Wheaton Precious Metals Corp.

Expert Comments:

George Topping, iA Securities (8/9/19) "Wheaton Precious Metals Corp.'s stock is cheap relative to peer, Franco. . .the higher weighting in silver streams is finally a blessing as the gold:silver ratio continued to contract from 88x to 93x recently. . .we maintain our Buy rating but increase our target to CA$43.50/share from CA$40/share previously."
	Andrew Kaip, BMO Capital Markets (8/8/19) "Wheaton Precious Metals Corp. reported Q2/19 adjusted earnings that were in line with consensus and our expectations. . .guidance remains on track, with the production mix slightly updated, and additional debt was repaid in the quarter."
Trefis (6/25/19) "Trefis estimates that Wheaton Precious Metals Corp.'s total revenues could increase from $794M in 2018 to $906M in 2023, an addition of $112M over a period of five years. The rise in revenue would primarily be driven by a steady increase in gold and palladium sales, with silver revenue being flat, led by lower volume."
	Charles Gibson, Edison Investment Research (5/15/19) "Once again, Wheaton Precious Metals Corp.'s Q1/9 results were closely in line with our prior expectations, with the exception of a large oversale of gold relative to production. . .consistent with its policy, the company declared a dividend of $0.09/share for the quarter to bring the total for the year to date to $0.18/share."
George Topping, iA Securities (5/15/19) "We are initiating coverage on the mining sector's original streaming company, Wheaton Precious Metals Corp. with a Buy rating and CA$35/share target price. . .management has provided an outstanding 719% return over 15 years, starting as a silver only investment vehicle then shifting to a diversified precious metals streamer with the largest gold equivalent ounces portfolio in the business."
Fund Manager Reveals His Top Ten Precious Metals List (5/9/19) Ralph Aldis, portfolio manager at U.S. Global Investors, in this interview with Streetwise Reports, talks about movements in the gold market, why precious metals producers are doing better than explorers and developers, the funds that he manages and companies on his buy and sell list. read more >
Brian MacArthur, Raymond James (5/9/19) "Wheaton Precious Metals Corp.'s Q1/19 earnings per share came in at $0.13, in line with Raymond James and consensus' estimates. . .during Q1/19, the company produced about 5.6 Moz silver, about 94 Koz gold and about 4.7 Koz palladium and sold about 4.3 Moz silver, 115 Koz gold and about 5.2 Koz palladium."
Precious Metals Streamer's Q4/18 EPS a Beat, 2019 Guidance with 'Rosy Upside' (3/25/19) A BMO Capital Markets report presented both sets of figures. read more >

More Expert Comments

	Andrew Kaip, BMO Capital Markets (5/8/19) "Wheaton Precious Metals Corp. reported Q1/19 earnings slightly above consensus on higher gold sales relative to deliveries. We expect shares of the company to react positively to the results."
Clive Maund, CliveMaund.com (4/24/19) "We have now had a significant reaction to Wheaton Precious Metals Corp., and with the stock looking ready to reverse to the upside again after its recent drop, this looks like an opportune time to move back into it. Thus, it is rated an Immediate Buy again here."
	Charles Gibson, Edison Investment Research (3/25/19) "Wheaton Precious Metals Corp.'s FY18 production outcome exceeded guidance for all of its products (namely gold, silver and palladium) to the point at which gold production and sales also achieved new records. Not only was gold production during the year ahead of guidance (which was expected), but it was also materially ahead of our prior expectations, driven by a 12.2% increase in production attributable from Salobo, and accounted for 64.3% of the company's sales."
Brian MacArthur, Raymond James (3/21/19) "Given our positive view of Wheaton Precious Metals Corp.'s high quality and diversified asset base, high-margin and scalable business model, we rate its shares Outperform. . .Q4/18 adjusted earnings per share came in at $0.08, generally in line with our estimate of $0.09. The company generated about $108M in operating cash flow in Q4/18 and ended 2018 with about $76M in cash."
	Andrew Kaip, BMO Capital Markets (3/20/19) "Wheaton Precious Metals Corp.'s Q4/18 adjusted earnings per share of $0.08 was above our estimate and consensus of $0.05; the beat relative to our expectations was attributable to lower costs and depletion, as well as an adjustment for professional fees related to the Canada Revenue Agency settlement, which we included in our estimate. Operating cash flow came in at $108.5M, better than our estimate for $96M."
