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1. Company Snapshot

1.a. Company Description

Wheaton Precious Metals Corp., a streaming company, primarily sells precious metals in Canada and internationally.The company sells gold, silver, palladium, and cobalt deposits.It has a portfolio of interests in the 23 operating mines and 13 development projects.


The company was formerly known as Silver Wheaton Corp.and changed its name to Wheaton Precious Metals Corp.in May 2017.


Wheaton Precious Metals Corp.was founded in 2004 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on WPM

Wheaton Precious Metals Corp.'s recent performance was driven by a 5.4% surge in share price, fueled by above-average trading volume and a positive trend in earnings estimate revisions. The company's Q4 2024 earnings met expectations, with revenue reaching a record-breaking US$1.28b, a 26% increase from the previous year. Additionally, Wheaton Precious Metals raised its dividend by 6.5%, providing a boost to shareholders. The company's strong financial performance and strategic initiatives have maintained its stock ratings and price targets at RBC Capital Markets and National Bank.

1.c. Company Highlights

2. Wheaton Precious Metals' Q3 2025 Results: A Record-Breaking Performance

Wheaton Precious Metals reported record revenue, earnings, and operating cash flow for the first nine months of 2025. Revenue was $476 million, a 55% increase from the prior year, driven by a 37% increase in commodity prices and a 13% increase in sales volumes. Net earnings increased by 138% to $367 million, while adjusted net earnings increased by 84% to $281 million. The company's EPS came in at $0.87, in line with analyst estimates. Operating cash flow was $383 million, a 51% increase from the prior year, demonstrating the company's ability to generate strong cash flows from its operations.

Publication Date: Nov -08

📋 Highlights
  • Record Financial Performance:: Revenue surged 55% to $476 million, driven by 37% higher commodity prices and 13% higher sales volumes, while net earnings jumped 138% to $367 million.
  • Production Growth:: Generated 173,000 gold equivalent ounces (a 22% YoY increase), fueled by strong output at Salobo, Antamina, and the ramp-up of Blackwater and Goose.
  • Operating Cash Flow Surge:: Operating cash flow hit $383 million, a 51% increase year-over-year, supported by higher production and prices.
  • Strong Balance Sheet:: Maintains over $1.2 billion in cash and an undrawn $2.5 billion revolving credit facility, enabling $2.5 billion in upfront payments by 2029 for growth projects.
  • Future Growth Outlook:: Anticipates 250,000 additional gold equivalent ounces annually by 2029, with over 90% of growth in construction or development, nearly double peers’ growth rates.

Operational Highlights

The company's portfolio of long-life, low-cost assets delivered strong results, with production of 173,000 gold equivalent ounces, a 22% increase from the prior year. This performance was driven by strong production at Salobo and Antamina, coupled with the ramp-up of production at Blackwater and Goose. Wheaton is on track to achieve its 2025 production guidance of 600,000 to 670,000 gold equivalent ounces.

Growth Profile and Development Projects

Wheaton's growth profile was further derisked through progress on key development projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné. The company also announced two new streaming transactions, one with Carcetti on the Hemlo mine and another with Waterton Gold on the Spring Valley project. With an expected increase of close to 250,000 ounces per year between now and 2029, Wheaton's growth profile is strong and almost double that of its next closest peer.

Valuation and Outlook

With a P/E Ratio of 56.98 and an EV/EBITDA of 36.04, the market is pricing in a significant premium for Wheaton Precious Metals. Analysts estimate next year's revenue growth at 17.7%, which may justify some of this premium. However, investors should consider whether the current valuation multiples are justified by the company's growth prospects and financial performance. The company's robust balance sheet, with over $1.2 billion in cash and an undrawn $2.5 billion revolving credit facility, provides a solid foundation for its growth plans.

Sustainability and Future Initiatives

Wheaton launched its second annual Future of Mining Challenge, focusing on advancing sustainable water management technologies. The company's commitment to sustainability and its strong pipeline of opportunities make it a premier low-risk choice for investors seeking exposure to gold and silver. With a strong growth profile and a robust balance sheet, Wheaton is well-positioned to continue delivering strong financial performance in the future.

3. NewsRoom

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Wheaton Precious Metals' (TSE:WPM) Promising Earnings May Rest On Soft Foundations

Nov -13

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Wheaton Precious Q3 Earnings & Revenues Beat Estimates, Shares Up 8%

Nov -12

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The Final Look at Resourcing Tomorrow, 2-4 December, 2025

Nov -10

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Is Wheaton’s Record Earnings and Spring Valley Deal Reshaping the Investment Case for TSX:WPM?

Nov -09

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Wheaton Precious Metals Corp (WPM) Q3 2025 Earnings Call Highlights: Record Revenue and ...

Nov -08

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Wheaton Precious Metals (WPM) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Nov -07

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Wheaton Precious Metals Corp. (WPM) Beats Q3 Earnings and Revenue Estimates

Nov -07

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Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Nine Months of 2025

Nov -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.80%)

6. Segments

Gold - Salobo

Expected Growth: 5.2%

The Salobo mine has shown consistent production growth, and with ongoing exploration efforts, there's potential for increased gold output, supporting a 5.2% growth rate, slightly above the global hypothesis of 4.8%, due to its high-grade deposits and operational efficiency.

Gold - Constancia

Expected Growth: 4.5%

Constancia's gold production is expected to grow steadily, aligning closely with the global growth hypothesis. Its diversified metal output and ongoing operational improvements support a stable growth outlook, though slightly below the global hypothesis due to fluctuating copper and gold grades.

