Wheaton Precious Metals - Edison Group

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

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

20.11.23

Wheaton Precious Metals — Putting net cash to work

Metals & Mining |
Update

14.11.23

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

Metals & Mining |
Update

23.10.23

Wheaton Precious Metals — Honing Q323 numbers

Metals & Mining |
Update

15.08.23

Wheaton Precious Metals — Peerless

Wheaton-Precious-Metals_resized

Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director, Energy & Resources

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

Update

Metals & Mining

16.08.22

Wheaton Precious Metals — Guidance changes already anticipated

Update

Metals & Mining

27.07.22

Wheaton Precious Metals — Incorporating Salobo Q222 operating results

Outlook

Metals & Mining

23.06.22

Wheaton Precious Metals — Starting as it means to go on

Update

Metals & Mining

05.05.22

Wheaton Precious Metals — Fine tuning forecasts ahead of Q1 results

Update

Metals & Mining

17.03.22

Wheaton Precious Metals — Russia-free exposure to precious metals

Update

Metals & Mining

24.02.22

Wheaton Precious Metals — Refining forecasts ahead of results

Update

Metals & Mining

16.12.21

Wheaton Precious Metals — Bagging elephants in British Columbia

Update

Metals & Mining

08.11.21

Wheaton Precious Metals — Imperturbable

Update

Metals & Mining

08.10.21

Wheaton Precious Metals — Honing Q321 forecasts

Update

Metals & Mining

18.08.21

Wheaton Precious Metals — Solid Q221 results set up H221

Update

Metals & Mining

04.08.21

Wheaton Precious Metals — Honing forecasts

Update

Metals & Mining

21.05.21

Wheaton Precious Metals — ROICs alive

Update

Metals & Mining

10.05.21

Wheaton Precious Metals — A solid start

Update

Metals & Mining

31.03.21

Wheaton Precious Metals — Q121 results preview

Update

Metals & Mining

17.02.21

Wheaton Precious Metals — Looking to the long term

Update

Metals & Mining

12.11.20

Wheaton Precious Metals — Continuing to beat expectations

Update

Metals & Mining

02.11.20

Wheaton Precious Metals — Streaming explained

Update

Metals & Mining

12.10.20

Wheaton Precious Metals — Q320 earnings expectation refinements

Flash note

Metals & Mining

22.09.20

Wheaton Precious Metals — London calling

Update

Metals & Mining

18.08.20

Wheaton Precious Metals — Barely missing a beat

Update

Metals & Mining

12.05.20

Wheaton Precious Metals — Forging ahead

Update

Metals & Mining

30.04.20

Wheaton Precious Metals — Refining numbers

Update

Metals & Mining

03.04.20

Wheaton Precious Metals — Swings and roundabouts

Outlook

Metals & Mining

23.03.20

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

edison tv

Metals & Mining

29.11.19

Executive interview – Wheaton Precious Metals

Update

Metals & Mining

18.11.19

Wheaton Precious Metals — Q3 results and update

Update

Metals & Mining

16.08.19

Wheaton Precious Metals — Metals price moves de-risk valuation

Update

Metals & Mining

14.05.19

Wheaton Precious Metals — Starting as it means to continue

Update

Metals & Mining

25.03.19

Wheaton Precious Metals — Exceeding guidance and expectations

research

Metals & Mining

18.12.18

Wheaton Precious Metals — CRAziness averted

Update

Metals & Mining

26.11.18

Silver Wheaton — Good operations offset by prices & finance costs

Update

Metals & Mining

21.08.18

Wheaton Precious Metals — Q218 results in line with expectations

Update

Metals & Mining

24.07.18

Wheaton Precious Metals — Palladium ex machina

Update

Metals & Mining

21.06.18

Wheaton Precious Metals — Kobold ex machina

Update

Metals & Mining

18.05.18

Wheaton Precious Metals — Serene start

Update

Metals & Mining

27.03.18

Wheaton Precious Metals — A fine finish

Update

Metals & Mining

15.02.18

Silver Wheaton — Majestic

Outlook

Metals & Mining

30.08.17

Wheaton Precious Metals — Still shining

Update

Metals & Mining

18.05.17

Wheaton Precious Metals — Formerly Silver Wheaton (SLW)

Update

Metals & Mining

29.03.17

Severfield — Better revenue, margin and cash progress

Update

Metals & Mining

29.03.17

Silver Wheaton — What a difference a quarter makes

Update

Metals & Mining

06.12.16

Silver Wheaton — Update 6 December 2016

Update

Metals & Mining

02.11.16

Silver Wheaton — Update 2 November 2016

Update

Metals & Mining

30.08.16

Silver Wheaton — Update 30 August 2016

Update

Metals & Mining

25.05.16

Silver Wheaton — Update 25 May 2016

Update

Metals & Mining

18.04.16

Silver Wheaton — Update 18 April 2016

Update

Metals & Mining

24.03.16

Silver Wheaton — Update 24 March 2016

Update

Metals & Mining

15.02.16

Silver Wheaton — Update 14 February 2016

Update

Metals & Mining

11.11.15

Silver Wheaton — Update 11 November 2015