Andrew Kaip, BMO Capital Markets (2/26/19) "Randy Smallwood, president/CEO of Wheaton Precious Metals, presented at the 2019 BMO Global Metals & Mining Conference. . .Smallwood discussed production results of the company and the five-year forecast for it. . .for 2019, Wheaton is targeting 690 Koz gold equivalent (Au eq). Over the next five years, annual production is expected to average 750 Koz/year Au eq."
Andrew Kaip, BMO Capital Markets (2/21/19) "Wheaton Precious Metals Corp. released 2018 deliveries, sales and guidance for 2019 through 2023. All was as expected, and if you have not yet noticed, guidance is now in gold not silver and gold ounces going forward as the company is increasingly weighted towards gold revenues."
Clive Maund, CliveMaund.com (2/5/19) "Wheaton Precious Metals Corp.'s breakout from the pennant and subsequent advance has been on good volume that has driven the accumulation line higher, which is bullish. . .after the advance of recent weeks, this is a solidly bullish picture, especially as a 'golden cross' is imminent, a crossover of the 50- and 200-day moving averages, leading to the latter turning up, which will mark the start of a new bull market and should lead to upside acceleration."
Clive Maund, CliveMaund.com (1/18/19) "This is considered to be a very strong [stock] picture for Wheaton Precious Metals Corp.; the company blasted higher in December out of a double bottom, gapping out of the base pattern on huge volume. When you see a move like this, it normally portends a vigorous bull market that takes the stock to much higher levels, and given the now positive outlook for the sector, this is an easy outcome to envisage."
	Charles Gibson, Edison Investment Research (12/19/18) "Whereas the Canada Revenue Agency (CRA) had been seeking at least $265M from Wheaton Precious Metals Corp. in taxes, penalties and interest in relation to its reassessment for the 2005-10 tax years with subsequent years left open to similar reassessment, under the terms of the settlement the company will actually pay the CRA cash taxes of $5M for the 2011–17 tax years, $15M in deferred tax and $3–4M in interest. More importantly, the settlement creates a framework for both Wheaton and the CRA to assess tax in future years."
	Frank Holmes, U.S. Global Investors (12/14/18) "Today, gold mining investors and Canadian capital markets received an early Christmas gift; Wheaton Precious Metals Corp., one of the largest precious metals streaming companies in the world, announced that it reached a settlement with the Canada Revenue Agency. . .according to the agreement, income generated through the company's foreign subsidiaries will not be subject to Canadian taxes."
	Cosmos Chiu, CIBC World Markets (12/14/18) "Wheaton Precious Metals Corp. has reached a highly favorable settlement with the Canada Revenue Agency. The key point of the settlement is that foreign income on earnings generated by Wheaton International will not be subject to tax in Canada. . .more importantly, the settlement gives certainty and validity to the company's business model and will result in minimal additional taxes for future years."
Brian MacArthur, Raymond James (12/14/18) "Foreign income on earnings generated by Wheaton Precious Metals Corp.'s Wheaton International will not be subject to tax in Canada. The service fee charged by Wheaton for the services provided to Wheaton International will be adjusted to include capital raising costs associated with the company for the purpose of funding streaming transactions entered into by Wheaton International; Wheaton will increase the mark-up applied to its cost of providing services to Wheaton International, including the above capital raising costs, from the current 20% to 30%."
	Andrew Kaip, BMO Capital Markets (12/14/18) "Following Wheaton Precious Metals Corp. hosting the tax settlement conference call, we circle back on some of the main takeaways. . .the application of the principles of the agreement to the taxation years 2011 to 2017 is expected to result in cash taxes payable of about $5M. . .the net result is a cash outlay for all past taxation years of less than $10M."
Andrew Kaip, BMO Capital Markets (12/14/18) "Wheaton Precious Metals Corp. has reached a settlement on its tax dispute regarding foreign income with the Canada Revenue Agency (CRA) with only minor impacts on past earnings and tax implications going forward. . .the deal with the CRA provides final resolution of the company's tax appeal on the reassessment under transfer pricing rules for income from foreign subsidiaries for 2005 to 2010."
Trevor Turnbull, Scotiabank (12/14/18) "Wheaton Precious Metals Corp. announced a settlement with the Canada Revenue Agency that resolves its tax dispute and allows the company to pursue its existing business model without being subject to future Canadian taxes on its foreign income. . .we are increasing our target multiple to 2.5x with the tax dispute overhang removed, and our new one-year target price is rounded to $35/share."
