Wheaton Precious Metals


Market CapC$24,095m

Last Close C$53.37

Wheaton Precious Metals is the pre-eminent ostensibly precious metals streaming company, with 33 high-quality precious metals streaming and early deposit agreements relating to assets in Mexico, Peru, Canada, Brazil, Chile, United States, Argentina, Sweden, Greece, Portugal and Colombia.

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Investment summary

Wheaton Precious Metals’ (WPM) Q122 results are scheduled for release on Thursday 5 May, after the market close in Toronto (approximately 22.30 London time). Ahead of their release, we have honed our estimates to reflect production and sales of silver from Penasquito (announced by Newmont on 22 April), likely gold production from Salobo, based on its copper output (announced by Vale on 19 April) and production of silver at Antamina (announced by Glencore on 28 April). We have also adjusted our forecasts for the remainder of the year for recent moves in metals prices.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 1096.2 763.8 503.2 112.0 37.4 24.0
2021A 1201.7 852.7 592.1 131.0 32.0 22.2
2022E 1334.7 959.7 661.9 143.0 29.3 19.1
2023E 1556.9 1144.7 830.2 179.0 23.4 16.5
Industry outlook

Ordinarily, we believe that WPM could justify a valuation of US$55.69 or C$71.34 per share in FY23. With precious metals returning to favour however, we believe that a valuation as high as US$71.25 (C$91.27) is achievable. In the meantime, it remains cheaper than its peers on as many as 83% of common valuation multiples (Edison estimates). This follows the settlement between WPM and the CRA in December 2018 which exempted WPM’s international subsidiaries from Canadian tax. A recent sustainability report also highlights WPM’s strong ESG credentials. Q1 results are scheduled for 5 May.

Last updated on 20/05/2022
Content on Wheaton Precious Metals
Wheaton Precious Metals – Fine tuning forecasts ahead of Q1 results
Metals & mining | research Update | 5 May 2022
Wheaton Precious Metals – Russia-free exposure to precious metals
Metals & mining | research Update | 17 March 2022
Wheaton Precious Metals – Refining forecasts ahead of results
Metals & mining | research Update | 24 February 2022
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Balance sheet
Forecast net cash (US$m) 422.1
Forecast gearing ratio (%) N/A
Price performance
Actual (17.4) (3.8) (7.0)
Relative* (10.1) 0.0 (10.0)
52-week high/low C$64.7/C$46.7
*% relative to local index
Key management
Randy V. J. Smallwood CEO
Gary D. Brown CFO
Emma Murray Director, Investor Relations
Patrick Drouin SVP, Investor Relations