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). Using a CAPM-type methodology, we calculate a terminal value for Wheaton of US$55.35 (C$74.87) per share in FY26. 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.