	Charles Gibson, Edison Investment Research (11/26/18) "Production of gold, silver and palladium attributable to Wheaton Precious Metals Corp. from its streaming assets were all better than our expectations in Q3/14, a result of which is the company expects to exceed its previous guidance for FY18. Gold once again surpassed silver as Wheaton's biggest sales contributor."
Brian MacArthur, Raymond James (11/15/18) "In Q3/18, Wheaton Precious Metals Corp. produced ~5.7 Moz silver and ~102 Koz gold, and adjusted earnings per share came in at $0.08. During the quarter, the company generated ~$110M in operating cash flow and completed the previously announced Stillwater stream acquisition; at Q3/18E, Wheaton had ~$119M in cash."
	Andrew Kaip, BMO Capital Markets (11/14/18) "Wheaton Precious Metals Corp. exceeded our estimates on gold, silver and palladium deliveries, and management now expects to exceed the high end of its guidance range. During Q3/18, the company closed its $500M Stillwater stream acquisition, and Wheaton received its first gold and palladium deliveries."
Andrew Kaip, BMO Capital Markets (10/1/18) "We attended a site visit to the Stillwater mine with management of Wheaton Precious Metals Corp. and Sibanye-Stillwater; overall, the project showed well, with management teams focused on the successful ramp-up of Blitz. Longer term, exploration looks promising, and the potential for further stream extension appears likely."
	Cosmos Chiu, CIBC World Markets (9/30/18) "The attributes of the Stillwater platinum group metals operation (operated by Sibanye-Stillwater) that could have a positive impact on Wheaton Precious Metals Corp.'s royalty stream are a low-cost operation with upside to both annual production and mine life; these were highlighted on our visit. More specifically, the current reserve is 24 years, while additional resources could add an additional greater than 50 years to the mine life."
Brian MacArthur, Raymond James (9/28/18) "We recently visited the Stillwater mining operations, on which Wheaton Precious Metals Corp. acquired a gold and palladium stream in July 2018. . .the Stillwater and East Boulder mines are among the highest grade and lowest cost platinum group metals mines in world. . .the Blitz mine is currently ramping up and should increase overall annual production from ~550 Koz today to ~850 Koz by 2022."
Brian MacArthur, Raymond James (9/27/18) "Wheaton Precious Metals Corp. has a high quality and diversified asset base, high-margin and scalable business model. While the company's Canada Revenue Agency dispute is still ongoing and not identical to Cameco's, we believe Cameco's favorable ruling could be a positive read-through for Wheaton."
	Andrew Kaip, BMO Capital Markets (9/27/18) "Following the decision made by the tax court of Canada, we believe this is a positive in the short term for Wheaton Precious Metals Corp., as investors read through to the company's Canada Revenue Agency (CRA) case, expected next fall. . .we continue to view Wheaton as one of the Top Picks in the streaming/royalty space based on a positive CRA resolution."
	Charles Gibson, Edison Investment Research (8/21/18) "Wheaton Precious Metals Corp.'s Q2/18 results were closely in line with our forecasts in terms of production, sales, prices and financial results, with better than expected performances at Salobo in particular. . .in addition to the normal course of its business, the company booked an exceptional profit in Q2/18, relating to the evolution of its silver purchase agreement at San Dimas into a precious metals purchase agreement."
Carey MacRury, Canaccord Genuity (8/15/18) "Wheaton Precious Metals Corp. reported Q2/18 adjusted earnings per share of $0.16, slightly ahead of consensus of $0.14. . .attributable silver production of 6,091 Koz beat our adjusted 5,638 Koz estimate. . .attributable silver production was bolstered by a stronger-than-expected Q2/18 at San Dimas, Antamina, Constancia and Neves-Corvo."
Ralph Profiti, Eight Capital (8/15/18) "Wheaton Precious Metals Corp.'s attributable silver and gold production through H1/18 are tracking at 60% and 46% of FY18 guidance, respectively. . .the company reiterated FY18 attributable gold and silver production guidance of 22.5 Moz and 355 Koz gold, respectively, and added palladium guidance of 10.4 Koz from the recent Stillwater stream acquisition."
Brian MacArthur, Raymond James (8/15/18) "In Q2/18, Wheaton Precious Metals Corp. produced ~6.1 Moz silver and ~85.3 Koz gold, and adjusted earnings per share came in at $0.16, slightly above consensus and our estimates of $0.14. During Q2/18, the company generated ~$135M in operating cash flow and completed the previously announced Voisey's Bay cobalt stream acquisition."
