Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 9 Feb, 26 | WPM | Buy | USD 135.98 | USD 143.0 | USD 151.0 | 4 days | Closed |
7.30%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Wheaton Precious Metals Corp. primarily sells precious metals in North America, Europe, and South America. It produces and sells gold, silver, palladium, and cobalt deposits. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 10, 2017. Wheaton Precious Metals Corp. was founded in 2004 and is headquartered in Vancouver, Canada.
Expansion in Cash Operating Margins: Cash operating margin per GEO improved materially to USD 2,930 per GEO in Q3 FY2025, compared with USD 2,083 per GEO in Q3 FY2024, representing an increase of USD 847 per GEO (+40.7%)
Strong Growth in Attributable Production: Attributable production in Q3 FY2025 rose to 173,415 gold equivalent ounces (GEOs) from 142,716 GEOs in Q3 FY2024, reflecting an increase of 30,699 GEOs (+21.5%)
Decline in Palladium Production: Attributable palladium production declined to 2,650 ounces in Q3 FY2025 from 4,034 ounces in Q3 FY2024, reflecting a reduction of 1,384 ounces (-34.3%)
Increase in Average Cash Costs: Average cash costs increased to USD 532 per GEO in Q3 FY2025 from USD 439 per GEO in Q3 FY2024, representing an increase of USD 93 per GEO (+21.2%)
Wheaton Precious Metals remains exposed to commodity price volatility, asset-specific operational disruptions, and geopolitical risks at partner-operated mines, which may impact attributable production volumes and near-term cash flow visibility despite the Company’s diversified streaming portfolio
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 135.98 | 120.0 | 143.0 | 151.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Record Revenue Growth Driven by Price and Volume Tailwinds: During Q3 FY2025, Wheaton Precious Metals delivered record quarterly revenue of USD 476.3 million, representing a 54.5% increase over USD 308.3 million in Q3 FY2024, primarily supported by materially higher realized precious metal prices and increased sales volumes . Gold and silver remained the dominant revenue contributors, together accounting for approximately 97% of total revenue, reinforcing the Company’s leverage to favorable precious metal pricing.
Robust Production Growth and Portfolio Expansion: Attributable production reached 173,415 gold equivalent ounces (GEOs) in Q3 FY2025, reflecting a 21.5% year-over-year increase versus 142,716 GEOs in Q3 FY2024, driven by higher output at Salobo and Antamina and the commencement of production at Blackwater. This growth highlights the scalability of Wheaton’s streaming model and the benefits of recent asset additions.
Margin Expansion Supported by Fixed Cost Streaming Structure: Despite higher per-ounce cash costs, average cash operating margin expanded significantly to USD 2,930 per GEO, up 40.7% year-over-year, reflecting the strong uplift in realized commodity prices and the embedded operating leverage of fixed production payments. The Company’s gross margin reached approximately 71% of revenue, underscoring the resilience of its cost structure in a rising price environment.
Earnings Acceleration and Non-Recurring Gain Contribution: Net earnings for the quarter increased to USD 367.2 million, up 137.5% from USD 154.6 million in Q3 FY2024, aided by higher margins and a USD 86 million pre-tax gain related to the partial disposal of the Cangrejos PMPA. Adjusted net earnings, excluding one-time items, also rose sharply by 83.9% year-over-year to USD 281.1 million, indicating strong underlying profitability.
Strong Cash Flow Generation and Capital Discipline: Operating cash flows increased to USD 383.0 million, reflecting a 50.6% year-over-year rise, primarily driven by improved operating margins. The Company continued disciplined capital deployment, funding growth projects while maintaining a conservative balance sheet with USD 1.2 billion in cash and no debt at quarter-end.
Dividend Growth and Shareholder Returns: Wheaton declared and paid a quarterly dividend of USD 0.165 per share, up from USD 0.155 per share in Q3 FY2024, representing a 6.5% increase, supported by strong free cash flow generation and consistent earnings growth.
Operational Stability with Select Asset-Level Challenges: While overall portfolio performance remained strong, production declines at Stillwater and temporary disruptions at Constancia due to social unrest in Peru partially offset gains elsewhere. Nevertheless, diversification across jurisdictions and assets mitigated the overall impact on consolidated results.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Wheaton Precious Metals Corp (NYSE: WPM) at the closing market price of USD 135.98, as on Feb 06, 2026
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Gold
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| WPM Wheaton Precious Metals Corp |
-3.28 2.61% | 122.57 | 42.29 | 35.46 | 24.00 | 3.23 | 22.71 | 29.27 |
| AEM Agnico Eagle Mines Limited |
-6.33 3.66% | 166.66 | 22.95 | 16.00 | 8.59 | 4.38 | 8.85 | 12.58 |
| B Barrick Mining Corporation |
-0.95 2.30% | 40.34 | 14.66 | 11.20 | 4.26 | 2.71 | 4.14 | 6.35 |
| AU AngloGold Ashanti plc |
-0.05 0.06% | 90.87 | 20.56 | 12.69 | 5.44 | 6.65 | 5.37 | 9.20 |
| NEM Newmont Goldcorp Corp |
-1.88 1.78% | 103.79 | - | 11.61 | 4.29 | 2.48 | 4.55 | 26.44 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on February 9, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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