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TORONTO, June 24, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Wheaton Precious Metals Corp. (TSX/NYSE: WPM), the world’s premier precious metals streaming company known for its top-tier asset portfolio, strong balance sheet, and robust cash flow generation.
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Following extensive operational and fundamental analysis, Rockcliffe Capital’s research team highlights Wheaton’s unique position in the global metals streaming sector, underpinned by a low- risk, high-return growth model and industry-leading margins.
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“Wheaton delivers record financial results with exceptionally clean leverage and a rich growth runway,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “The Q1 beat — driven by $470 M in revenue, $254 M net earnings, and $361 M operating cash flow — underscores the strength of its streaming model and disciplined approach to capital deployment.”
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Investment
Thesis
Highlights:
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- Record Q1 2025 Performance:
- Revenue: $470 M, +59% YoY
- Net Earnings: $254 M, +55% YoY
- Operating Cash Flow: $361 M, +64% YoY
- Balance Sheet Powerhouse:
- $1.1 B in cash, zero debt, undrawn $2 B revolving credit facility
- Allows flexibility for bolt-on streams, dividends, and share buybacks
- High-Quality
Assets
&
Growth
Pipeline:- Streams on 18 producing mines and 28 development projects
- Notable operational drivers: Salobo, Blackwater’s commercial production, plus Goose, Platreef, and Mineral Park all slated online by 2025 year-end
- Dividend Resilience:
- Q1 dividend of US$0.165/share declared
- Solid FCF supports steady distribution to shareholders
- ESG Leadership:
- MSCI AAA, Sustainalytics top-rated, named to Corporate Knights’ Global 100 Most Sustainable Corporations
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Valuation
&
Target:
Rockcliffe Capital’s internal base-case scenario supports a 12-month share price target of US$155, reflecting 2026 estimated valuation multiples of 18–20× forward earnings and 12–14× EV/FCF. This view reflects Wheaton’s forecast margin expansion, low capital intensity, and a strong path to cash accretion from its next wave of producing assets.
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Risk
Factors:
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- Commodity
Price
Pressure: A significant gold or silver price correction (>10%) may compress margins and valuations. - Project
Execution
Risk: Slippages at development-stage assets could dent growth expectations. - Regulatory/Operational: Political risk in jurisdictions like Peru or Mexico could impact production timelines.
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About
Rockcliffe
Capital
Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.
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Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.
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Please contact [email protected] for access to our full research suite and initiation reports.
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Media
Contact
Rockcliffe Capital
Research & Markets Division
[email protected]
+1 (416)-642-1967
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This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.
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English (US)