<td><strong>现值（美元，百万）折现 @ 7.2%</strong></td>
<td>15 亿美元</td>
<td>17 亿美元</td>
<td>19 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>19 亿美元</td>
<td>18 亿美元</td>
</tr>
</tbody>
</table>
<p><em>(&#34;Est&#34; = FCF 增长率由 Simply Wall St 估计)</em></p>
<p><strong>10 年现金流的现值（PVCF）</strong> = 190 亿美元</p>
<p>我们现在需要计算终值，它考虑了这十年期之后的所有未来现金流。由于多种原因，使用的增长率非常保守，不能超过一个国家的 GDP 增长。在这种情况下，我们使用了 10 年期国债收益率的 5 年平均值（2.8%）来估计未来增长。与 10 年 “增长” 期一样，我们将未来现金流折现到今天的价值，使用的股本成本为 7.2%。</p>
<p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 37 亿美元 × (1 + 2.8%) ÷ (7.2%– 2.8%) = 860 亿美元</p>
<p><strong>终值的现值（PVTV）</strong> = TV / (1 + r) 10= 860 亿美元 ÷ ( 1 + 7.2%) 10= 430 亿美元</p>
<p>总价值或股权价值是未来现金流现值的总和，在这种情况下为 620 亿美元。要获得每股内在价值，我们将其除以总流通股数。与当前股价 161 加元相比，该公司在当前股价交易时约有 13% 的折扣，显得公允价值。不过，请记住，这只是一个近似估值，像任何复杂的公式一样——垃圾进，垃圾出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/3103638-dcf-1-dark-2/1767350000270?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/3103638-dcf-1-dark-2/1767350000270"/></p>
<p>TSX:WPM 折现现金流 2026 年 1 月 2 日</p>
<h2>重要假设</h2>
<p>现在，折现现金流最重要的输入是折现率，当然，还有实际现金流。投资的一部分是对公司未来表现的自我评估，因此请尝试自己进行计算并检查自己的假设。DCF 也不考虑行业的周期性或公司的未来资本需求，因此无法全面反映公司的潜在表现。鉴于我们将 Wheaton Precious Metals 视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 7.2%，这是基于 1.048 的杠杆贝塔。贝塔是衡量股票波动性与整体市场相比的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并设定在 0.8 到 2.0 之间的限制，这是一个适合稳定业务的合理范围。</p>
<p>查看我们对 Wheaton Precious Metals 的最新分析</p>
<h3>Wheaton Precious Metals 的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>去年盈利增长超过行业水平。</li>
</ul>
<ul>
<li>目前无债务。</li>
</ul>
<p>WPM 的资产负债表摘要。</p>
<p><strong>劣势</strong></p>
<ul>
<li>与金属和矿业市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>年度盈利预计将比加拿大市场增长更快。</li>
</ul>
<ul>
<li>当前股价低于我们估计的公允价值。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>收入预计将以低于 20% 的速度增长。</li>
</ul>
<p>分析师对 WPM 还有什么其他预测？</p>
<h2>展望未来：</h2>
<p>估值只是构建投资论点的一个方面，理想情况下，它不会是你对一家公司进行分析时唯一关注的内容。DCF 模型并不是一个完美的股票估值工具。相反，DCF 模型的最佳用途是测试某些假设和理论，以查看它们是否会导致公司被低估或高估。例如，如果终值增长率稍作调整，可能会显著改变整体结果。对于 Wheaton Precious Metals，你应该考虑三个关键因素：</p>
<ol>
<li><strong>财务健康</strong>：WPM 的资产负债表是否健康？查看我们提供的免费资产负债表分析，包含对杠杆和风险等关键因素的六项简单检查。</li>
<li><strong>未来收益</strong>：WPM 的增长率与同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解未来几年的分析师共识数字。</li>
<li><strong>其他稳健业务</strong>：低债务、高股本回报和良好的过往表现是强大业务的基础。为什么不探索我们互动式的稳健业务基本面股票列表，看看是否还有其他你可能未考虑的公司！</li>
</ol>
<p>PS. Simply Wall St 每天都会更新每只加拿大股票的 DCF 计算，因此如果你想找到其他股票的内在价值，只需在这里搜索。</p>
<p>用于国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是人形机器人。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

<p>Wheaton Precious Metals Corp.（多伦多证券交易所代码：WPM）的估计公允价值为 186 加元，目前股价为 161 加元，表明其交易接近公允价值。分析师的目标价格为 190 美元，略高于公允价值估计。该估值采用了两阶段折现现金流（DCF）模型，预测未来现金流并将其折现至现值。总股权价值估计为 620 亿美元，较当前股价有 13% 的折扣。关键假设包括 7.2% 的折现率以及对未来现金流的考虑</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>关键洞察</h3>
</div><ul>
<li>Wheaton Precious Metals' estimated fair value is CA$186 based on 2 Stage Free Cash Flow to Equity</li>
