WH Smith PLC (SMWH) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of WH Smith PLC stock £7.34, price £3.74, upside +96.3%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range £3.61 – £16.75 · fair‑value band £7.34 – £11.34 · the £3.74 price screens below the £7.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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WH Smith PLC operates as a travel retailer in the United Kingdom, North America, Australia, Ireland, Spain, and internationally. It offers news, books, and convenience for travelling customers. It operates stores in airports, hospitals, railway stations, and motorway service areas.
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The company is also involved in International Travel Retail, UK Travel Retail, and North America. The company was formerly known as New WH Smith PLC. WH Smith PLC was founded in 1792 and is based in Swindon, the United Kingdom.
Stock analysis
WH Smith PLC (SMWH) currently trades at £3.74, while our model-based Fair Value estimate is £7.34, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of £16.94 per share, and 11 of the 12 models we run sit above the £3.74 price.
Bear case: the Earnings-Based group reads lowest at £6.69, and 1 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: £7.34 (bear) to £11.34 (bull), the price of £3.74 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
WH Smith PLC reported revenue of £1.6B in FY2025 versus £886M in FY2021, a compound +15.1%/yr. Reported net income was −£144M in FY2025.
Key figures
Market cap £600M Small · P/S ratio 0.38 · EPS (TTM) £−0.1100 · Dividend yield 1.6% · Net margin −9.3% · Return on equity −14.8% · Return on assets (EBIT) 6.2% (5-year average) · Operating margin 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −7% fair-value upside, at 96%, SMWH screens cheaper than that median.
Fair Value models
Bear£7.34Fair Value £7.34Bull£11.34
Price £3.74 · Upside +96.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−19.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.7%
Start year 2020 (pandemic). Over 10 years: +2.8% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5.2% (2020) → 8.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−15.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −17.2% a year for the price and +0.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Retail · 215 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+96.3% · Top 25%
Profitability
Return on assets−9.9% · Bottom 25%
Net margin (12 months)−7.7% · Bottom 25%
Operating margin (12 months)8.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)4.5% · Below median
Dividend yield (12 months)1.6% · Below median
Valuation Multiplesvs Specialty Retail median · lower = cheaper
P/B3.80× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "WH Smith PLC Fair Value". https://www.fairvalue-calculator.com/stock/SMWH
Frequently asked questions
Is WH Smith PLC (SMWH) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of £7.34 versus a price of £3.74, about +96% upside (undervalued).
What is the fair value of SMWH?
Our model-based fair value for WH Smith PLC is £7.34 (as of Nov 13, 2026), built from audited fundamentals. The current price: £3.74.
What is the quality score of SMWH?
WH Smith PLC has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for WH Smith PLC (SMWH)?
Our model-based price target is the fair value of £7.34 (as of Nov 13, 2026) from 12 valuation models. Cautious scenario £7.34, optimistic scenario £11.34. It is a calculation from audited fundamentals, not an analyst target.
What is the WH Smith PLC stock forecast for 2026?
Our models put fair value at £7.34, about +96% upside versus a price of £3.74 (undervalued). Cautious scenario £7.34, optimistic scenario £11.34. The calculation is refreshed regularly with new filings.
What is the revenue of WH Smith PLC (SMWH)?
WH Smith PLC reported trailing-twelve-month revenue of about £1.6B (latest available figure, as of Nov 13, 2026).
Does WH Smith PLC pay a dividend?
WH Smith PLC currently shows a dividend yield of 1.60% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of WH Smith PLC (SMWH) and when is the ex-dividend date?
WH Smith PLC pays a dividend of £0.06 per share a year, a dividend yield of 1.6%. The last ex-dividend date was Jan 22, 2026. Free cash flow covers the dividend 22.04 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into WH Smith PLC (SMWH)?
For today's price to be fair in a discounted-cash-flow model, WH Smith PLC would have to grow free cash flow by -15.3 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of SMWH use?
Our models discount WH Smith PLC at 11.5 %: a base by market capitalisation (small), damped by beta 0.92, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For WH Smith PLC that is -15.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has WH Smith PLC (SMWH) delivered so far?
