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Sprott Physical Gold and Silver Trust (CEF-U) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Sprott Physical Gold and Silver Trust $48.75, price $41.45, upside +17.6%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Some data
Sep 24, 2026
Sprott Physical Gold and Silver Trust
CEF-U · TOUndervaluedThe stock appears undervalued with acceptable quality.
✓Fair value $48.75 · Undervalued (+17.6%)
✓Quality 74/100
!Mixed Growth (revenue 5y +33.9 %/yr)
✓Highly profitable · 98.2% net margin (TTM)
!negative free cash flow
✓Wide moat 80/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $30.46 to $195.01
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $15.20 – $59.22 · fair‑value band $30.46 – $195.01 · the $41.45 price screens below the $48.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Sprott Physical Gold and Silver Trust is an exchange traded commodity launched and managed by Sprott Asset Management LP. The fund invests in commodity markets. It invests in London Good Delivery physical gold and silver bullion. Sprott Physical Gold and Silver Trust was formed on October 26, 2017 and is domiciled in Canada.
Stock analysis
Sprott Physical Gold and Silver Trust (CEF-U) currently trades at $41.45, while our model-based Fair Value estimate is $48.75, implying the stock looks roughly 15.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $139.25 per share, and 6 of the 6 models we run sit above the $41.45 price.
Bear case: the Asset-Based group reads lowest at $66.64, and 0 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: $30.46 (bear) to $195.01 (bull), the price of $41.45 sits inside 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 74/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sprott Physical Gold and Silver Trust reported revenue of $4.4B in FY2025 versus −$306M in FY2021. Reported net income was $4.4B in FY2025.
Key figures
Market cap $3.8B · P/E ratio 4.3 · P/S ratio 4.28 · EPS (TTM) $11.04 · Net margin 99.9% · Return on equity 32.6% · Return on assets 20.4% · Operating margin 101%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 18%, CEF-U screens cheaper than that median.
Fair Value models
Bear $30.46
Fair Value $48.75
Bull $195.01
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($8.35 per share) are deliberately not added.
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.
Evidence ⓘEvidence = 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.
Highest evidence
P/E Multiple
$466.32
$621.75
$777.19
63
Graham-Dodd
$325.23
$2,268
$3,183
61
Lynch FV
$1,172
$1,674
$2,176
59
All 6 models by family
Earnings-Based
Graham-Dodd
$325.23
$2,268
$3,183
61
Lynch FV
$1,172
$1,674
$2,176
59
Multiples
P/E Multiple
$466.32
$621.75
$777.19
63
P/B Multiple
$104.44
$139.25
$174.06
55
Asset-Based
NCAV (Graham)
$49.73
$66.64
$99.47
51
Economic Profit
Residual Income
$302.00
$522.99
$1,540
57
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Set up alert →Quality Score breakdown
Overall quality
74/100
Of which business quality 70 · Market factors (momentum, volatility) 49
Profitability
82
Margins and returns on capital today
Quality Growth
100
Are margins and returns improving?
Cashflow
42
Earnings quality: real cash, not paper profit
Fin. Strength
67
Balance sheet, leverage, solvency risk
Investment
33
Disciplined investing over empire-building
Low Volatility
71
Calm price path (market factor)
Momentum
42
Price trend over the last 3–12 months (market factor)
52W Momentum
35
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
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.
57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+327.4%
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.
+712.0%
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.
+33.9%
Start year 2020 (pandemic)
Revenue growth 6 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.
+47.2%
’19
’20
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +46.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.8%
Dividend (yield on the price)0.0%
⚠ Approximate: the rate leans on 2025, which sits 1,462% above its own trend.
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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.Asset Management · 657 stocks
Beats the industry median on 8/9 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Asset Management median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Canadian Stocks
- Valuation of the Canada market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $112.09 | $52.29 | −53% |
| KKR & Co KKR | $93.18 | $29.26 | −69% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $116.06 | $197.23 | +70% |
| State Street Corporation STT | $177.78 | $139.37 | −22% |
| Ameriprise Financial, Inc AMP | $494.82 | $595.40 | +20% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €68.10 | €136.20 | +100% |
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Frequently asked questions
Is Sprott Physical Gold and Silver Trust (CEF-U) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $48.75 versus a price of $41.45, about +18% upside (undervalued).
What is the fair value of CEF-U?
Our model-based fair value for Sprott Physical Gold and Silver Trust is $48.75 (as of Sep 24, 2026), built from audited fundamentals. The current price: $41.45.
What is the quality score of CEF-U?
