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

Wheaton Precious Metals’ (WPM’s) Q3 adjusted EPS was 6.6% above Edison’s expectations and 1.6% above the market consensus (source: LSEG Data & Analytics, 6 November), with operational results from Sudbury, Blackwater, Marmato, Antamina, Stillwater (for palladium) and Voisey’s Bay ahead of our forecasts. Production also beat our forecasts for Constancia and Penasquito although sales lagged. For the third quarter in succession, net earnings achieved a record level. The main reason for the outperformance was a positive variance in Salobo’s sales. Whereas we had expected sales to undershoot production by 25.0% (or 18,624oz), in the event they only undershot by 16.8% (11,229oz). As a result, gold inventories rose by 3,852oz less than expected to only 3.31 months of production (cf 3.45 months forecast). Aggregate costs were also well controlled ( US$4.1m better than our forecasts). Together with a lower tax charge, these drove a US$17.5m (6.6%) positive variance in underlying net earnings and contributed to the upgrading of our FY25 adjusted net EPS forecast by 4.0c/share (1.5%). Note that, at current metals prices, our FY26 EPS estimate more than doubles from that shown below to US$3.70/share.

Wheaton Precious Metals’ (WPM’s) Q3 adjusted EPS was 6.6% above Edison’s expectations and 1.6% above the market consensus (source: LSEG Data & Analytics, 6 November), with operational results from Sudbury, Blackwater, Marmato, Antamina, Stillwater (for palladium) and Voisey’s Bay ahead of our forecasts. Production also beat our forecasts for Constancia and Penasquito although sales lagged. For the third quarter in succession, net earnings achieved a record level. The main reason for the outperformance was a positive variance in Salobo’s sales. Whereas we had expected sales to undershoot production by 25.0% (or 18,624oz), in the event they only undershot by 16.8% (11,229oz). As a result, gold inventories rose by 3,852oz less than expected to only 3.31 months of production (cf 3.45 months forecast). Aggregate costs were also well controlled ( US$4.1m better than our forecasts). Together with a lower tax charge, these drove a US$17.5m (6.6%) positive variance in underlying net earnings and contributed to the upgrading of our FY25 adjusted net EPS forecast by 4.0c/share (1.5%). Note that, at current metals prices, our FY26 EPS estimate more than doubles from that shown below to US$3.70/share.

Wheaton Precious Metals — Maiden US$1bn annual net earnings beckon

Wheaton Precious Metals’ (WPM’s) Q325 financial results are scheduled for release on 6 November. Ahead of the announcement however, we already have production numbers from Salobo, Sudbury, Voisey’s Bay, San Dimas, Zinkgruvan, Neves-Corvo, Blackwater and Penasquito. We have updated our forecasts to reflect this data. After two quarters in which sales have outperformed production and inventory has been drawn down, we suspect that this trend will now reverse in Q3 before balance is restored in Q4. While we forecast that production will be modestly higher in Q3 therefore, we forecast that gold equivalent sales will be 14.1% lower. Consequently, we have reduced our Q3 EPS forecast by 5.7c/share. However, we have increased our FY25 EPS forecast by 8.9c/share to reflect recent moves in precious metals prices. 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 by 142.2% from the US$1.54/share shown to US$3.73/share (see Exhibit 17).

Wheaton Precious Metals’ (WPM’s) Q325 financial results are scheduled for release on 6 November. Ahead of the announcement however, we already have production numbers from Salobo, Sudbury, Voisey’s Bay, San Dimas, Zinkgruvan, Neves-Corvo, Blackwater and Penasquito. We have updated our forecasts to reflect this data. After two quarters in which sales have outperformed production and inventory has been drawn down, we suspect that this trend will now reverse in Q3 before balance is restored in Q4. While we forecast that production will be modestly higher in Q3 therefore, we forecast that gold equivalent sales will be 14.1% lower. Consequently, we have reduced our Q3 EPS forecast by 5.7c/share. However, we have increased our FY25 EPS forecast by 8.9c/share to reflect recent moves in precious metals prices. 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 by 142.2% from the US$1.54/share shown to US$3.73/share (see Exhibit 17).

