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.
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.
“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.”
Investment
Thesis
Highlights:
-
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
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.
Risk
Factors:
-
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.
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.
Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.
Please contact [email protected] for access to our full research suite and initiation reports.
Media
Contact
Rockcliffe Capital
Research & Markets Division
[email protected]
+1 (416)-642-1967
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.
