Wheaton Precious Metals Corp.

Wheaton Precious Metals is the largest pure precious metals streaming company in the world. The company has streams on some of the largest and lowest cost mines in the world. Wheaton Precious Metals' production and growth are founded on cornerstone assets including the Salobo mine in Brazil, the Peñasquito and San Dimas mines in Mexico, and the Antamina mine in Peru. Based upon its current agreements, forecast 2016 estimated annual attributable production is approximately 32 million ounces of silver and 305,000 ounces of gold. Wheaton Precious Metals' estimated average annual attributable production over the next five years is anticipated to be approximately 31 million ounces of silver and 330,000 ounces of gold per year.

Expert Comments:

Brian MacArthur, Raymond James (2/23/18)
"Given Wheaton Precious Metals Corp.'s high-quality and diversified asset base and high-margin and scalable business model, we rate its shares Outperform. We have updated our model to reflect updated production forecasts and reserve/resource estimates given by operators on some of the company's major royalties/streams, specifically Penasquito, Pascua-Lama, Antamina, 777 and Constancia; our target price is $25."

Charles Gibson, Edison Investment Research (2/15/18)
"We value the cash flows to Wheaton Precious Metals Corp. from San Dimas for the period FY18 to FY33 at $252.90, or $0.57/Wheaton share, once the First Majestic-Primero transaction concludes. . .we expect Wheaton to become a majority gold streaming company [there]. . .investors [are] in line for a 37.6% internal rate of return over three years."

Charles Gibson, Edison Investment Research (1/25/18)
"Wheaton Precious Metals Corp.'s Q3/17 results were little changed compared to Q2/17. . .the San Dimas stream has been restructured after First Majestic's bid for Primero in early 2018. . .as at the time of its Q3/17 results, we forecast a value per share for Wheaton of $38.24, or CA$48.54, in FY20. . .Wheaton's shares are trading on near-term financial measures that are consistently cheaper than those of its royalty/streaming 'peers' and are cheaper than the miners themselves in 41% of cases, despite being associated with materially less risk."

Adrian Day
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Ralph Profiti, Eight Capital (1/15/18)
"Wheaton Precious Metals Corp. has terminated the existing San Dimas silver purchase agreement with Primero Mining (100% of silver of first 6 Moz silver, 50% of excess thereafter) and will now receive 25% of gold equivalent production at a fixed gold:silver exchange ratio of 70:1. . .we value the new streaming agreement at $530M (new stream terms plus production upside plus value of First Majestic shares) versus $440M for the previous stream."

Cosmos Chiu, CIBC World Markets (1/15/18)
"Wheaton Precious Metals Corp. is restructuring its streaming agreement at San Dimas. . .this is positive news for the company, with the asset now in the hands of a stronger operator. . .the agreement is accretive to Wheaton's NAV by 2%. We are increasing our price target from $24 to $25 and reiterate our Outperformer rating."

Brian MacArthur, Raymond James (1/12/18)
"Wheaton Precious Metals Corp. has agreed to enter into a new stream agreement with First Majestic and terminate the existing San Dimas silver stream. . .we believe the uncertainty on the San Dimas stream was weighing on the shares and this restructuring is a positive event. . .given the high-quality and diversified asset base, high-margin and scalable business model of the company, we rate its shares Outperform."

More Expert Comments

Experts Following This Company

Ralph Aldis, Portfolio Manager, Gold and Natural Resources – U.S. Global Investors
Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
Adrian Day, Founder – Adrian Day Asset Management
Charles Gibson, Director, Mining – Edison Investment Research
Michael Gray, Analyst – Macquarie Capital Markets
Frank Holmes, Chairman – U.S. Global Investors
Andrew Kaip, Analyst – BMO Capital Markets
Brian MacArthur, Analyst – UBS Securities
Ralph Profiti, Analyst – Eight Capital
Josh Wolfson, Precious Metals Analyst – Eight Capital

The information provided above is from analysts, newsletters, the company and other contributors.

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