Sprott Physical Gold and Silver Trust has a Quality Score of 74/100. 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 Sprott Physical Gold and Silver Trust (CEF-U)?
Our model-based price target is the fair value of $48.75 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $30.46, optimistic scenario $195.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Sprott Physical Gold and Silver Trust stock forecast for 2026?
Our models put fair value at $48.75, about +18% upside versus a price of $41.45 (undervalued). Cautious scenario $30.46, optimistic scenario $195.01. The calculation is refreshed regularly with new filings.
What is the revenue of Sprott Physical Gold and Silver Trust (CEF-U)?
Sprott Physical Gold and Silver Trust reported trailing-twelve-month revenue of about $2.2B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Sprott Physical Gold and Silver Trust (CEF-U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sprott Physical Gold and Silver Trust it is $48.75 per share (as of Sep 24, 2026), against a price of $41.45. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sprott Physical Gold and Silver Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CEF-U trades below its calculated fair value: price $41.45, fair value $48.75, a gap of about +18% (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 CEF-U?
No. The price is what the market pays today ($41.45); the fair value is what the company's own numbers justify ($48.75). For Sprott Physical Gold and Silver Trust the two are $7.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sprott Physical Gold and Silver Trust worth?
The market values Sprott Physical Gold and Silver Trust at about $3.8B (market capitalisation, as of Sep 24, 2026). Per share that is $41.45; our models calculate a fair value of $48.75 per share.
What do the bullish and bearish scenarios say about CEF-U?
Our models span a range for Sprott Physical Gold and Silver Trust: cautious scenario $30.46, base $48.75, optimistic $195.01 per share (as of Sep 24, 2026, price $41.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEF-U?
Sprott Physical Gold and Silver Trust trades at a price-to-earnings ratio of 4.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $48.75 is built from several models across several years. Other multiples: P/B 0.4, P/S 1.7.
How solid is the balance sheet of Sprott Physical Gold and Silver Trust (CEF-U)?
Balance-sheet figures for Sprott Physical Gold and Silver Trust (as of Sep 24, 2026): return on equity 32.6%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is CEF-U from its 52-week high?
Sprott Physical Gold and Silver Trust trades at $41.45, about 30% below its 52-week high of $59.22 and 13% above the low of $36.53 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $48.75 is for.
Which stocks are comparable to Sprott Physical Gold and Silver Trust?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, 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 Sprott Physical Gold and Silver Trust stock attractive at the current price?
The data as of Sep 24, 2026: price $41.45, calculated fair value $48.75 (+18%), Quality Score 74/100, from 6 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 CEF-U calculated?
We run Sprott Physical Gold and Silver Trust through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $48.75, 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 14.5 % above its aggregate fair value. Sprott Physical Gold and Silver Trust currently trades 15 % 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 Sprott Physical Gold and Silver Trust (CEF-U)?
The closing price on Oct 2, 2026 was $41.45. Our model-based fair value is $48.75, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sprott Physical Gold and Silver Trust right now?
The model range is unusually wide ($30.46 to $195.01). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Sprott Physical Gold and Silver Trust
How large is the market capitalisation of Sprott Physical Gold and Silver Trust (CEF-U)?
The market capitalisation of Sprott Physical Gold and Silver Trust is $3.8B. 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 Sprott Physical Gold and Silver Trust (CEF-U)?
The price-to-sales ratio of Sprott Physical Gold and Silver Trust is 4.28 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sprott Physical Gold and Silver Trust (CEF-U)?
Earnings per share at Sprott Physical Gold and Silver Trust are $11.04 (price ÷ EPS = P/E 4.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Sprott Physical Gold and Silver Trust (CEF-U)?
The net margin of Sprott Physical Gold and Silver Trust is 99.9% (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 Sprott Physical Gold and Silver Trust (CEF-U)?
The return on equity (ROE) of Sprott Physical Gold and Silver Trust is 32.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Sprott Physical Gold and Silver Trust (CEF-U)?
The return on assets (ROA) of Sprott Physical Gold and Silver Trust is 20.4% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Sprott Physical Gold and Silver Trust (CEF-U)?
The operating margin of Sprott Physical Gold and Silver Trust is 101% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sprott Physical Gold and Silver Trust (CEF-U)?
Revenue at Sprott Physical Gold and Silver Trust is growing −30.4% versus a year earlier (3y avg +712%). 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 Sprott Physical Gold and Silver Trust (CEF-U)?
Earnings per share at Sprott Physical Gold and Silver Trust are growing −28.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sprott Physical Gold and Silver Trust (CEF-U) generate?
The free cash flow of Sprott Physical Gold and Silver Trust is −$29.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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