Wheaton Precious Metals (TSX: WPM)

Currency in CAD

Last close As at 06/12/2023

CAD65.43

−0.78 (−1.18%)

Market capitalisation

CAD29,640m

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.

WPM recently announced the addition of three additional streams, which we calculate will add an initial c 26.3koz of GEOs to WPM’s production profile from FY25, rising to c 35.4koz GEOs when all three are in production from FY27. Assuming no purchases of additional streams, we calculate a valuation of US$61.19 or C$84.00 or £49.26 in FY26, based on a 30.4x historical multiple of contemporary earnings.

Latest Insights

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Metals & Mining | Update

Wheaton Precious Metals — Putting net cash to work

Metals & Mining | Update

Wheaton Precious Metals — Teeing up to hit long-term targets

Metals & Mining | Update

Wheaton Precious Metals — Honing Q323 numbers

Metals & Mining | Update

Wheaton Precious Metals — Peerless

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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Tom Batho

Tom Batho

Analyst

Key Management

  • Emma Murray

    Director of investor relations

  • Gary D. Brown

    CFO

  • Patrick Drouin

    SVP, Investor Relations

  • Randy V. J. Smallwood

    CEO

Balance Sheet

Forecast net cash (US$m)

550.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.6 14.7 23.8
Relative 3.7 14.9 23.0
52 week high/low C$69.7/C$52.3

Financials

Wheaton Precious Metals’ (WPM’s) production during Q323 amounted to 154,800oz gold equivalent ounces (GEOs) compared to our prior estimate of 151,919oz, as a consequence of which our FY23 production forecast remains within the company’s 600–660koz GEO guidance range. However, we expect growth in production thereafter, such that it exceeds 850koz GEOs by FY27. Profits for Q323 were 3.6% (US$4.2m) higher than our prior forecasts for Q323 on post tax level, driven by very strong production performances at Salobo and Constancia in particular.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 1201.7 852.7 592.1 132.0 36.4 25.4
2022A 1065.1 735.2 497.7 112.0 42.9 28.9
2023E 955.3 667.6 461.4 110.0 43.7 30.2
2024E 1385.8 1008.6 657.9 145.0 33.1 21.6

Outlook

Metals & Mining

Wheaton Precious Metals — Starting as it means to go on

Update

Metals & Mining

Wheaton Precious Metals — Refining forecasts ahead of results

Update

Metals & Mining

Wheaton Precious Metals — Imperturbable

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Wheaton Precious Metals — Honing Q321 forecasts

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Wheaton Precious Metals — Solid Q221 results set up H221

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Wheaton Precious Metals — Honing forecasts

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Wheaton Precious Metals — ROICs alive

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Wheaton Precious Metals — A solid start

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Wheaton Precious Metals — Q121 results preview

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Wheaton Precious Metals — Looking to the long term

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Wheaton Precious Metals — Continuing to beat expectations

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Wheaton Precious Metals — Streaming explained

Flash note

Metals & Mining

Wheaton Precious Metals — London calling

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Wheaton Precious Metals — Barely missing a beat

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Wheaton Precious Metals — Forging ahead

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Wheaton Precious Metals — Refining numbers

Update

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Wheaton Precious Metals — Swings and roundabouts

Outlook

Metals & Mining

Wheaton Precious Metals — In the right place at the right time

edison tv

Metals & Mining

Executive interview – Wheaton Precious Metals

Update

Metals & Mining

Wheaton Precious Metals — Q3 results and update

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Wheaton Precious Metals — Starting as it means to continue

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Wheaton Precious Metals — Exceeding guidance and expectations

research

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Wheaton Precious Metals — CRAziness averted

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Wheaton Precious Metals — Palladium ex machina

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Wheaton Precious Metals — Kobold ex machina

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Wheaton Precious Metals — Serene start

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Wheaton Precious Metals — A fine finish

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Metals & Mining

Silver Wheaton — Majestic

Outlook

Metals & Mining

Wheaton Precious Metals — Still shining

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Wheaton Precious Metals — Formerly Silver Wheaton (SLW)

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Severfield — Better revenue, margin and cash progress

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Silver Wheaton — What a difference a quarter makes

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Silver Wheaton — Update 6 December 2016

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Silver Wheaton — Update 2 November 2016

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Silver Wheaton — Update 30 August 2016

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Silver Wheaton — Update 25 May 2016

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Silver Wheaton — Update 18 April 2016

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Silver Wheaton — Update 24 March 2016

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Silver Wheaton — Update 14 February 2016

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Metals & Mining

Silver Wheaton — Update 11 November 2015