FNV
Franco-Nevada Corporation
NYSE: FNV · BASIC MATERIALS · GOLD
$237.60
-7.31% today
Updated 2026-06-05
Market cap
$40.40B
P/E ratio
29.50
P/S ratio
19.35x
EPS (TTM)
$7.10
Dividend yield
0.76%
52W range
$152 – $285
Volume
0.7M
Franco-Nevada Corporation (FNV) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed FNV price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$237.60
Today
Analyst consensus
$288.00
+21.21% · 12M
2030 Base
$356.28
+49.95% future
NPV today
$235.46
@ 9% WACC
16 analysts:
12 Buy4 Hold0 Sell
Management guidance
Franco-Nevada has not provided explicit revenue targets through 2030. However, management emphasizes growth from Cobre Panamá restart (delayed but strategically critical), diversified royalty/streaming portfolio expansion, and capital deployment from $2.5B+ in available liquidity. CEO Paul Brink highlighted Cobre Panamá processing of stockpiled ore as near-term catalyst, with full restart expected within 12 months per UBS analysis. Guidance is implicitly bullish but lacks specific numerical targets beyond 2026.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
FNV · Franco-Nevada Corporation · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$194.20
NPV today: $128.35
Base case (2030)
$356.28
NPV today: $235.46
Bull case (2030)
$712.87
NPV today: $471.13
WallStSmart.com
FNV financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $1.8B | $3.1B | $4.0B | $5.0B | $5.7B | $6.3B |
| Revenue growth | 63.7% | 72.2% | 30.6% | 22.2% | 14.1% | 10.6% |
| Net margin | — | 59.1% | 60.7% | 60.4% | 60.6% | 60.2% |
| EPS | $5.64 | $9.50 | $12.75 | $15.50 | $17.75 | $19.50 |
| Diluted shares | — | 193M | 193M | 193M | 193M | 193M |
| Net debt | — | $-998.25M | $-2.00B | $-3.23B | $-4.64B | $-6.19B |
| P/S multiple | — | 10.0x | 10.0x | 10.0x | 10.0x | 10.0x |
| Implied price (base) | — | $165.97 | $220.46 | $273.52 | $317.11 | $356.28 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $6.3B | $6.3B | $6.3B |
| P/S multiple | 5.0x | 10.0x | 21.0x |
| Diluted shares | 193M | 193M | 193M |
| Net debt | $-6.19B | $-6.19B | $-6.19B |
| Implied P/E † | 10x | 18x | 37x |
| 2030 Price | $194.20 | $356.28 | $712.87 |
| NPV @ 9% | $128.35 | $235.46 | $471.13 |
† Implied P/E: Multiples remain elevated across all three scenarios because FNV is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $356.28 base case
FNV catalysts and risks
Growth catalysts
+ Cobre Panamá restart completion (expected 2026-2027) — adds ~$100M-150M annual revenue at full run-rate
+ Gold price strength sustained above $2,300/oz through 2027 (macro tailwind)
+ Accretive royalty/streaming acquisitions using $2.5B+ available capital
+ Continued dividend growth and investor capital allocation optimization
+ Bullabulling and Casa Berardi project ramp-ups through 2028
Key risks
- Cobre Panamá restart delayed beyond 2026 or underperforms due to geopolitical/operational issues
- Significant gold price correction to $1,800-2,000/oz would compress margins and investor appetite
- Geopolitical concentration risk: material exposure to Peru (Antamina), Panama (Cobre Panamá), Latin America
- Dividend sustainability if underlying asset revenues decline faster than expected
- Royalty/streaming model sensitivity to host operator performance and commodity volatility
Methodology · Franco-Nevada Corporation 2030 stock forecast model
Franco-Nevada Corporation 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 16 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (-0% cumulative for FNV by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-6.19B by 2030) |
| 3. Time value | NPV calculated using 9% WACC (CAPM: beta 0.892) |
| 4. Multiple framework | P/S compresses with scale: bear 5.0x / base 10.0x / bull 21.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
FNV price target FAQ
What is the FNV price target for 2030?
WallStSmart's Franco-Nevada Corporation 2030 base case is $356.28 per share, with a bull case of $712.87 and bear case of $194.20. The NPV of the base case discounted to today at 9% WACC is $235.46.
How is the Franco-Nevada Corporation 2030 stock forecast calculated?
The FNV 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the FNV price target account for dilution?
Franco-Nevada Corporation is projected to grow diluted share count from 193M to 193M by 2030 (a -0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately -0%.
What is the analyst consensus on FNV stock?
16 analysts cover FNV with an average 12-month price target of $288.00. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.