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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$11338.7m
Last closeC$25.54
High / Low (52 weeks)C$29.7 / C$20.1
Stock market listingUS, CN
Forecast net debt (US$m)1249.8
Forecast gearing ratio (%)25
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual20.420.2(8)
Relative *27.034.62.8

* % Relative to local index

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Company news

Wheaton Precious Metals Announces Closing of New Precious Metals Purchase ...

Thu, 10 May 2018 22:08:15 GMT

First Eagle Investment Management, LLC Buys Exxon Mobil Corp, Nutrien, Wheaton ...

Thu, 17 May 2018 17:37:30 GMT

Where Will Wheaton Precious Metals Be in 5 Years?

Tue, 01 May 2018 14:15:00 GMT

Looking For Exposure To Silver? Consider Wheaton Precious Metals

Thu, 19 Apr 2018 19:18:45 GMT

Red Hot Stocks: Buy, Sell, or Hold? – Physicians Realty Trust (DOC), Wheaton ...

Wed, 16 May 2018 18:45:00 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 891.6 602.7 269.8 62.0 31.3 13.7
2017A 843.2 564.7 277.4 63.0 30.8 15.2
2018E 792.8 499.1 200.4 40.0 48.4 16.9
2019E 844.6 536.1 208.8 47.0 41.2 16.0

Last updated on 18/12/2018

Latest research

Good operations offset by prices & finance costs

Update | Mining | 26/11/2018

Q218 results in line with expectations

Update | Mining | 21/08/2018

Palladium ex machina

Update | Mining | 24/07/2018

Kobold ex machina

Update | Mining | 21/06/2018

Serene start

Update | Mining | 18/05/2018

A fine finish

Update | Mining | 27/03/2018

Majestic

Update | Mining | 15/02/2018

Never knowingly undersold

Update | Mining | 10/11/2017

Still shining

Outlook | Mining | 30/08/2017

Formerly Silver Wheaton (SLW)

Update | Mining | 18/05/2017

What a difference a quarter makes

Update | Mining | 29/03/2017

Q3 in perspective and Q4 preview

Update | Mining | 06/12/2016

Investment summary

On 13 December, Wheaton Precious Metals (WPM) announced it had reached a ‘principled settlement’ for its tax dispute with the Canada Revenue Agency (CRA). Whereas the CRA had been seeking at least US$265m from WPM in taxes, penalties and interest in relation to its reassessment for the 2005–10 tax years with subsequent years left open to similar re-assessment, under the terms of the settlement WPM will actually pay the CRA cash taxes of US$5m for the 2011–17 tax years, US$15m in deferred tax and US$3–4m in interest. More importantly, the settlement creates a framework for both WPM and the CRA to assess tax in future years whereby foreign income on earnings generated by WPM’s international subsidiaries will not be subject to tax in Canada.

Last updated on 18/12/2018

Industry outlook

Assuming no purchases of additional streams, we forecast a value for WPM of US$32.48/share (C$42.97/share) in FY20. In the meantime, it is trading on near-term financial ratios that are cheaper than its royalty/streaming peers on 83% of typical valuation measures and the miners themselves on at least 42% of the same measures, despite being associated with materially less risk. In September, Cameco scored a notable victory against the CRA in a case similar to WPM's involving transfer pricing and overseas subsidiary structures.

Last updated on 29/11/2018

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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