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 announced record revenue, earnings and operational cash flows in Q125, posting adjusted net EPS that was 10.5% better than our forecast and at the top of the range of analysts’ expectations. The main reason for the outperformance was an 18,616oz (20.1%) oversale of gold relative to production, which drove a US$40.1m positive variance in revenue, partially offset by an US$8.6m negative variance in costs, US$3.6m lower-than-expected interest income and US$2.3m higher tax to result in a US$23.9m positive variance in earnings. As a result, we have upgraded our FY25 adjusted net EPS forecast by 7.5c per share (3.4%). Note that, at current metals prices, our FY26 EPS estimate rises by 73.0% to US$2.63/share.

Wheaton announced record revenue, earnings and operational cash flows in Q125, posting adjusted net EPS that was 10.5% better than our forecast and at the top of the range of analysts’ expectations. The main reason for the outperformance was an 18,616oz (20.1%) oversale of gold relative to production, which drove a US$40.1m positive variance in revenue, partially offset by an US$8.6m negative variance in costs, US$3.6m lower-than-expected interest income and US$2.3m higher tax to result in a US$23.9m positive variance in earnings. As a result, we have upgraded our FY25 adjusted net EPS forecast by 7.5c per share (3.4%). Note that, at current metals prices, our FY26 EPS estimate rises by 73.0% to US$2.63/share.

Wheaton Precious Metals — Records tumbling

Wheaton Precious Metals’ (WPM’s) Q125 financial results are scheduled for release on Thursday 8 May, 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 60,109oz to 73,655oz, in line with the volume of copper produced according to Vale’s Q125 production report, released on 15 April. We have also assumed no further inventory build in Q1, after a 27,535oz gold equivalent increase in Q424 (against the historical trend). Including an adjustment for prices as well, these changes have resulted in a 17.4% increase to our Q125 adjusted EPS estimate and a 10.7% increase to our FY25 estimate.

Wheaton Precious Metals’ (WPM’s) Q125 financial results are scheduled for release on Thursday 8 May, 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 60,109oz to 73,655oz, in line with the volume of copper produced according to Vale’s Q125 production report, released on 15 April. We have also assumed no further inventory build in Q1, after a 27,535oz gold equivalent increase in Q424 (against the historical trend). Including an adjustment for prices as well, these changes have resulted in a 17.4% increase to our Q125 adjusted EPS estimate and a 10.7% increase to our FY25 estimate.

Wheaton Precious Metals — Finalising Q125e

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' recent financial results and operational updates offer an intricate view of their current position and strategies moving forward.</li><li>Throughout 2024, Wheaton demonstrated strong operational performance with record revenue and significantly increased net earnings driven by high production levels, especially from key assets such as Salobo and Constancia.</li><li>Notably, the company exceeded its production guidance, realizing an annual production of 635,000 gold equivalent ounces (GEOs), and set a strong forecast indicating a production increase to 870,000 GEOs by 2029.</li></ul>

Wheaton Precious Metals' recent financial results and operational updates offer an intricate view of their current position and strategies moving forward.Throughout 2024, Wheaton demonstrated strong operational performance with record revenue and significantly increased net earnings driven by high production levels, especially from key assets such as Salobo and Constancia.Notably, the company exceeded its production guidance, realizing an annual production of 635,000 gold equivalent ounces (GEOs), and set a strong forecast indicating a production increase to 870,000 GEOs by 2029.

Wheaton Precious Metals: An Insight Into The Impact Of Gold and Copper Market Dynamics & Key Growth Drivers!

Wheaton’s adjusted EPS for Q424 exceeded our prior expectations by 1.9%, largely due to better average realised prices for its precious metals. As a consequence, it recorded record revenue, record adjusted EPS and record cash flow for both Q4 and FY24 and raised its quarterly dividend by 6.5%, or 1c/share. It ended the year with US$134.4m more net cash on its balance after its contingent payment to Salobo was delayed into FY25. We have upgraded our forecasts for FY25 very slightly. However, after a quarter in which production outstripped sales by a material amount in Q4 (against the historical trend), there is also the potential for an accelerated ‘flush through’ effect of production into sales earlier than normal in the current year.

Wheaton’s adjusted EPS for Q424 exceeded our prior expectations by 1.9%, largely due to better average realised prices for its precious metals. As a consequence, it recorded record revenue, record adjusted EPS and record cash flow for both Q4 and FY24 and raised its quarterly dividend by 6.5%, or 1c/share. It ended the year with US$134.4m more net cash on its balance after its contingent payment to Salobo was delayed into FY25. We have upgraded our forecasts for FY25 very slightly. However, after a quarter in which production outstripped sales by a material amount in Q4 (against the historical trend), there is also the potential for an accelerated ‘flush through’ effect of production into sales earlier than normal in the current year.

Wheaton Precious Metals — Q424/FY24 results

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 — Records tumbling

Wheaton announced record revenue, earnings and operational cash flows in Q125, posting adjusted net EPS that was 10.5% better than our forecast and...

Edison Investment Research

Wheaton Precious Metals — Records tumbling

Wheaton announced record revenue, earnings and operational cash flows in Q125, posting adjusted net EPS that was 10.5% better than our forecast and...

Edison Investment Research

Wheaton Precious Metals — Finalising Q125e

Wheaton Precious Metals’ (WPM’s) Q125 financial results are scheduled for release on Thursday 8 May, after the market close in Toronto. Ahead of...

Edison Investment Research

Wheaton Precious Metals: An Insight Into The Impact Of Gold and Copper Market Dynamics & Key Growth Drivers!

Wheaton Precious Metals' recent financial results and operational updates offer an intricate view of their current position and strategies moving...

Baptista Research

Wheaton Precious Metals — Q424/FY24 results

Wheaton’s adjusted EPS for Q424 exceeded our prior expectations by 1.9%, largely due to better average realised prices for its precious metals. As...

Edison Investment Research

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