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Refining Forecasts Ahead of Results

Wheaton Precious Metals is one of the world’s preeminent precious metals streaming companies. It announced attributable production and sales statistics for FY21 plus guidance for FY22 and beyond to FY31. While (implied) production for Q421 was within 1% of Edison Group's prior expectations, sales lagged production by c 12%. This is quite normal for a ‘typical’ quarter, but is slightly unusual for a fourth quarter, in which a ‘flush through’ effect is often observed as underlying operators look to clear out their sales pipelines. Edison reduced its basic EPS forecast for FY21 by 2.9% to US$1.31/share. A peer-average 12-month target price is US$47.49 based on Edison’s forecasts, while at premium rating in a more favourable precious metals environment, it could be as high as US$86.30 (C$109.05 or £63.47) per share valuation is achievable, presenting meaningful upside from current levels.

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