Wheaton Precious Metals (TSX: WPM)

Currency in CAD

Last close As at 09/06/2023


0.36 (0.60%)

Market capitalisation


Wheaton Precious Metals is the world’s pre-eminent ostensibly precious metals streaming company, with over 30 high-quality precious metals streams and early deposit agreements over mines in Mexico, Canada, Brazil, Chile, the US, Argentina, Peru, Sweden, Greece, Portugal and Colombia.

Assuming no purchases of additional streams in the foreseeable future (which we think unlikely), we calculate a value per share for WPM of US$54.06, or C$73.03 or £42.89 in FY26, based on a 30.4x historical multiple of contemporary earnings. In the meantime, Wheaton Precious Metals’ shares are trading on near-term financial ratios that are lower than those of its peers on 69% of common valuation measures, which otherwise imply a share price of US$56.92, or C$76.90 or £42.13 (based on Edison forecasts).


Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Emma Murray

    Director of investor relations

  • Gary D. Brown


  • Patrick Drouin

    SVP, Investor Relations

  • Randy V. J. Smallwood


Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (12.8) 13.3 15.4
Relative (10.0) 15.6 20.3
52 week high/low C$69.7/C$39.1


Wheaton Precious Metals’ (WPM) net earnings for Q123 were US$2.6m (or 2.5%) better than our prior estimate, meaning that our forecasts for FY23 have changed little. FY23 seems likely to be a year of investment and steady output for the company; we estimate 612.7koz AuE production in FY23 compared to WPM’s guidance of 600–660koz. However, we expect growth in production to increase thereafter and to exceed 850koz AuE by FY27 (after WPM’s acquisition of a stream from Lumina’s Cangrejos project announced on 16 May).

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 1201.7 852.7 592.1 131.0 34.2 23.7
2022A 1065.1 735.2 497.7 112.0 40.0 27.0
2023E 1119.4 799.2 569.4 132.0 33.9 24.0
2024E 1358.4 971.4 631.3 139.0 32.2 20.8

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