	Andrew Kaip, BMO Capital Markets (8/14/18) "During Q2/18, Wheaton Precious Metals Corp. completed the acquisition of the cobalt stream on Vale's Voisey's Bay mine. Subsequent to Q2/18E, the company also closed its gold-palladium stream on Sibanye-Stillwater's Stillwater and East Boulder mines."
	Charles Gibson, Edison Investment Research (7/24/18) "On July 16, Wheaton Precious Metals Corp. announced it had entered into an agreement with Sibanye to acquire 100% of the gold production plus a percentage of the palladium production from the Stillwater and East Boulder mines for an upfront cash consideration of $500M. On an underlying basis, we expect the transaction to add $0.04 (or about 5%) to the company's basic EPS per year over the 10 years from FY21 to FY30."
	Cosmos Chiu, CIBC World Markets (7/16/18) "From Sibanye-Stillwater at the Stillwater mine in Montana, Wheaton Precious Metals Corp. is acquiring a 4.5% (subject to decreases once thresholds reached) stream on palladium and a 100% stream on gold, subject to a cost of 18% of spot (increases to 22% once thresholds are met). For the first 10 years, this works out to 14.5 Koz gold and 29 Koz palladium."
Brian MacArthur, Raymond James (7/16/18) "Wheaton Precious Metals Corp. will receive 100% of gold production from Stillwater and initially receive 4.5% of palladium production from Stillwater. . .in exchange for a $500M upfront cash payment upon closing and ongoing payments equal to 18% of the spot gold price and spot palladium price. . .we view the transaction positively, given it provides the company with immediate cash flow, gold equivalent growth and exploration upside in a low jurisdictional risk area."
	Andrew Kaip, BMO Capital Markets (7/16/18) "Following the announced gold and palladium stream deal this morning for $500M with Sibanye-Stillwater, it's been a busy few weeks for Wheaton Precious Metals Corp., which just closed a cobalt stream with Vale. . .[the new stream] strengthens the company's growth profile, increases operator diversity and is mildly accretive to 2019 EPS and CFPS in the range of 1% to 4%, respectively."
Trefis (7/14/18) "Based upon Wheaton Precious Metals Corp.'s current agreements and forecasts for 2018, attributable sales are expected to total 20 Moz silver and 337 Koz gold. The company's estimated average annual production over the next five years is anticipated to be approximately 25 Moz silver equivalent, including 370 Koz gold."
	Andrew Kaip, BMO Capital Markets (6/29/18) "We are resuming coverage of Wheaton Precious Metals Corp. with an Outperform rating and a $28 target price following the acquisition of a cobalt stream from Vale for $390M. . .Wheaton took a tempered approach toward acquiring the cobalt stream, balancing the potential to acquire the entire available cobalt stream while recognizing the need to maintain future byproduct exposure at reasonable levels."
	Charles Gibson, Edison Investment Research (6/21/18) "Wheaton Precious Metals Corp. announced that it had entered into an agreement with Vale to acquire 42.4% of cobalt production from Voisey's Bay from FY21 for an upfront cash consideration of $390M. We estimate that this acquisition will increase Wheaton's silver equivalent production by 3.1 Moz and 4.7 Moz and its basic EPS by $0.047 and $0.093 in FY21 and FY24, respectively."
Ralph Profiti, Eight Capital (6/12/18) "Wheaton Precious Metals Corp. announced the acquisition of a cobalt stream from Vale's Voisey's Bay mine. . .we estimate the Voisey's Bay stream to the company yields a 9% internal rate of return (IRR) at $35/lb cobalt, assuming a 20% tax rate, which compares to recent larger precious metals streams at 4–6% IRR."
Brian MacArthur, Raymond James (6/11/18) "Wheaton Precious Metals Corp. has agreed to acquire from Vale an amount of physical cobalt equal to a fixed percentage of cobalt production from the Voisey's Bay mine. . .we view the transaction positively given it provides Wheaton with medium- to long-term free cash flow, gold equivalent growth and is NAV accretive."
	Cosmos Chiu, CIBC World Markets (6/11/18) "Wheaton Precious Metals Corp. is making a relatively small and measured investment in the future cobalt production from Voisey's Bay by purchasing a stream, with the acquisition price of $390M representing 3.8% of its current market cap or 7% of its NAV. At spot cobalt, the stream could potentially generate $75M in cash flow per year (beginning in year 2021), and increase annual corporate cash flow by greater than 10%."
