Edison Investment Research - Wheaton Precious Metals Corp (WPM) Wheaton Precious Metals - Salobo tasting sweet

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Edison Investment Research

Alison Turner

Wheaton Precious Metals - Salobo tasting sweet

Ahead of Wheaton’s scheduled Q3 results after the bell on Thursday 7 November, we have adjusted our earnings forecasts for the quarter to take account of generally higher precious metals prices, lower production and sales at Penasquito, Constancia and San Dimas, but higher production and sales at Salobo. Specifically, Vale’s announcement that Salobo produced 46.6kt of copper in Q3 implies gold production attributable to Wheaton of 65,019oz ±3,480oz (cf 54,750oz previously forecast). As a result, we have upgraded our forecast EPS for Q3 fractionally. However, we have upgraded our forecast for FY24 by a more material 9.9c/share, largely on account of the effect of higher precious metals prices on Q4 earnings. Note that if current metals prices persist, our FY25 EPS forecast will be US$1.72/share (cf the US$1.24/share shown below).

30/10/2024 1 EN

Underlying

Wheaton Precious Metals Corp

Wheaton Precious Metals is engaged in the silver mining business.

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CA9628791027 Toronto Stock Exchange Canada

Provider

Edison 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.

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Analysts

Alison Turner

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Wheaton Precious Metals - Salobo tasting sweet

Vermilion Compass: Weekly Equity Strategy

Wheaton Precious Metals - Continuing where Q1 left off

HgT - Steady earnings growth, stable market multiples

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Information Services Corporation - Continued momentum in earnings growth

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