Gold - SAN Dimas

Expected Growth: 4.2%

SAN Dimas has a history of stable production. However, its growth prospects are moderate, reflecting its mature stage and potential for slight declines in output. Hence, a growth rate slightly below the global hypothesis, supported by consistent operations and exploration efforts to maintain production levels.

Gold - Sudbury

Expected Growth: 5.5%

Sudbury's gold production benefits from its diversified mining operations and ongoing investments in exploration and efficiency improvements. This supports a growth rate above the global hypothesis, reflecting its strong operational foundation and potential for increased gold output.

Gold - Stillwater

Expected Growth: 4.8%

Stillwater's gold production aligns with the global growth hypothesis. The mine's operational stability and ongoing exploration activities support a growth outlook in line with global trends, reflecting its established production profile and potential for modest increases in output.

Gold - Other

Expected Growth: 4.0%

The 'Gold - Other' segment's growth is expected to be slightly below the global hypothesis due to its diversified and often smaller-scale nature. This segment's growth prospects are moderate, reflecting a combination of new projects and existing smaller operations.

Silver - Peñasquito

Expected Growth: None%

None

Silver - Antamina

Expected Growth: 4.6%

Antamina's silver production growth is tied to its copper and zinc operations. A steady growth outlook is supported by its large reserves and byproduct silver production, though copper and zinc market dynamics can influence growth, keeping it slightly below but close to the global hypothesis.

Silver - Other

Expected Growth: 4.4%

The 'Silver - Other' segment includes a variety of smaller and development-stage projects. Its growth prospects reflect a mix of new discoveries, ramp-ups, and existing smaller-scale operations, supporting a moderate growth outlook slightly below the global hypothesis.

Silver - Constancia

Expected Growth: 4.7%

Constancia's silver output growth aligns well with its copper and gold production. A growth rate close to the global hypothesis is expected due to its established operations and ongoing exploration efforts to increase reserves and production.

Palladium - Stillwater

Expected Growth: 5.8%

Stillwater's palladium production benefits from its established operations and potential for increased output. A growth rate above the global hypothesis reflects its strong operational performance and favorable market conditions for palladium.

Cobalt - Voisey's Bay

Expected Growth: 6.0%

Voisey's Bay cobalt production is expected to grow significantly due to its high-grade deposits and the ongoing ramp-up of operations. A growth rate above the global hypothesis reflects its strong potential for increased output and favorable market conditions for cobalt.

7. Detailed Products

Gold Streaming

Wheaton Precious Metals Corp. provides upfront capital to mining companies in exchange for the right to purchase a percentage of their gold production at a fixed price.

Silver Streaming

Similar to gold streaming, Wheaton provides capital to mining companies in exchange for the right to purchase a percentage of their silver production at a fixed price.

Precious Metal Royalties

Wheaton acquires royalties on existing mines, providing a percentage of the mine's production to Wheaton without incurring the costs of operating the mine.

Early Deposit Pre-Payment

Wheaton provides upfront capital to mining companies in exchange for the right to purchase a percentage of their future production at a fixed price.

8. Wheaton Precious Metals Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Wheaton Precious Metals Corp. operates in the mining industry, which has limited substitutes. The company's products, such as gold, silver, and palladium, are essential for various industrial and consumer applications, making substitutes scarce.

Bargaining Power Of Customers

Wheaton Precious Metals Corp. sells its products to a diverse range of customers, including jewelry manufacturers, industrial companies, and investors. While customers have some bargaining power, the company's diversified customer base and long-term contracts mitigate this risk.

Bargaining Power Of Suppliers

Wheaton Precious Metals Corp. relies on a limited number of mining operators to supply it with precious metals. This concentration of suppliers gives them significant bargaining power, which can impact the company's costs and profitability.

Threat Of New Entrants

The mining industry has significant barriers to entry, including high capital costs, regulatory hurdles, and environmental concerns. These barriers make it difficult for new entrants to challenge established players like Wheaton Precious Metals Corp.

Intensity Of Rivalry

The mining industry is competitive, with several established players vying for market share. However, Wheaton Precious Metals Corp.'s diversified portfolio of streams and royalties, as well as its long-term contracts, help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.09%
Debt Cost 3.95%
Equity Weight 99.91%
Equity Cost 7.09%
WACC 7.09%
Leverage 0.09%

11. Quality Control: Wheaton Precious Metals Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Lundin Gold

A-Score: 6.5/10

Value: 1.9

Growth: 9.1

Quality: 8.6

Yield: 6.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Newmont

A-Score: 6.2/10

Value: 5.3

Growth: 4.8

Quality: 8.1

Yield: 4.0

Momentum: 9.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Agnico Eagle Mines

A-Score: 6.1/10

Value: 2.5

Growth: 6.7

Quality: 8.0

Yield: 3.0

Momentum: 10.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Wheaton

A-Score: 5.6/10

Value: 0.5

Growth: 6.0

Quality: 8.0

Yield: 2.0

Momentum: 10.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Barrick Gold

A-Score: 5.4/10

Value: 4.0

Growth: 1.0

Quality: 7.2

Yield: 4.0

Momentum: 10.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
LyondellBasell

A-Score: 4.2/10

Value: 4.0

Growth: 2.7

Quality: 2.6

Yield: 10.0

Momentum: 0.0

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

149.57$

Current Price

149.57$

Potential

-0.00%

Expected Cash-Flows