Wheaton Precious Metals Corp. Company Research (WPM)

Wheaton Precious Metals’ (WPM’s) Q225 financial results are scheduled for release on Thursday 7 August, 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 58,500oz to 70,787oz in line with the volume of copper produced in Q2 (as per Vale’s production and sales report). On the basis of the difference between Vale’s Brazilian copper sales and its production (as a proxy for Salobo’s performance) we have also assumed only a small inventory build at Wheaton in Q2 relative to Q1. Including an upward adjustment to prices, these changes have resulted in a 21.7% increase to our Q225 adjusted EPS estimate and a 9.1% increase to our FY25 estimate. 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 to US$2.87/share, while its corresponding P/E ratio falls to 33.3x.