Wheaton Precious Metals (CN: WPM)

Currency in CAD

Last close As at 25/01/2023


1.08 (1.77%)

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.

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.

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Gary D. Brown


  • Jacy Zerb

    Director, Investor Relations

  • 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 13.9 38.7 21.9
Relative 7.9 28.5 21.9
52 week high/low C$64.7/C$39.1


Wheaton Precious Metals produced 159,852 gold equivalent ounces (GEOs) in Q322, of which it sold 138,824 GEOs, representing a positive variance of 2.8% and a negative variance of 0.7% relative to our prior estimates, respectively. Its adjusted net earnings were US$1.4m, or 1.6%, above our prior forecast at US$93.9m and the fourth quarterly dividend for the year was maintained at US$0.15/share. In the wake of Q3 results we have revised our forecasts for Q422 and FY22 only very fractionally.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2020A 1096.2 763.8 503.2 112.0 41.2 26.4
2021A 1201.7 852.7 592.1 132.0 35.0 24.4
2022E 1094.6 759.0 505.6 113.0 40.9 26.3
2023E 1354.2 970.9 662.8 147.0 31.4 21.4

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