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Research Alert: CFRA Maintains Hold Opinion On Shares Of Wheaton Precious Metals Corp.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Wheaton Precious Metals Corp.
May 10, 2024 10:44 AM

01:25 PM EDT, 05/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by CAD14 to CAD77, or 38.9x our 2025 EPS estimate, above peers (which trade at an average forward P/E of 32.0x) and above WPM's two-year average forward P/E of 33.7x. We raise our 2024 EPS view by USD0.17 to USD1.38 and 2025's by USD0.15 to USD1.44. WPM posted Q1 adj. EPS of USD0.36 vs. USD0.23, USD0.06 above consensus, with a top-line beat of 4.7%. During Q1, WPM assets produced 93,370 ounces of gold (up 28% Y/Y), 5,476 ounces of silver (up 6.7% Y/Y), 4,463 ounces of palladium (up 21% Y/Y), and 240 thousand pounds of cobalt (up 93% Y/Y). This resulted in gold equivalent ounces (GEOs) up 19% Y/Y, with growth driven by the mill throughput expansion at Salobo and higher output at Constancia. The average sales prices were tailwinds for gold (up 9% Y/Y), silver (up 4% Y/Y), and cobalt (up 3% Y/Y), but was a headwind for palladium (down 39% Y/Y). We think WPM's top-tier production growth and earnings growth is baked into its premium valuation, leaving limited upside in the near term.

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