<li>With CA$161 share price, Wheaton Precious Metals appears to be trading close to its estimated fair value</li>
<li>Analyst price target for WPM is US$190, which is 2.1% above our fair value estimate</li>
</ul>
<div class="lb-trans"><ul>
<li>Wheaton Precious Metals 的估计公允价值为 186 加元，基于两阶段自由现金流折现模型</li>
<li>当前股价为 161 加元，Wheaton Precious Metals 的交易价格接近其估计公允价值</li>
<li>分析师对 WPM 的目标股价为 190 美元，比我们的公允价值估计高出 2.1%</li>
</ul>
</div><p>Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Wheaton Precious Metals Corp. (TSE:WPM) as an investment opportunity by taking the expected future cash flows and discounting them to their present value. Our analysis will employ the Discounted Cash Flow (DCF) model. There's really not all that much to it, even though it might appear quite complex.</p>
<div class="lb-trans"><p>今天我们将简单介绍一种估值方法，用于评估 Wheaton Precious Metals Corp. (TSE:WPM) 作为投资机会的吸引力，通过将预期未来现金流折现到其现值。我们的分析将采用折现现金流（DCF）模型。尽管看起来可能相当复杂，但实际上并没有那么多内容。</p>
</div><p>Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>公司可以通过多种方式进行估值，因此我们要指出，DCF 并不适用于每种情况。如果您对这种估值方法仍有疑问，可以查看 Simply Wall St 的分析模型。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><h2>The Calculation</h2>
<div class="lb-trans"><h2>计算</h2>
</div><p>We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.</p>
<div class="lb-trans"><p>我们将使用两阶段 DCF 模型，顾名思义，它考虑了两个增长阶段。第一阶段通常是一个较高的增长期，随后趋于稳定，进入第二个 “稳定增长” 期。在第一阶段，我们需要估计未来十年内企业的现金流。在可能的情况下，我们使用分析师的估计，但当这些不可用时，我们会从上一个估计或报告值中推算出之前的自由现金流（FCF）。我们假设自由现金流减少的公司将减缓其缩减速度，而自由现金流增长的公司在此期间将看到其增长速度放缓。我们这样做是为了反映出增长在早期阶段往往比后期阶段放缓得更快。</p>
</div><p>Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate:</p>
<div class="lb-trans"><p>通常我们假设今天的一美元比未来的一美元更有价值，因此我们需要折现这些未来现金流的总和，以得出现值估计：</p>
</div><h4>10-year free cash flow (FCF) estimate</h4>
<div class="lb-trans"><h4>10 年自由现金流（FCF）估计</h4>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>Levered FCF ($, Millions)</strong></td>
<td>US$1.66b</td>
<td>US$1.97b</td>
<td>US$2.33b</td>
<td>US$2.61b</td>
<td>US$2.85b</td>
<td>US$3.05b</td>
<td>US$3.23b</td>
<td>US$3.39b</td>
<td>US$3.54b</td>
<td>US$3.67b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x4</td>
<td>Analyst x2</td>
<td>Analyst x1</td>
<td>Est @ 11.85%</td>
<td>Est @ 9.12%</td>
<td>Est @ 7.21%</td>
<td>Est @ 5.87%</td>
<td>Est @ 4.94%</td>
<td>Est @ 4.28%</td>
<td>Est @ 3.82%</td>
</tr>
<tr>
<td><strong>Present Value ($, Millions) Discounted @ 7.2%</strong></td>
<td>US$1.5k</td>
<td>US$1.7k</td>
<td>US$1.9k</td>
<td>US$2.0k</td>
<td>US$2.0k</td>
<td>US$2.0k</td>
<td>US$2.0k</td>
<td>US$2.0k</td>
<td>US$1.9k</td>
<td>US$1.8k</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>杠杆自由现金流（美元，百万）</strong></td>
<td>16.6 亿美元</td>
<td>19.7 亿美元</td>
<td>23.3 亿美元</td>
<td>26.1 亿美元</td>
<td>28.5 亿美元</td>
<td>30.5 亿美元</td>
<td>32.3 亿美元</td>
<td>33.9 亿美元</td>
<td>35.4 亿美元</td>
<td>36.7 亿美元</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x4</td>
<td>分析师 x2</td>
<td>分析师 x1</td>
<td>估计 @ 11.85%</td>
<td>估计 @ 9.12%</td>
<td>估计 @ 7.21%</td>
<td>估计 @ 5.87%</td>
<td>估计 @ 4.94%</td>
