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$10590.5m
Last closeC$23.96
High / Low (52 weeks)C$39.1 / C$22.8
Stock market listingUS, CN
Forecast net debt (US$m)702
Forecast gearing ratio (%)14
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(3.5)(17.6)(38.5)
Relative *(2.6)(16.3)(39.9)

* % Relative to local index

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Company news

Wheaton Precious Metals: Consider This

Fri, 11 Aug 2017 16:18:45 GMT

Wheaton Precious Metals: A Significant Move

Mon, 14 Aug 2017 14:48:45 GMT

Here's Why the Best Is Yet to Come for Wheaton Precious Metals

Thu, 17 Aug 2017 09:56:15 GMT

Franklin Resources Inc Buys Baker Hughes Inc, Wheaton Precious Metals Corp ...

Fri, 18 Aug 2017 22:40:56 GMT

Swiss National Bank Buys Baker Hughes Inc, Wheaton Precious Metals Corp, Dell ...

Wed, 09 Aug 2017 14:15:00 GMT

Investment summary

WPM's Q117 net earnings were within 0.4% of our prior expectations. Gold sales once again exceeded silver sales and shareholders subsequently voted to change the name of the company from Silver Wheaton to Wheaton Precious Metals, which came into effect on 16 May. 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).

Last updated on 03/08/2017

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 35.6 17.2
2016A 891.6 602.7 269.8 62.0 30.5 13.4
2017E 859.6 576.3 278.1 63.0 30.0 14.3
2018E 951.8 669.0 396.7 90.0 21.0 12.5

Last updated on 24/07/2017

Latest research

Latest video

Analyst Interview - Silver Wheaton

Industry outlook

In relative terms, 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. Upside from existing streams includes the potential expansion of Salobo and the development of Pascu-Lama, among others. Q217 results are scheduled for release after the market close in Toronto on 10 August.

Last updated on 03/08/2017

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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