Wheaton Precious Metals (TSX: WPM)

Currency in CAD

Last close As at 20/09/2023


1.27 (2.16%)

Market capitalisation


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$56.71 or C$76.23 or £44.72 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 63% of common valuation measures, which otherwise imply a share price today of US$50.40, or C$67.75 or £39.53 (based on Edison forecasts).

Latest Insights

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Metals & Mining | Update

Wheaton Precious Metals — Peerless

Metals & Mining | Update

Wheaton Precious Metals — Honing Q223 forecasts

Metals & Mining | Update

Wheaton Precious Metals — Q123 in line; looking to H2

Metals & Mining | Update

Wheaton Precious Metals — Refining forecasts


Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Emma Murray

    Director of investor relations

  • Gary D. Brown


  • Patrick Drouin

    SVP, Investor Relations

  • Randy V. J. Smallwood


Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.2 5.7 41.7
Relative 6.1 3.3 35.8
52 week high/low C$69.7/C$39.9


Wheaton Precious Metals’ (WPM’s) production of gold equivalent ounces (GEOs) was 4.6% higher than our prior forecasts in Q223, while sales of GEOs were 6.9% higher, driving a positive variance in revenue of 6.6%, or US$16.4m, following stronger than expected production results at Salobo, in particular. WPM reaffirmed FY23 production guidance of 600–660koz GEOs. However, we expect growth in production thereafter, such that it exceeds 850koz GEOs by FY27.

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 33.8 23.6
2022A 1065.1 735.2 497.7 112.0 39.9 26.9
2023E 1030.4 723.6 502.5 118.0 37.8 26.2
2024E 1424.9 1033.5 668.7 147.0 30.4 19.5

Further insights



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