Wheaton Precious Metals (TSX: WPM)

Currency in CAD

Last close As at 30/03/2023

CAD65.28

−0.15 (−0.23%)

Market capitalisation

CAD27,953m

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 lower than those of its peers on 63% of common valuation measures which otherwise imply a share price in 2022 of US$34.11, or C$46.13 or £30.20 (based on Edison forecasts). Alternatively, if precious metals return to favour, then we believe that a near-term valuation of US$43.63 (C$59.02 or £38.63) per share is possible. In addition, Wheaton has US$492.5m (US$1.09/share) in net cash on its balance sheet as at end-Q322. Updated valuations are expected in March following the release of FY22 results.

Wheaton-Precious-Metals_resized

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Gary D. Brown

    CFO

  • Jacy Zerb

    Director, Investor Relations

  • Patrick Drouin

    SVP, Investor Relations

  • Randy V. J. Smallwood

    CEO

Balance Sheet

Forecast net cash (US$m)

200.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 14.8 21.5 9.8
Relative 17.1 19.4 22.3
52 week high/low C$65.4/C$39.1

Financials

Wheaton Precious Metals (WPM) released its Q422/FY22 financial results in the context of known production and sales volumes. As a result, financial results were very close to our prior expectations for both Q422 and FY22. The main (positive) variances were in depletion (US$3.3m) and ‘other’ income (US$1.9m), to result in net earnings that were US$5.0m better than our prior forecasts for both periods (equating to a positive percentage variance of 5.1% for the quarter and 1.0% for the full year).

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 36.4 25.2
2022A 1065.1 735.2 497.7 112.0 42.5 28.7
2023E 1084.2 756.0 505.3 115.0 41.4 27.4
2024E 1357.8 971.6 630.4 139.0 34.3 22.2

Metals & Mining

Wheaton Precious Metals — Imperturbable

Metals & Mining

Wheaton Precious Metals — Honing Q321 forecasts

Metals & Mining

Wheaton Precious Metals — Honing forecasts

Metals & Mining

Wheaton Precious Metals — ROICs alive

Metals & Mining

Wheaton Precious Metals — A solid start

Metals & Mining

Wheaton Precious Metals — Q121 results preview

Metals & Mining

Wheaton Precious Metals — Looking to the long term

Metals & Mining

Wheaton Precious Metals — Streaming explained

Metals & Mining

Wheaton Precious Metals — London calling

Metals & Mining

Wheaton Precious Metals — Barely missing a beat

Metals & Mining

Wheaton Precious Metals — Forging ahead

Metals & Mining

Wheaton Precious Metals — Refining numbers

Metals & Mining

Wheaton Precious Metals — Swings and roundabouts

Metals & Mining

Executive interview – Wheaton Precious Metals

Metals & Mining

Wheaton Precious Metals — Q3 results and update

Metals & Mining

Wheaton Precious Metals — CRAziness averted

Metals & Mining

Wheaton Precious Metals — Palladium ex machina

Metals & Mining

Wheaton Precious Metals — Kobold ex machina

Metals & Mining

Wheaton Precious Metals — Serene start

Metals & Mining

Wheaton Precious Metals — A fine finish

Metals & Mining

Silver Wheaton — Majestic

Metals & Mining

Wheaton Precious Metals — Still shining

Metals & Mining

Silver Wheaton — What a difference a quarter makes

Metals & Mining

Silver Wheaton — Update 6 December 2016

Metals & Mining

Silver Wheaton — Update 2 November 2016

Metals & Mining

Silver Wheaton — Update 30 August 2016

Metals & Mining

Silver Wheaton — Update 25 May 2016

Metals & Mining

Silver Wheaton — Update 18 April 2016

Metals & Mining

Silver Wheaton — Update 24 March 2016

Metals & Mining

Silver Wheaton — Update 14 February 2016

Metals & Mining

Silver Wheaton — Update 11 November 2015