<td>估计 @ 4.28%</td>
<td>估计 @ 3.82%</td>
</tr>
<tr>
<td><strong>现值（美元，百万）折现 @ 7.2%</strong></td>
<td>15 亿美元</td>
<td>17 亿美元</td>
<td>19 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>20 亿美元</td>
<td>19 亿美元</td>
<td>18 亿美元</td>
</tr>
</tbody>
</table>
</div><p><em>(&#34;Est&#34; = FCF growth rate estimated by Simply Wall St)</em></p>
<div class="lb-trans"><p><em>(&#34;Est&#34; = FCF 增长率由 Simply Wall St 估计)</em></p>
</div><p><strong>Present Value of 10-year Cash Flow (PVCF)</strong> = US$19b</p>
<div class="lb-trans"><p><strong>10 年现金流的现值（PVCF）</strong> = 190 亿美元</p>
</div><p>We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.8%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 7.2%.</p>
<div class="lb-trans"><p>我们现在需要计算终值，它考虑了这十年期之后的所有未来现金流。由于多种原因，使用的增长率非常保守，不能超过一个国家的 GDP 增长。在这种情况下，我们使用了 10 年期国债收益率的 5 年平均值（2.8%）来估计未来增长。与 10 年 “增长” 期一样，我们将未来现金流折现到今天的价值，使用的股本成本为 7.2%。</p>
</div><p><strong>Terminal Value (TV)</strong> = FCF2035 × (1 + g) ÷ (r – g) = US$3.7b× (1 + 2.8%) ÷ (7.2%– 2.8%) = US$86b</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 37 亿美元 × (1 + 2.8%) ÷ (7.2%– 2.8%) = 860 亿美元</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= US$86b÷ ( 1 + 7.2%) 10= US$43b</p>
<div class="lb-trans"><p><strong>终值的现值（PVTV）</strong> = TV / (1 + r) 10= 860 亿美元 ÷ ( 1 + 7.2%) 10= 430 亿美元</p>
</div><p>The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$62b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of CA$161, the company appears about fair value at a 13% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.</p>
<div class="lb-trans"><p>总价值或股权价值是未来现金流现值的总和，在这种情况下为 620 亿美元。要获得每股内在价值，我们将其除以总流通股数。与当前股价 161 加元相比，该公司在当前股价交易时约有 13% 的折扣，显得公允价值。不过，请记住，这只是一个近似估值，像任何复杂的公式一样——垃圾进，垃圾出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/3103638-dcf-1-dark-2/1767350000270" alt="" original-src="https://images.simplywall.st/asset/chart/3103638-dcf-1-dark-2/1767350000270"/></p>
<p>TSX:WPM Discounted Cash Flow January 2nd 2026</p>
<div class="lb-trans"><p>TSX:WPM 折现现金流 2026 年 1 月 2 日</p>
</div><h2>Important Assumptions</h2>
<div class="lb-trans"><h2>重要假设</h2>
</div><p>Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Wheaton Precious Metals as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.2%, which is based on a levered beta of 1.048. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p>
<div class="lb-trans"><p>现在，折现现金流最重要的输入是折现率，当然，还有实际现金流。投资的一部分是对公司未来表现的自我评估，因此请尝试自己进行计算并检查自己的假设。DCF 也不考虑行业的周期性或公司的未来资本需求，因此无法全面反映公司的潜在表现。鉴于我们将 Wheaton Precious Metals 视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 7.2%，这是基于 1.048 的杠杆贝塔。贝塔是衡量股票波动性与整体市场相比的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并设定在 0.8 到 2.0 之间的限制，这是一个适合稳定业务的合理范围。</p>
</div><p>Check out our latest analysis for Wheaton Precious Metals</p>
<div class="lb-trans"><p>查看我们对 Wheaton Precious Metals 的最新分析</p>
</div><h3>SWOT Analysis for Wheaton Precious Metals</h3>
<div class="lb-trans"><h3>Wheaton Precious Metals 的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>优势</strong></p>
