Rockcliffe Capital Initiates Research Coverage on Wheaton Precious Metals Corp. (NYSE/TSX: WPM)

Core Viewpoint - Rockcliffe Capital initiates equity research coverage on Wheaton Precious Metals Corp., highlighting its strong asset portfolio, balance sheet, and cash flow generation [1][2]. Financial Performance - Wheaton reported record Q1 2025 results with revenue of $470 million, a 59% year-over-year increase, net earnings of $254 million, a 55% increase, and operating cash flow of $361 million, up 64% [3][7]. - The company maintains a robust balance sheet with $1.1 billion in cash, zero debt, and an undrawn $2 billion revolving credit facility, providing flexibility for future investments and shareholder returns [7]. Investment Thesis - The investment thesis emphasizes Wheaton's low-risk, high-return growth model, industry-leading margins, and a strong path to cash accretion from upcoming producing assets [2][4]. - Rockcliffe Capital's base-case scenario sets a 12-month share price target of US$155, based on 2026 estimated valuation multiples of 18–20× forward earnings and 12–14× EV/FCF [4]. Growth Pipeline - Wheaton has streams on 18 producing mines and 28 development projects, with significant operational drivers expected to come online by the end of 2025, including Salobo and Blackwater [7]. Dividend and ESG Leadership - The company declared a Q1 dividend of US$0.165 per share, supported by solid free cash flow, indicating resilience in shareholder distributions [7]. - Wheaton is recognized for its ESG leadership, holding an MSCI AAA rating and being named to Corporate Knights' Global 100 Most Sustainable Corporations [7].