Wheaton Precious Metals' (WPM's) Q4 results were slightly above our (top of the range) prior expectations in almost all areas of its business. San Dimas, Penasquito, Antamina and Blackwater all outperformed in terms of production and/or sales, while Salobo effectively matched what were otherwise our extremely bullish estimates based on its copper output (see our previous note). The average realised price for silver was also 7.5% (or US$4.13/oz) ahead of our (Bloomberg-derived) average for the quarter, which was instrumental in driving a US$32.3m (3.9%) positive variance in sales. As a result, adjusted EPS achieved record levels for the fourth quarter in succession and were 3.3% above our forecast for the quarter and 1.4% above our forecast for the year (see Exhibit 1). We have lowered our FY26 EPS estimate by a modest 6.1% to reflect largely operational issues, such as Blackwater's ten-day mill outage (announced yesterday), although this should be seen within the context of our having upgraded them by 285.2% (officially) and 61.4% (informally) earlier this week. Nevertheless, they remain firmly at the top of the range of analysts' expectations. Note that, at current metals prices, our FY27 EPS estimate doubles from that shown below to US$6.88 per share.Den vollständigen Artikel lesen ...
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