Wheaton Precious Metals (TSX: WPM)

Currency in CAD

Last close As at 30/11/2023

CAD66.35

−0.33 (−0.49%)

Market capitalisation

CAD30,206m

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.

Assuming no purchases of additional streams in the foreseeable future (which we think unlikely), we calculate a value per share for WPM of US$57.71 or C$79.16 or £47.56 in FY26, based on a 30.4x historical multiple of contemporary earnings. In the meantime, WPM’s shares are trading on near-term financial ratios that are lower than those of its peers on at least 52% of common valuation measures, which otherwise imply a share price today of US$45.89, or C$62.94 or £37.54 (based on Edison forecasts). Q3 results are scheduled for 9 November.

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

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 10.5 12.4 30.1
Relative 2.9 13.3 31.1
52 week high/low C$69.7/C$52.3

Financials

On 15 November, Wheaton Precious Metals acquired three streams from Ivanhoe’s Platreef project in South Africa, BMC Minerals’ Kudz Ze Kayah project in the Yukon and Dalradian’s Curraghinalt project in Northern Ireland. In summary, the streams allow for varying purchases of precious metals by Wheaton at varying prices and we calculate that the trio will add an initial c 26.3koz of gold equivalent ounces (GEOs) to WPM’s production profile from FY25, rising to c 35.4koz GEOs when all three are in production from FY27 (Edison assumption).

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 37.0 25.8
2022A 1065.1 735.2 497.7 112.0 43.6 29.5
2023E 955.3 667.6 461.4 110.0 44.4 30.7
2024E 1385.8 1008.6 657.9 145.0 33.7 21.9

Research

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

Update

Metals & Mining

Wheaton Precious Metals — Honing Q321 forecasts

Update

Metals & Mining

Wheaton Precious Metals — Solid Q221 results set up H221

Update

Metals & Mining

Wheaton Precious Metals — Honing forecasts

Update

Metals & Mining

Wheaton Precious Metals — ROICs alive

Update

Metals & Mining

Wheaton Precious Metals — A solid start

Update

Metals & Mining

Wheaton Precious Metals — Q121 results preview

Update

Metals & Mining

Wheaton Precious Metals — Looking to the long term

Update

Metals & Mining

Wheaton Precious Metals — Continuing to beat expectations

Update

Metals & Mining

Wheaton Precious Metals — Streaming explained

Flash note

Metals & Mining

Wheaton Precious Metals — London calling

Update

Metals & Mining

Wheaton Precious Metals — Barely missing a beat

Update

Metals & Mining

Wheaton Precious Metals — Forging ahead

Update

Metals & Mining

Wheaton Precious Metals — Refining numbers

Update

Metals & Mining

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

Update

Metals & Mining

Wheaton Precious Metals — Starting as it means to continue

Update

Metals & Mining

Wheaton Precious Metals — Exceeding guidance and expectations

research

Metals & Mining

Wheaton Precious Metals — CRAziness averted

Update

Metals & Mining

Wheaton Precious Metals — Palladium ex machina

Update

Metals & Mining

Wheaton Precious Metals — Kobold ex machina

Update

Metals & Mining

Wheaton Precious Metals — Serene start

Update

Metals & Mining

Wheaton Precious Metals — A fine finish

Update

Metals & Mining

Silver Wheaton — Majestic

Outlook

Metals & Mining

Wheaton Precious Metals — Still shining

Update

Metals & Mining

Wheaton Precious Metals — Formerly Silver Wheaton (SLW)

Update

Metals & Mining

Severfield — Better revenue, margin and cash progress

Update

Metals & Mining

Silver Wheaton — What a difference a quarter makes

Update

Metals & Mining

Silver Wheaton — Update 6 December 2016

Update

Metals & Mining

Silver Wheaton — Update 2 November 2016

Update

Metals & Mining

Silver Wheaton — Update 30 August 2016

Update

Metals & Mining

Silver Wheaton — Update 25 May 2016

Update

Metals & Mining

Silver Wheaton — Update 18 April 2016

Update

Metals & Mining

Silver Wheaton — Update 24 March 2016

Update

Metals & Mining

Silver Wheaton — Update 14 February 2016

Update

Metals & Mining

Silver Wheaton — Update 11 November 2015

Further insights

insight

Cobalt

Analyst of the week

Andy Murphy

Andy Murphy

Director, Financials & Industrials

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