	Charles Gibson, Edison Investment Research (5/18/18) "Wheaton Precious Metals Corp.'s silver streams outperformed our expectations in Q1/18 while its gold streams performed closely in line. . .nevertheless, adjusted net earnings of $69.9M and EPS of $0.16 were within 10% of our previous expectations of $77M, and our forecasts for FY18 remain, to all intents and purposes, unchanged."
	Andrew Kaip, BMO Capital Markets (5/13/18) "Wheaton Precious Metals Corp. posted an in line Q1/18 and expects deliveries of 355 Koz gold and 22.5 Moz silver in 2018. Importantly, a Canadian Revenue Agency court date has been set for September 2019."
Carey MacRury, Canaccord Genuity (5/11/18) "We are assuming coverage of Wheaton Precious Metals Corp. from Tony Lesiak with a Buy rating and CA$38.50 target price. Our Buy rating is based on our positive view on silver, projected 31% growth in gold equivalent ounces by 2020 (versus 2017) and a strong balance sheet with ~$779M in available liquidity for additional transactions."
Ralph Profiti, Eight Capital (5/11/18) "With the restructured agreement at San Dimas, Wheaton Precious Metals Corp. is now entitled to 25% of payable gold production plus gold equal to 25% of payable silver production converted at a fixed 70:1 gold:silver ratio. The company's 21M shares in First Majestic represent 11% of First Majestic (current market valuation: $193M)."
Brian MacArthur, Raymond James (5/11/18) "In Q1/18, Wheaton Precious Metals Corp. produced ~7.4 Moz silver and ~79.7 Koz gold and adjusted EPS came in at $0.16, essentially in line with consensus estimates. During the quarter, the company generated ~$128M in operating cash flow and repaid ~$107M in debt, ending Q1/18 with ~$116M in cash."
	Cosmos Chiu, CIBC World Markets (5/10/18) "Wheaton Precious Metals Corp. reported Q1/18 adjusted EPS of $0.16 and CFPS of $0.29. . .the company continues to offer a high-quality portfolio able to generate significant cash flow. We reiterate our Outperformer rating and $25 price target."
Trefis (4/11/18) "Wheaton Precious Metals Corp. currently has 14 silver purchase agreements and two precious metals agreements. . .based upon its current agreements and forecasts for 2018, attributable sales are expected to total 20 Moz silver and 337 Koz gold. The company's estimated average annual production over the next five years is anticipated to be approximately 25 Moz silver equivalent, including 370 Koz gold."
	Charles Gibson, Edison Investment Research (3/27/18) "Wheaton Precious Metals Corp.'s FY17 results were characterized by a record level of gold sales and of dividend payouts to shareholders. Results for Q4 were notable for the close correlation of production and sales, demonstrating the traditional ‘flush through’ effect in the final quarter of the year.. .additional potential upside still then exists in the form of the optionality provided by the development of major assets such as Pascua-Lama, etc."
Ralph Profiti, Eight Capital (3/22/18) "Wheaton Precious Metals Corp. reported Q4/17 adjusted EBITDA of $165M versus our estimate of $146M (consensus: $143M) and adjusted earnings per share of $0.19 versus our estimate of $0.16 (consensus: $0.16) on 13% higher silver equivalent sales (14.5 Moz versus our 12.9 Moz). . .attributable production of 7.2 Moz silver and 96 Koz gold compares to our 6.9 Moz (consensus: 7.2 Moz) and 79 Koz gold (consensus: 97 Koz)."
Brian MacArthur, Raymond James (3/22/18) "Wheaton Precious Metals Corp. produced 28.6 Moz silver and 355 Koz gold in FY17, exceeding guidance of 28 Moz silver and 340 Koz gold, respectively. . .the company generated over $165M in operating cash flow during Q4/17 and ended 2017 with $99M in cash and equivalents."
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."
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."
Trefis (1/2/18) "Wheaton Precious Metals Corp. currently has 14 silver purchase agreements and two precious metals agreements. . .based upon its current agreements and forecasts for 2018, attributable production is expected to total 28 Moz silver and 340 Koz gold. The company's estimated average annual production over the next five years is anticipated to be approximately 29 Moz silver equivalent, including 340 Koz gold."
	Charles Gibson, Edison Investment Research (11/30/17) "Wheaton Precious Metals Corp.'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. Among others, Pascua-Lama, Rosemont and Salobo expansion then offer additional upside."
Ralph Profiti, Eight Capital (11/16/17) "We are resuming coverage on Wheaton Precious Metals Corp. with a Buy. The company offers investors a high-margin play on precious metals exposure that should command a multiple more in line with royalty/streaming peer valuations and a premium to precious metals miners based on tax-efficient leverage to underlying gold and silver prices, high-quality asset exposure relative to the cost curve, tier one mining partnerships, low financing costs, project optionality (Pascua Lama, Rosemont and Salobo expansion) and a flexible dividend strategy."
