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.

Wheaton’s shares are trading on near-term financial ratios that are cheaper than those of its peers on 69% of common valuation measures which otherwise imply a WPM share price in 2022 of US$44.40, or C$56.89 or £36.82 (based on Edison forecasts). Using a CAPM-type methodology, we calculate a terminal value for WPM of US$57.33 (C$73.29) per share in FY26. Alternatively, if precious metals return to favour, then we believe that a near-term valuation of US$58.50 (C$74.79 or £48.41) per share is possible. This follows the settlement between WPM and the CRA in December 2018 which exempted WPM’s international subsidiaries from Canadian tax. Q3 results are scheduled for 3 November.