Wheaton Precious Metals (WPM)

Business description

Wheaton Precious Metals is the pre-eminent pure precious metals streaming company, with more than 25 streaming agreements relating to assets in Mexico, Peru, Canada, Brazil, Chile, Argentina, Sweden, Greece, Portugal, the US and Guyana.

Stock data

Market cap.C$12565.6m
Last closeC$28.46
High / Low (52 weeks)C$39.7 / C$22.8
Stock market listingUS, CN
Forecast net debt (US$m)702
Forecast gearing ratio (%)14
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(0.1)1.513.3
Relative *0.23.31.7

* % Relative to local index

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Company news

Wheaton Precious Metals Corp. (WPM) Ex-Dividend Date Scheduled for May 23, 2017

Mon, 22 May 2017 12:56:15 GMT

Silver Wheaton: I Don't Care

Mon, 15 May 2017 16:07:30 GMT

Ex-Dividend Reminder: Wheaton Precious Metals, Harley-Davidson and Hershey

Fri, 19 May 2017 14:14:23 GMT

Silver Wheaton becomes Wheaton Precious Metals

Thu, 11 May 2017 17:55:14 GMT

Silver Wheaton proposes changing name to Wheaton Precious Metals

Tue, 21 Mar 2017 21:39:24 GMT

Investment summary

Wheaton Precious Metal’s Q117 results were closely aligned with our prior expectations with the single exception that there was a 1.3Moz under-sale of silver relative to production, resulting in a temporary inventory build at the end of March. For the second quarter in succession, therefore, gold sales exceeded silver sales. Nevertheless, net earnings for the quarter were US$61.2m versus our expectation of US$61.4m.

Last updated on 18/05/2017

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 648.7 426.2 223.6 53.0 39.2 18.9
2016A 891.6 602.7 269.8 62.0 33.5 14.7
2017E 859.6 576.3 278.1 63.0 32.9 15.7
2018E 951.8 669.0 396.7 90.0 23.1 13.7

Last updated on 18/05/2017

Latest research

Latest video

Analyst Interview - Silver Wheaton

Industry outlook

Assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for SLW of US$36.66, or C$49.00, in FY20 (at average precious metal prices of US$23.98/oz Ag and US$1,362/oz Au). In the meantime, SLW’s shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming ‘peers’ in c 80% of instances considered, and the miners themselves in c 40%, despite being associated with materially less risk. Additional upside exists in the potential expansion of Salobo and the development of Pascu-Lama and Rosemont, among others. Q1 results are scheduled for 9 May.

Last updated on 02/05/2017

Key management

Randy V. J. Smallwood , CEO
Gary D. Brown , CFO
Patrick Drouin , Director of Investor Relations
Rory Quinn , IR

Company address

Suite 3150
666 Burrard Street
Vancouver
BC
V6C 2X8
Canada
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