BMO Capital Markets (11/14/17) "Wheaton Precious Metals Corp.'s Q3/17 deliveries of 95.9 Koz gold and 7.6 Moz silver were a beat relative to our expectation of 92.1 Koz gold and 6.9 Moz silver. . .the company could deliver a strong Q4/17 on increased sales as the miners delivering into their streams clear out concentrate inventories heading into year-end."
	Charles Gibson, Edison Investment Research (11/10/17) "Wheaton Precious Metals Corp.'s Q3/17 results were characterized by improvements in production relative to the previous quarter. . .once again, gold sales exceeded silver sales, in this case, in the ratio 52:48."
Brian MacArthur, Raymond James (11/9/17) "Wheaton Precious Metals Corp. recorded sales of 158.4 Koz Au eq for Q3/17, and adjusted EPS came in at $0.15, essentially in line with our estimates. During the quarter, the company generated $129M in operating cash flows and repaid $99M in debt."
	Andrew Kaip, BMO Capital Markets (11/9/17) "Wheaton Precious Metals Corp. reported an in line Q3/17. . .deliveries of 95.9 Koz gold and 7.6 Moz silver were a beat relative to our expectation of 92.1 Koz gold and 6.9 Moz silver. . .adjusted EPS of $0.15 was in line with our estimate of $0.14 and consensus of $0.15."
	Charles Gibson, Edison Investment Research (10/26/17) "Wheaton Precious Metals Corp. Q2 earnings from operations were closely in line with our forecasts. . .management formally changed the company's dividend policy, which allowed it to declare a 10c third quarter dividend compared to our prior expectation of 6c. . .WPM also announced an 'Early Deposit' agreement, whereby it will advance US$65m to Desert Star in return for the right to purchase 100% of the silver and gold from Kutcho in British Columbia at 20% of spot over the life of the mine. . .we forecast a value per share for WPM of US$38.29, or C$48.71, in FY20."
Charles Gibson, Edison Investment Research (9/21/17) "Management formally changed Wheaton Precious Metals Corp.'s dividend policy, which allowed it to declare a $0.10 Q3/17 dividend, compared to our prior expectation of $0.06. Finally, the company also announced that it had entered into an 'early deposit' agreement whereby it will advance $65M to Desert Star in return for the right to purchase 100% of the silver and gold from Kutcho in British Columbia at 20% of spot over the life of the mine."
	Andrew Kaip, BMO Capital Markets (9/5/17) "We favor Wheaton Precious Metals Corp. on cash generation and liquidity. . .following the old adage that 'cash is king,' the company is king, generating +40% of total cash flow among its peer group annually. . .barring any future equity raises, it is one of two companies that have the most enviable liquidity positions to be able to transact on future opportunities."
	Charles Gibson, Edison Investment Research (8/30/17) "Wheaton Precious Metals Corp. announced that it had entered into a nonbinding agreement with Desert Star regarding an 'early deposit' arrangement over the Kutcho project. . .the company will advance $65M to Desert Star in return for the right to purchase 100% of the silver and gold production from Kutcho at 20% of the spot price of the two metals until 51 Koz Au and 5.6 Moz Ag have been delivered, at which point the stream will decrease to a 66.67% share for a term of the life of the mine."
	Michael Gray, Macquarie Capital Markets (8/21/17) "On Aug. 10, Wheaton Precious Metals Corp. reported in line financial results of adjusted EPS/CFPS at $0.15/$0.29 versus our estimates at $0.13/$0.29 and consensus at $0.14/$0.31. . .the company also announced that it is increasing its dividend from 20 to 30% of average operating cash flow for the previous four quarters. . .we reiterate our Outperform, Top Pick status."

Experts Following This Company

	Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
The Critical Investor – The Critical Investor
	Adrian Day, Founder – Adrian Day Asset Management
	Charles Gibson, Director, Mining – Edison Investment Research
	Frank Holmes, Chairman – U.S. Global Investors
	Andrew Kaip, Analyst – BMO Capital Markets
Mike Kozak, Analyst – Cantor Fitzgerald
Brian MacArthur, Analyst – UBS Securities
Clive Maund – CliveMaund.com
George Topping – iA Securities
Trevor Turnbull, Analyst – Scotia Capital Inc.

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