Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Wheaton Precious Metals / Equity Bottom-Up

<ul><li>Wheaton Precious Metals commenced 2026 with a robust first quarter, marked by record revenue, earnings, and cash flow, underpinned by strong operational performance and strategic portfolio enhancements.</li><li>Key operational assets Salobo and Peñasquito exceeded expectations, contributing notably to a 22% year-over-year increase in production to 212,000 gold equivalent ounces (GEOs).</li><li>Salobo saw a slight decline in attributable gold production due to lower grades, partially offset by higher throughput and recoveries, while Peñasquito and Antamina (following the new BHP stream acquisition effective April 1) demonstrated significant gains in silver production.</li></ul>

Wheaton Precious Metals commenced 2026 with a robust first quarter, marked by record revenue, earnings, and cash flow, underpinned by strong operational performance and strategic portfolio enhancements.Key operational assets Salobo and Peñasquito exceeded expectations, contributing notably to a 22% year-over-year increase in production to 212,000 gold equivalent ounces (GEOs).Salobo saw a slight decline in attributable gold production due to lower grades, partially offset by higher throughput and recoveries, while Peñasquito and Antamina (following the new BHP stream acquisition effective April 1) demonstrated significant gains in silver production.

Wheaton’s $4.3 Billion Antamina Stream — A Mega Bet On High-Quality Silver Growth!

<ul><li>Wheaton Precious Metals delivered a strong financial and operational performance in 2025, underscoring its position as a leading precious metals streaming company.</li><li>The company exceeded its production guidance by achieving 690,000 gold equivalent ounces (GEOs), supported by key assets such as Salobo, Antamina, and Peñasquito.</li><li>The ramp-up of assets like Blackwater and Goose further diversified and strengthened its production base.</li></ul>

Wheaton Precious Metals delivered a strong financial and operational performance in 2025, underscoring its position as a leading precious metals streaming company.The company exceeded its production guidance by achieving 690,000 gold equivalent ounces (GEOs), supported by key assets such as Salobo, Antamina, and Peñasquito.The ramp-up of assets like Blackwater and Goose further diversified and strengthened its production base.

Wheaton Precious Metals Corp.: With Record Cash Flow and New Streaming Deals

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>Wheaton Precious Metals’ (WPM’s) Q4 results were slightly above our (top of the range) prior expectations in almost all areas of its business. San Dimas, Penasquito, Antamina and Blackwater all outperformed in terms of production and/or sales, while Salobo effectively matched what were otherwise our extremely bullish estimates based on its copper output (see our previous note). The average realised price for silver was also 7.5% (or US$4.13/oz) ahead of our (Bloomberg-derived) average for the quarter, which was instrumental in driving a US$32.3m (3.9%) positive variance in sales. As a result, adjusted EPS achieved record levels for the fourth quarter in succession and were 3.3% above our forecast for the quarter and 1.4% above our forecast for the year (see Exhibit 1). We have lowered our FY26 EPS estimate by a modest 6.1% to reflect largely operational issues, such as Blackwater’s ten-day mill outage (announced yesterday), although this should be seen within the context of our having upgraded them by 285.2% (officially) and 61.4% (informally) earlier this week. Nevertheless, they remain firmly at the top of the range of analysts’ expectations. Note that, at current metals prices, our FY27 EPS estimate doubles from that shown below to US$6.88 per share.</p>

Wheaton Precious Metals’ (WPM’s) Q4 results were slightly above our (top of the range) prior expectations in almost all areas of its business. San Dimas, Penasquito, Antamina and Blackwater all outperformed in terms of production and/or sales, while Salobo effectively matched what were otherwise our extremely bullish estimates based on its copper output (see our previous note). The average realised price for silver was also 7.5% (or US$4.13/oz) ahead of our (Bloomberg-derived) average for the quarter, which was instrumental in driving a US$32.3m (3.9%) positive variance in sales. As a result, adjusted EPS achieved record levels for the fourth quarter in succession and were 3.3% above our forecast for the quarter and 1.4% above our forecast for the year (see Exhibit 1). We have lowered our FY26 EPS estimate by a modest 6.1% to reflect largely operational issues, such as Blackwater’s ten-day mill outage (announced yesterday), although this should be seen within the context of our having upgraded them by 285.2% (officially) and 61.4% (informally) earlier this week. Nevertheless, they remain firmly at the top of the range of analysts’ expectations. Note that, at current metals prices, our FY27 EPS estimate doubles from that shown below to US$6.88 per share.

Wheaton Precious Metals — Finishing as it means to start

<p>WPM’s Q425/FY25 are being released on Thursday 12 March, after the bell in Canada. From the sales and production data released to the market on 16 February, we have updated and upgraded our full-year EPS forecasts for Wheaton to the top of the range of the analysts’ estimates, driven (mostly) by an exceptional copper production outcome at Salobo (see Exhibits 3 and 4). Given higher metals prices as well as WPM’s Antamina stream acquisition from BHP, we have also upgraded our FY26 EPS forecast from US$1.55 (officially) and US$3.70 (if prices in December 2025 prevailed into FY26) to US$5.97. Note that, at this rate of earnings, Wheaton is making as much in a quarter as it made as recently as FY24 in a year.</p>

WPM’s Q425/FY25 are being released on Thursday 12 March, after the bell in Canada. From the sales and production data released to the market on 16 February, we have updated and upgraded our full-year EPS forecasts for Wheaton to the top of the range of the analysts’ estimates, driven (mostly) by an exceptional copper production outcome at Salobo (see Exhibits 3 and 4). Given higher metals prices as well as WPM’s Antamina stream acquisition from BHP, we have also upgraded our FY26 EPS forecast from US$1.55 (officially) and US$3.70 (if prices in December 2025 prevailed into FY26) to US$5.97. Note that, at this rate of earnings, Wheaton is making as much in a quarter as it made as recently as FY24 in a year.

Wheaton Precious Metals — Making more in a quarter than it used to in a year

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

United States

Wheaton Precious Metals Corp. operates as a precious metals streaming company. The Company purchases silver and gold production from mines that it does not owns and operates. Wheaton Precious Metals serves customers worldwide.

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Wheaton Precious Metals (WPM US)

Wheaton’s $4.3 Billion Antamina Stream — A Mega Bet On High-Quality Silver Growth!

Wheaton Precious Metals commenced 2026 with a robust first quarter, marked by record revenue, earnings, and cash flow, underpinned by strong...

Baptista Research

Wheaton Precious Metals Corp.: With Record Cash Flow and New Streaming Deals

Wheaton Precious Metals delivered a strong financial and operational performance in 2025, underscoring its position as a leading precious metals...

Baptista Research

Wheaton Precious Metals — Finishing as it means to start

Wheaton Precious Metals’ (WPM’s) Q4 results were slightly above our (top of the range) prior expectations in almost all areas of its business. San...

Edison Investment Research

Wheaton Precious Metals — Making more in a quarter than it used to in a year

WPM’s Q425/FY25 are being released on Thursday 12 March, after the bell in Canada. From the sales and production data released to the market on 16...

Edison Investment Research

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

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