Wheaton Precious Metals (WPM)

Business description

Wheaton Precious Metals is the pre-eminent pure precious metals streaming company, with c 30 high quality, precious metals streaming and early deposit agreements relating to assets in Mexico, Peru, Canada, Brazil, Chile, Argentina, Sweden, Greece, Portugal, the US and Guyana.

Stock data

Market cap.C$11725m
Last closeC$26.54
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

Price performance

Relative *(4.8)(4.3)(17.3)

* % Relative to local index

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Company news

3 Things You Didn't Know About Wheaton Precious Metals Corp

Fri, 23 Jun 2017 11:03:45 GMT

Better Buy: Freeport-McMoRan Inc. vs. Wheaton Precious Metals Corp.

Fri, 23 Jun 2017 06:11:15 GMT

Wheaton Precious Metals Corp.: The Bear Case From a Bull

Fri, 02 Jun 2017 12:11:15 GMT

Invest in Wheaton Precious Metals Corp.

Wed, 21 Jun 2017 14:37:30 GMT

Silver Wheaton Changes Name to Wheaton Precious Metals

Wed, 10 May 2017 20:48:45 GMT

Investment summary

WPM'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. As a result, gold sales once again exceeded silver sales. Nevertheless, net earnings were US$61.2m versus our expectation of US$61.4m. Subsequently, shareholders voted to change the name of the company from Silver Wheaton to Wheaton Precious Metals, which came into effect on 16 May.

Last updated on 01/06/2017

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 37.1 17.8
2016A 891.6 602.7 269.8 62.0 31.7 13.9
2017E 859.6 576.3 278.1 63.0 31.2 14.9
2018E 951.8 669.0 396.7 90.0 21.8 13.0

Last updated on 23/05/2017

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 WPM of US$37.52, or C$51.32, in FY20 (at average precious metal prices of US$23.98/oz Ag and US$1,362/oz Au). In the meantime, WPM’s shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming ‘peers’ in c 92% of instances considered, and the miners themselves in c 44%, despite being associated with materially less risk. Additional upside exists in the potential expansion of Salobo and the development of Pascu-Lama, among others.

Last updated on 01/06/2017

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
V6C 2X8
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