FNV
Franco-Nevada Corporation (FNV)
Last Price$145.61.4%
Market Cap$27.9B
DCF value
$36.1
Overvalued (DCF value)
(75.2%)
Discount Rate
7.5%
Long-Term Growth Rate
2.0%
Stock quality
6/10
Good

FNV DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Dec'19 ActualDec'20 ActualDec'21 ActualDec'22 ActualDec'23 ActualDec'24 EstimateDec'25 EstimateDec'26 EstimateDec'27 EstimateDec'28 EstimateDec'29 EstimateDec'30 EstimateDec'31 EstimateDec'32 EstimateDec'33 EstimateDec'34 Terminal
% growth
844.1
29.2%
1,020.2
20.9%
1,300.0
27.4%
1,315.7
1.2%
1,219.0
(7.3%)
1,096.5
(10.1%)
1,383.1
26.1%
1,641.5
18.7%
1,493.0
(9.0%)
1,312.0
(12.1%)
1,183.8
(9.8%)
1,096.0
(7.4%)
1,040.6
(5.1%)
1,012.4
(2.7%)
1,008.8
(0.4%)
1,029.0
2.0%
410.2
48.6%
592.5
58.1%
860.7
66.2%
820.7
62.4%
(428.0)
(35.1%)
400.1
36.5%
504.7
36.5%
599.0
36.5%
544.8
36.5%
478.7
36.5%
432.0
36.5%
399.9
36.5%
379.7
36.5%
369.4
36.5%
368.1
36.5%
375.5
36.5%
NOPAT
% effective tax rate
347.7
41.2%
569.3
55.8%
736.2
56.6%
689.7
52.4%
(548.1)
(45.0%)
512.3
46.7%
646.3
46.7%
767.0
46.7%
697.6
46.7%
613.1
46.7%
553.2
46.7%
512.1
46.7%
486.2
46.7%
473.1
46.7%
471.4
46.7%
480.8
46.7%
% of revenue
269.3
31.9%
253.7
24.9%
297.0
22.8%
274.9
20.9%
278.1
22.8%
243.2
22.2%
306.8
22.2%
364.1
22.2%
331.2
22.2%
291.0
22.2%
262.6
22.2%
243.1
22.2%
230.8
22.2%
224.6
22.2%
223.8
22.2%
228.3
22.2%
% of revenue
(445.2)
(52.7%)
(312.6)
(30.6%)
(760.5)
(58.5%)
(141.5)
(10.8%)
(531.2)
(43.6%)
(412.4)
(37.6%)
(520.2)
(37.6%)
(617.4)
(37.6%)
(561.5)
(37.6%)
(493.4)
(37.6%)
(445.2)
(37.6%)
(412.2)
(37.6%)
(391.4)
(37.6%)
(380.8)
(37.6%)
(379.4)
(37.6%)
(387.0)
(37.6%)
(13.8)
(1.6%)
1.0
0.1%
(41.0)
(3.2%)
(10.9)
(0.8%)
6.1
0.5%
(12.7)
(1.2%)
(16.1)
(1.2%)
(19.1)
(1.2%)
(17.3)
(1.2%)
(15.2)
(1.2%)
(13.7)
(1.2%)
(12.7)
(1.2%)
(12.1)
(1.2%)
(11.8)
(1.2%)
(11.7)
(1.2%)
(11.9)
(1.2%)
Free Cash Flow to Firm (FCFF)
% of revenue
158.1
18.7%
511.4
50.1%
231.6
17.8%
812.1
61.7%
(795.1)
(65.2%)
330.5
30.1%
416.9
30.1%
494.7
30.1%
450.0
30.1%
395.4
30.1%
356.8
30.1%
330.3
30.1%
313.6
30.1%
305.1
30.1%
304.0
30.1%
310.1
30.1%
% of FCFF used in calculation
100.0%
80.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Discount period
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
Discount factor
0.96
0.90
0.83
0.78
0.72
0.67
0.62
0.58
0.54
Discounted FCFF (DFCFF)
325.0
443.9
375.6
307.0
257.7
221.9
196.0
177.4
164.4

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FNV DCF Value

DCF Value Calculation

as of Mar 11, 2025
Sum of DFCFF
% share of EV
2,468.8M
44.7%
Terminal Value (TV)
5,638.7M
Discounted TV
% share of EV
3,049.3M
55.3%
Total Debt
0.0
6,932.0M
Shares outstanding
191.9M
FX rate
1.0
75.2% overvalued

Equity Value Bridge

FNV DCF Financials

Revenue
$1,219.0M -> $1,008.8M (1.9%) CAGR
Operating Income
($428.0M) -> $368.1M N/A CAGR
FCFF
($795.1M) -> $304.0M N/A CAGR

FNV DCF sensitivity

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FAQ

What is Franco-Nevada Corporation DCF (discounted cash flow) valuation?

As of Mar 11, 2025, Franco-Nevada Corporation's Discounted Cash Flow (DCF) valuation estimates its share price at $36.1. This suggests it may be overvalued by (75.2%) compared to its current price of around $145.6, using a WACC of 7.5% and growth rates of 2.0%.

What is Franco-Nevada Corporation WACC?

As of Mar 11, 2025, Franco-Nevada Corporation's Weighted Average Cost of Capital (WACC) is approximately 7.5%.

What is Franco-Nevada Corporation Enterprise Value?

As of Mar 11, 2025, Franco-Nevada Corporation's Enterprise Value (EV) is approximately $5,518.2M. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.