Over the past 5 years revenue at WH Smith PLC grew +8.8 % a year. The price currently implies free-cash-flow growth of -15.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of WH Smith PLC (SMWH) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into WH Smith PLC (-15.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of WH Smith PLC (SMWH)?
The free-cash-flow yield on the price is 42.57 %: that much free cash flow WH Smith PLC produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of WH Smith PLC (SMWH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For WH Smith PLC it is £7.34 per share (as of Nov 13, 2026), against a price of £3.74. It is the blended result of 12 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit).
Is WH Smith PLC stock overvalued or undervalued in 2026?
As of Nov 13, 2026, SMWH trades below its calculated fair value: price £3.74, fair value £7.34, a gap of about +96% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SMWH?
No. The price is what the market pays today (£3.74); the fair value is what the company's own numbers justify (£7.34). For WH Smith PLC the two are £3.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is WH Smith PLC worth?
The market values WH Smith PLC at about £600M (market capitalisation, as of Nov 13, 2026). Per share that is £3.74; our models calculate a fair value of £7.34 per share.
What do the bullish and bearish scenarios say about SMWH?
Our models span a range for WH Smith PLC: cautious scenario £7.34, base £7.34, optimistic £11.34 per share (as of Nov 13, 2026, price £3.74). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of SMWH?
The PEG ratio of WH Smith PLC is 1.77 (P/E divided by earnings growth, as of Nov 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of WH Smith PLC (SMWH)?
Balance-sheet figures for WH Smith PLC (as of Nov 13, 2026): return on equity −14.8%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is SMWH from its 52-week high?
WH Smith PLC trades at £3.74, about 46% below its 52-week high of £6.94 and 4% above the low of £3.61 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of £7.34 is for.
Which stocks are comparable to WH Smith PLC?
From the same area (Consumer Cyclical) we also value Alimentation Couche-Tard Inc, Williams-Sonoma, Inc, Ulta Beauty, Inc, Casey's General Stores, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is WH Smith PLC stock attractive at the current price?
The data as of Nov 13, 2026: price £3.74, calculated fair value £7.34 (+96%), Quality Score 48/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SMWH calculated?
We run WH Smith PLC through 12 models from 5 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £7.34 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. WH Smith PLC currently trades 49% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of WH Smith PLC (SMWH)?
The closing price on Nov 13, 2026 was £3.74. Our model-based fair value is £7.34, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with WH Smith PLC right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (£7.34). The market is more pessimistic than our downside scenario.
Where does the earnings growth of WH Smith PLC (SMWH) come from?
Earnings per share at WH Smith PLC grew −4.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin −2.2 %, tax rate −1.3 %, residual (interest, one-offs) −5.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of WH Smith PLC
How large is the market capitalisation of WH Smith PLC (SMWH)?
The market capitalisation of WH Smith PLC is £600M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of WH Smith PLC (SMWH)?
The price-to-sales ratio of WH Smith PLC is 0.38 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of WH Smith PLC (SMWH)?
Earnings per share at WH Smith PLC are £−0.1100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of WH Smith PLC (SMWH)?
The dividend yield of WH Smith PLC is 1.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of WH Smith PLC (SMWH)?
The net margin of WH Smith PLC is −9.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of WH Smith PLC (SMWH)?
The return on equity (ROE) of WH Smith PLC is −14.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of WH Smith PLC (SMWH)?
On an EBIT basis the return on assets of WH Smith PLC is 6.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of WH Smith PLC (SMWH)?
The operating margin of WH Smith PLC is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at WH Smith PLC (SMWH)?
Revenue at WH Smith PLC is growing +4.5% versus a year earlier (3y avg +3.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at WH Smith PLC (SMWH)?
Earnings per share at WH Smith PLC are growing +6.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does WH Smith PLC (SMWH) carry?
The net debt of WH Smith PLC is £1.3B (fiscal year 2025, ≈ 6.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 13, 2026