WH Smith PLC (SMWH) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of WH Smith PLC £7.34, price £3.78, upside +94.4%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range £3.61 – £16.75 · fair‑value band £7.34 – £11.34 · the £3.78 price screens below the £7.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 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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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. 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 £3.78, while our model-based Fair Value estimate is £7.34, implying the stock looks roughly 48.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of £17.93 per share, and 12 of the 15 models we run sit above the £3.78 price.
Bear case: the Dividend Discount group reads lowest at £2.90, and 3 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: £7.34 (bear) to £11.34 (bull), the price of £3.78 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 49/100 (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 617M GBX · P/S ratio 0.39 · EPS (TTM) £−0.3900 · Dividend yield 1.6% · Net margin −9.3% · Return on equity −14.8% · Return on assets (EBIT) 6.2% · Operating margin 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 5% fair-value upside, at 94%, SMWH screens cheaper than that median.
Fair Value models
Bear £7.34Fair Value £7.34Bull £11.34
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.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.
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).
−15.0%
Yearly growth needed for the next five years to justify today's price.
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.
+2.7%
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 −16.9% a year for the price and +0.4% for the forecasts.
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 · 220 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+94.4% · Top 25%
Profitability
Return on assets5.3% · Above median
Net margin (TTM)−7.7% · Bottom 25%
Operating margin (TTM)3.6% · Below median
Growth and dividend
Revenue growth4.5% · Below median
Dividend yield (TTM)1.6% · Below median
Valuation Multiplesvs Specialty Retail median · lower = cheaper
P/B5.17× · 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 Sep 27, 2026, our model estimates a fair value of £7.34 versus a price of £3.78, about +94% upside (undervalued).
What is the fair value of SMWH?
Our model-based fair value for WH Smith PLC is £7.34 (as of Sep 27, 2026), built from audited fundamentals. The current price: £3.78.
What is the quality score of SMWH?
WH Smith PLC has a Quality Score of 49/100. 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 Sep 27, 2026) from 15 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 +94% upside versus a price of £3.78 (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 Sep 27, 2026).
Does WH Smith PLC pay a dividend?
WH Smith PLC currently shows a dividend yield of about 1.59% relative to its recent price (as of Sep 27, 2026).
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 -15.0 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of SMWH use?
Our models discount WH Smith PLC at 11.6 %: 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 -15.0 % per year a year over ten years, using the same discount rate (11.6 %) 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 -15.0 % per year free-cash-flow growth a 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 +2.6 % a year. That is the yardstick for the growth priced into WH Smith PLC (-15.0 % per year a 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 41.50 %: that much free cash flow WH Smith PLC produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), 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 Sep 27, 2026), against a price of £3.78. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is WH Smith PLC stock overvalued or undervalued in 2026?
As of Sep 27, 2026, SMWH trades below its calculated fair value: price £3.78, fair value £7.34, a gap of about +94% (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 (£3.78); the fair value is what the company's own numbers justify (£7.34). For WH Smith PLC the two are £3.56 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 617M GBX (market capitalisation, as of Sep 27, 2026). Per share that is £3.78; 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 Sep 27, 2026, price £3.78). 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 Sep 27, 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 Sep 27, 2026): return on equity −14.8%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is SMWH from its 52-week high?
WH Smith PLC trades at £3.78, about 46% below its 52-week high of £7.04 and 5% above the low of £3.61 (as of Sep 28, 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 Sep 27, 2026: price £3.78, calculated fair value £7.34 (+94%), Quality Score 49/100, from 15 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 15 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 £7.34, 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 15.9 % above its aggregate fair value. WH Smith PLC currently trades 94 % 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 Sep 28, 2026 was £3.78. Our model-based fair value is £7.34, about +94% 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 price is below even our cautious bear case (£7.34). The market is more pessimistic than our downside scenario. Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
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 617M GBX. 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 0.39 (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 £−0.3900. 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 3.6% (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 GBX (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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