</div><ul>
<li>Earnings growth over the past year exceeded the industry.</li>
</ul>
<div class="lb-trans"><ul>
<li>去年盈利增长超过行业水平。</li>
</ul>
</div><ul>
<li>Currently debt free.</li>
</ul>
<div class="lb-trans"><ul>
<li>目前无债务。</li>
</ul>
</div><p>Balance sheet summary for WPM.</p>
<div class="lb-trans"><p>WPM 的资产负债表摘要。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣势</strong></p>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Metals and Mining market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与金属和矿业市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>机会</strong></p>
</div><ul>
<li>Annual earnings are forecast to grow faster than the Canadian market.</li>
</ul>
<div class="lb-trans"><ul>
<li>年度盈利预计将比加拿大市场增长更快。</li>
</ul>
</div><ul>
<li>Current share price is below our estimate of fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>当前股价低于我们估计的公允价值。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威胁</strong></p>
</div><ul>
<li>Revenue is forecast to grow slower than 20% per year.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入预计将以低于 20% 的速度增长。</li>
</ul>
</div><p>What else are analysts forecasting for WPM?</p>
<div class="lb-trans"><p>分析师对 WPM 还有什么其他预测？</p>
</div><h2>Looking Ahead:</h2>
<div class="lb-trans"><h2>展望未来：</h2>
</div><p>Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. The DCF model is not a perfect stock valuation tool. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Wheaton Precious Metals, there are three essential items you should consider:</p>
<div class="lb-trans"><p>估值只是构建投资论点的一个方面，理想情况下，它不会是你对一家公司进行分析时唯一关注的内容。DCF 模型并不是一个完美的股票估值工具。相反，DCF 模型的最佳用途是测试某些假设和理论，以查看它们是否会导致公司被低估或高估。例如，如果终值增长率稍作调整，可能会显著改变整体结果。对于 Wheaton Precious Metals，你应该考虑三个关键因素：</p>
</div><ol>
<li><strong>Financial Health</strong>: Does WPM have a healthy balance sheet? Take a look at our free balance sheet analysis with six simple checks on key factors like leverage and risk.</li>
<li><strong>Future Earnings</strong>: How does WPM's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.</li>
<li><strong>Other Solid Businesses</strong>: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>财务健康</strong>：WPM 的资产负债表是否健康？查看我们提供的免费资产负债表分析，包含对杠杆和风险等关键因素的六项简单检查。</li>
<li><strong>未来收益</strong>：WPM 的增长率与同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解未来几年的分析师共识数字。</li>
<li><strong>其他稳健业务</strong>：低债务、高股本回报和良好的过往表现是强大业务的基础。为什么不探索我们互动式的稳健业务基本面股票列表，看看是否还有其他你可能未考虑的公司！</li>
</ol>
</div><p>PS. Simply Wall St updates its DCF calculation for every Canadian stock every day, so if you want to find the intrinsic value of any other stock just search here.</p>
<div class="lb-trans"><p>PS. Simply Wall St 每天都会更新每只加拿大股票的 DCF 计算，因此如果你想找到其他股票的内在价值，只需在这里搜索。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>用于国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是人形机器人。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
</div>

计算 Wheaton Precious Metals Corp.（TSE:WPM）的合理价值