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.

Equity Bottom-Up

Wheaton Precious Metals / Equity Bottom-Up

<p>For the second quarter in succession, Wheaton Precious Metals (WPM) has announced record revenue, adjusted earnings and operational cash flows, posting adjusted net EPS that was 7.7% better than our forecast and above the top of analysts’ expectations (source: LSEG Data & Analytics, 7 August). The main reasons for the outperformance were a 12.8% positive variance in silver production coupled with a 5.0% positive variance in gold sales, which were 7.6% (or 7,005oz) above production for the quarter. Together, these drove a US$38.6m (8.3%) positive variance in revenue, only partially offset by a US$12.1m negative variance in costs, resulting in a US$20.4m positive variance in earnings and a 4.5c positive variance in adjusted net EPS. As a result, we have upgraded our FY25 adjusted net EPS forecast by 2.1c/share (0.9%). At current metals prices, our FY26 EPS estimate rises by 84.0% from that shown below to US$2.65/share.</p>

For the second quarter in succession, Wheaton Precious Metals (WPM) has announced record revenue, adjusted earnings and operational cash flows, posting adjusted net EPS that was 7.7% better than our forecast and above the top of analysts’ expectations (source: LSEG Data & Analytics, 7 August). The main reasons for the outperformance were a 12.8% positive variance in silver production coupled with a 5.0% positive variance in gold sales, which were 7.6% (or 7,005oz) above production for the quarter. Together, these drove a US$38.6m (8.3%) positive variance in revenue, only partially offset by a US$12.1m negative variance in costs, resulting in a US$20.4m positive variance in earnings and a 4.5c positive variance in adjusted net EPS. As a result, we have upgraded our FY25 adjusted net EPS forecast by 2.1c/share (0.9%). At current metals prices, our FY26 EPS estimate rises by 84.0% from that shown below to US$2.65/share.

Wheaton Precious Metals — Salobo does it again

<p>Wheaton Precious Metals’ (WPM’s) Q225 financial results are scheduled for release on Thursday 7 August, after the market close in Toronto. Ahead of the release, we have updated our forecasts to reflect, in particular, an increase in production from Salobo from 58,500oz to 70,787oz in line with the volume of copper produced in Q2 (as per Vale’s production and sales report). On the basis of the difference between Vale’s Brazilian copper sales and its production (as a proxy for Salobo’s performance) we have also assumed only a small inventory build at Wheaton in Q2 relative to Q1. Including an upward adjustment to prices, these changes have resulted in a 21.7% increase to our Q225 adjusted EPS estimate and a 9.1% increase to our FY25 estimate. Note that our FY26 adjusted EPS estimate (below) is based on very conservative gold and silver prices of US$2,105/oz and US$24.33/oz, respectively. At prevailing metals prices, it rises to US$2.87/share, while its corresponding P/E ratio falls to 33.3x.</p>

Wheaton Precious Metals’ (WPM’s) Q225 financial results are scheduled for release on Thursday 7 August, after the market close in Toronto. Ahead of the release, we have updated our forecasts to reflect, in particular, an increase in production from Salobo from 58,500oz to 70,787oz in line with the volume of copper produced in Q2 (as per Vale’s production and sales report). On the basis of the difference between Vale’s Brazilian copper sales and its production (as a proxy for Salobo’s performance) we have also assumed only a small inventory build at Wheaton in Q2 relative to Q1. Including an upward adjustment to prices, these changes have resulted in a 21.7% increase to our Q225 adjusted EPS estimate and a 9.1% increase to our FY25 estimate. Note that our FY26 adjusted EPS estimate (below) is based on very conservative gold and silver prices of US$2,105/oz and US$24.33/oz, respectively. At prevailing metals prices, it rises to US$2.87/share, while its corresponding P/E ratio falls to 33.3x.

Wheaton Precious Metals — Q225e preview

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.

<ul><li>Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial highlights.</li><li>On the operational side, Wheaton indicated robust performance from several core assets, notably the Salobo mine, which delivered an impressive 71,300 ounces of attributable gold production.</li><li>This represented a 16% increase from the previous year, driven by successful throughput at the Salobo III expansion.</li></ul>

Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial highlights.On the operational side, Wheaton indicated robust performance from several core assets, notably the Salobo mine, which delivered an impressive 71,300 ounces of attributable gold production.This represented a 16% increase from the previous year, driven by successful throughput at the Salobo III expansion.

Wheaton Precious Metals: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!

Brazil

Wheaton Precious Metals Corp. operates as a precious metals streaming company. The Company focuses on gold and silver projects. Wheaton Precious Metals serves customers worldwide.

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Wheaton Precious Metals (WPM CN)

Wheaton Precious Metals — Salobo does it again

For the second quarter in succession, Wheaton Precious Metals (WPM) has announced record revenue, adjusted earnings and operational cash flows,...

Edison Investment Research

Wheaton Precious Metals — Q225e preview

Wheaton Precious Metals’ (WPM’s) Q225 financial results are scheduled for release on Thursday 7 August, after the market close in Toronto. Ahead of...

Edison Investment Research

Wheaton Precious Metals — Q225e preview

Wheaton Precious Metals’ (WPM’s) Q225 financial results are scheduled for release on Thursday 7 August, after the market close in Toronto. Ahead of...

Edison Investment Research

Wheaton Precious Metals — Q225e preview

Wheaton Precious Metals’ (WPM’s) Q225 financial results are scheduled for release on Thursday 7 August, after the market close in Toronto. Ahead of...

Edison Investment Research

Wheaton Precious Metals: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!

Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial...

Baptista Research

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