Wheaton Precious Metals — Refining FY24 forecasts and introducing Q1–Q425

Wheaton’s (WPM’s) production and sales announcement of 18 February revealed FY24 gold output of 397,742oz and silver output of 20,657koz, but gold sales of 332,701oz and silver sales of 16,072koz. In general, therefore, production was greater than our prior expectations (as well as being ahead of guidance for the year by 13,481 gold equivalent ounces, or 2.2%), but sales were slightly behind, suggesting that there was little or no ‘flush through’ effect in the final quarter of the year. In the light of the announcement, we have reduced our FY24 EPS forecast by 4.0c (or just 2.8%) to US$1.404/share. At the same time, however, we have increased our FY25 EPS forecast by a material 58.8%, to US$1.953/share.