Wheaton Precious Metals - Edison Group

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

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.

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

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

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Sector

Metals & Mining

Equity Analyst

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

Update

Metals & Mining

08.11.22

Wheaton Precious Metals — Results closely in line with prior expectations

Update

24.10.22

Wheaton Precious Metals — Honing Q322 forecasts

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Metals & Mining

Update

Wheaton Precious Metals — Adjusting for ‘major maintenance’ at Salobo in Q4

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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

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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

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Metals & Mining

18.04.16

Silver Wheaton — Update 18 April 2016

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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

Further insights

insight

17.07.18

Cobalt

Analyst of the week

Andy Murphy

Director, Financials & Industrials

amurphy@edisongroup.com

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