Wheaton Precious Metals


Market CapC$22843m

Last Close C$50.73

Wheaton Precious Metals is the pre-eminent ostensibly precious metals streaming company, with 32 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 is to release its Q321 results on Thursday 4 November, after the market close in Toronto. Ahead of the publication of its actual results, we have revised our earnings forecast for the quarter to reflect actual versus estimated precious metals prices (especially palladium, which has fallen from a high in the quarter of US$2,859/oz on 12 July to US$1,811/oz currently) and a slightly delayed ramp in production from lingering coronavirus-induced disruptions at Salobo in Brazil.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 861.3 548.3 242.7 54.0 74.2 32.6
2020A 1096.2 763.8 503.2 112.0 35.8 22.9
2021E 1266.6 897.6 612.8 136.0 29.5 19.7
2022E 1621.0 1231.3 922.6 205.0 19.6 14.7
Industry outlook

Under normal circumstances, we believe that WPM could easily justify a valuation of US$64.92 (or C$81.86) per share, in FY23. If precious metals return to favour however, we believe that a valuation as high as US$88.02 (C$111.24) is achievable. In the meantime, it remains cheaper than the average valuations of its peers in at least 66% of cases. This follows the settlement reached between WPM and the CRA in December 2018 whereby income from WPM’s international subsidiaries will remain exempt from Canadian tax.

Last updated on 20/10/2021
Content on Wheaton Precious Metals
Wheaton Precious Metals – Honing Q321 forecasts
Metals & mining | Update | 8 October 2021
Wheaton Precious Metals – Solid Q221 results set up H221
Metals & mining | Update | 18 August 2021
Wheaton Precious Metals – Honing forecasts
Metals & mining | Update | 4 August 2021
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Share price graph
Balance sheet
Forecast net cash (US$m) 536.4
Forecast gearing ratio (%) N/A
Price performance
Actual (3.3) (8.3) (20.8)
Relative* (8.0) (13.6) (39.2)
52-week high/low C$65.6/C$45.1
*% 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