09:04 AM EDT, 03/15/2024 (MT Newswires) -- RBC Capital Markets said Thursday that Wheaton Precious Metals Corp. ( WPM ) 's adjusted EPS of US$0.36 in the fourth quarter of 2023 missed RBC's estimate of US$0.38 but beat the consensus estimate of US$0.34.

Consolidated EBITDA of US$226 million was below RBC's projection of US$230 million but above the consensus forecast of US$219 million.

RBC said Wheaton's results reflected high capital spending linked to a US$370 million payment for the Salobo III expansion project.

RBC gave Wheaton a sector perform rating with a US$45.00 price target.

Meanwhile, Wheaton's adjusted EPS beat National Bank of Canada's forecast of US0.31 while EBITDA matched the bank's forecast.

Revenue of US$313.5 million exceeded the bank's estimate of US$310 million and the consensus forecast of US$296 million.

National Bank expects Wheaton to trade higher than peers today as its EBITDA was ahead of consensus and its guidance was unchanged.

"WPM remains in a strong financial position complemented by a portfolio of high-quality, low-cost, long-life assets," the bank said. "That said, our growth outlook remains cautious, and we believe that reported financials throughout 2024 may still come as a negative surprise to some given the impact of an increase to the Global Minimum Tax Rate as WPM is the royalty/streaming company most exposed to these changes."

National Bank gave Wheaton a sector perform rating with a $68.00 price target.