Wheaton Precious Metals (WPM.TO) maintained its stock rating and price target at RBC Capital Markets and National Bank of Canada, according to notes published Tuesday after WPM reported 2024 operating results as well as guidance for 2025 and longer-term.
Wheaton kept its Sector Perform rating and US$70 price target at RBC, which saw the impact as "positive" with key takeaways including Q4 production that was materially higher with full year 2024 results exceeding guidance, although sales lagged. The company's gold equivalent production of 182,000 ounces beat RBC estimates by 11% and consensus estimates by 18%, supported by Salobo and Constancia, while Q4 sales totalled 143kGEO (13% below RBC estimates, 3% below consensus). As a result, RBC noted, WPM exceeded its 2024 guidance (633kGEO vs. guidance of 550-620kGEO).
Wheaton also maintained its Outperform rating and $115 price target at National Bank.
The bank said the company's rating is predicated on its stable financial position and high-quality, low-cost long-life asset portfolio.
The target price was derived using a weighted multiple of 2.30x NAV (33%) + 30.0x EV/2025E CF (33%) + 30.0x EV/2026E CF (33%).
"The company's valuation remains compelling relative to large-cap peers and in a challenging deal environment within the royalty/streaming sector, Wheaton's embedded organic growth supports an improved outlook with completion of Salobo Phase 3 as well as Blackwater, Goose, Platreef and Mineral Park reaching production throughout H1/25," the bank said.
Wheaton's share price has fallen 1.1% at last look Wednesday on the TSX.
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