Wheaton Precious Metals — Hunting Actaeon

On 10 September, Wheaton (WPM) announced that it had committed to contribute to Carcetti Capital’s financing of its acquisition of the Hemlo mine from Barrick in the form of a US$400m gold stream (c 39% of Carcetti’s total funding requirement). At the current gold price of US$3,650/oz, we calculate a 9.2% pre-tax internal rate of return (IRR) to Wheaton from its investment in Hemlo. At Edison’s more conservative, longer-term gold prices, we forecast that Hemlo will contribute an average of 0.9c/share to Wheaton’s EPS per annum, over the official 14-year life of the mine, and that it will contribute an average of 7.2c to Wheaton’s operational cash flow per share. At the same time, we have increased our Q325 EPS estimate by 4.4% and our FY25 EPS estimate by 5.7% to reflect recent strength in precious metals prices. Note that, at these levels, our FY26 EPS estimate rises from the US$1.44/share shown below to US$3.15/share.

On 10 September, Wheaton (WPM) announced that it had committed to contribute to Carcetti Capital’s financing of its acquisition of the Hemlo mine from Barrick in the form of a US$400m gold stream (c 39% of Carcetti’s total funding requirement). At the current gold price of US$3,650/oz, we calculate a 9.2% pre-tax internal rate of return (IRR) to Wheaton from its investment in Hemlo. At Edison’s more conservative, longer-term gold prices, we forecast that Hemlo will contribute an average of 0.9c/share to Wheaton’s EPS per annum, over the official 14-year life of the mine, and that it will contribute an average of 7.2c to Wheaton’s operational cash flow per share. At the same time, we have increased our Q325 EPS estimate by 4.4% and our FY25 EPS estimate by 5.7% to reflect recent strength in precious metals prices. Note that, at these levels, our FY26 EPS estimate rises from the US$1.44/share shown below to US$3.15/share.

Wheaton Precious Metals — Attaining 1Moz AuE production pa by FY30

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 delivered a strong performance during the second quarter of 2025, highlighted by record revenue, adjusted net earnings, and operating cash flow.</li><li>The company reported revenue of $503 million, a 68% increase compared to the previous year, driven by higher commodity prices and increased sales volumes.</li><li>Net earnings rose by 139% to $292 million, and operating cash flow was up by 77% to $450 million.</li></ul>

Wheaton Precious Metals delivered a strong performance during the second quarter of 2025, highlighted by record revenue, adjusted net earnings, and operating cash flow.The company reported revenue of $503 million, a 68% increase compared to the previous year, driven by higher commodity prices and increased sales volumes.Net earnings rose by 139% to $292 million, and operating cash flow was up by 77% to $450 million.

Wheaton Precious Metals Flexes $3 Billion War Chest for Game-Changing Deals; Is Inorganic Growth The Way Forward?

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.

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

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 Precious Metals — Maiden US$1bn annual net earnings beckon

Wheaton Precious Metals’ (WPM’s) Q3 adjusted EPS was 6.6% above Edison’s expectations and 1.6% above the market consensus (source: LSEG Data &...

Edison Investment Research

Wheaton Precious Metals — Hunting Actaeon

Wheaton Precious Metals’ (WPM’s) Q325 financial results are scheduled for release on 6 November. Ahead of the announcement however, we already have...

Edison Investment Research

Wheaton Precious Metals — Attaining 1Moz AuE production pa by FY30

On 10 September, Wheaton (WPM) announced that it had committed to contribute to Carcetti Capital’s financing of its acquisition of the Hemlo mine...

Edison Investment Research

Wheaton Precious Metals Flexes $3 Billion War Chest for Game-Changing Deals; Is Inorganic Growth The Way Forward?

Wheaton Precious Metals delivered a strong performance during the second quarter of 2025, highlighted by record revenue, adjusted net earnings,...

Baptista Research

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

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