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Wheaton Precious Metals
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== FY22 guidance and forecasts == WPM’s guidance for FY22 remains unchanged at 350–380koz of gold production, 23.0–25.0Moz of silver production and 44–48koz gold equivalent ounces in other metals to result in total gold equivalent production of 700–760koz for the year. In the light of Q122 results, recent moves in metals prices, forex rates and WPM’s share price, Edison has updated its quarterly estimates for WPM for FY22 as follows: {| class="wikitable" |+Exhibit 12: WPM FY22 forecast, by quarter*<ref>Source: Edison Investment Research. Note: *Excluding impairments, impairment reversals and exceptional items. **Forecasts now include stock-based compensation costs. Totals may not add up owing to rounding.</ref> !US$000s (unless otherwise stated) !Q122 !Q222e (prior) !Q222e !Q322e (prior) !Q322e !Q422e (prior) !Q422e !FY22e (current) !FY22e (prior) |- |Silver production (koz) |6,206 |5,900 |5,901 |5,900 |5,781 |5,900 |5,781 |23,668 |23,671 |- |Gold production (oz) |79,087 |95,097 |93,386 |91,474 |86,641 |95,097 |90,264 |349,377 |370,345 |- |Palladium production (koz) |4,488 |4,750 |4,750 |4,750 |4,750 |4,750 |4,750 |18,738 |19,000 |- |Cobalt production (klb) |234 |347 |347 |347 |347 |347 |347 |1,274 |1,386 |- | | | | | | | | | | |- |Silver sales (koz) |5,553 |5,900 |5,901 |5,900 |5,781 |5,900 |5,781 |23,015 |23,564 |- |Gold sales (oz) |77,901 |95,065 |93,354 |91,442 |86,609 |95,065 |90,232 |348,095 |364,857 |- |Palladium sales (oz) |4,075 |4,731 |4,731 |4,731 |4,731 |4,731 |4,731 |18,268 |18,924 |- |Cobalt sales (klb) |511 |347 |347 |347 |347 |347 |347 |1,551 |1,361 |- | | | | | | | | | | |- |Avg realised Ag price (US$/oz) |24.19 |23.50 |22.67 |23.00 |21.30 |23.00 |21.30 |22.35 |23.38 |- |Avg realised Au price (US$/oz) |1,870 |1,907 |1,875 |1,895 |1,835 |1,895 |1,835 |1,853 |1,894 |- |Avg realised Pd price (US$/oz) |2,339 |2,275 |2,090 |2,255 |1,887 |2,255 |1,887 |2,041 |2,278 |- |Avg realised Co price (US$/lb) |34.61 |37.07 |35.03 |37.06 |32.65 |37.06 |32.65 |33.84 |36.29 |- | | | | | | | | | | |- |Avg Ag cash cost (US$/oz) |5.10 |5.60 |5.16 |5.58 |5.09 |5.58 |5.10 |5.11 |5.60 |- |Avg Au cash cost (US$/oz) |477 |431 |448 |432 |450 |431 |448 |455 |431 |- |Avg Pd cash cost (US$/oz) |394 |409 |376 |406 |340 |406 |340 |361 |410 |- |Avg Co cash cost (US$/lb) |5.76 |6.67 |6.31 |6.67 |5.88 |6.67 |5.88 |5.93 |6.53 |- | | | | | | | | | | |- |Sales |307,244 |343,542 |330,781 |332,482 |302,293 |339,348 |308,941 |1,249,259 |1,334,651 |- |Cost of sales | | | | | | | | | |- |Cost of sales, excluding depletion |69,994 |78,188 |76,272 |76,599 |72,004 |78,131 |73,531 |291,801 |305,736 |- |Depletion |57,402 |75,262 |64,880 |71,552 |61,532 |75,262 |65,488 |249,303 |292,775 |- |Total cost of sales |127,396 |153,450 |141,152 |148,151 |133,536 |153,393 |139,020 |541,103 |598,511 |- |Earnings from operations |179,848 |190,092 |189,629 |184,332 |168,757 |185,955 |169,921 |708,156 |736,140 |- |Expenses and other income | | | | | | | | | |- |– General and administrative** |20,118 |15,840 |12,325 |16,965 |16,965 |16,965 |16,965 |66,374 |69,175 |- |– Foreign exchange (gain)/loss | | | | | | | |0 |0 |- |– Net interest paid/(received) |1,422 |1,262 |1,220 |1,266 |1,216 |1,255 |1,200 |5,058 |5,076 |- |– Other (income)/expense |229 | | | | | | |229 |0 |- |Total expenses and other income |21,769 |17,102 |13,545 |18,232 |18,182 |18,221 |18,165 |71,661 |74,251 |- |Earnings before income taxes |158,079 |172,990 |176,084 |166,100 |150,576 |167,734 |151,756 |636,495 |661,889 |- |Income tax expense/(recovery) |72 |250 |250 |250 |250 |250 |250 |822 |1,000 |- |Marginal tax rate (%) |0.0 |0.1 |0.1 |0.2 |0.2 |0.1 |0.2 |0.1 |0.2 |- |Net earnings |158,007 |172,740 |175,834 |165,850 |150,326 |167,484 |151,506 |635,673 |660,889 |- |Average no. shares in issue (000s) |450,915 |450,864 |451,500 |450,864 |451,500 |450,864 |451,500 |451,354 |450,864 |- |Basic EPS (US$) |0.350 |0.383 |0.389 |0.368 |0.333 |0.371 |0.336 |1.41 |1.47 |- |Diluted EPS (US$) |0.350 |0.373 |0.379 |0.358 |0.324 |0.361 |0.326 |1.37 |1.43 |- |DPS (US$) |0.15 |0.15 |0.15 |0.17 |0.16 |0.16 |0.15 |0.61 |0.62 |} Our basic EPS forecast of US$1.41/share for FY22 is little changed relative to Edison Investment Research's prior estimate of US$1.47/share and is just 3.4% below the consensus forecast of US$1.46/share (source: Refinitiv, 23 June 2022), albeit within a tightened range of analysts’ expectations of US$1.35–1.55 per share (cf US$1.24–1.80/share on 4 May 2022 immediately prior to the company’s Q122 results). Within this context, it is worth noting that Edison Investment Research's gold and silver price forecasts for the remainder of the year are now US$1,835/oz and US$21.30/oz, respectively, which are those prevailing at the time of writing (cf US$1,895/oz and US$23.00/oz previously). {| class="wikitable" |+Exhibit 13: WPM FY22 consensus EPS forecasts (US$/share), by quarter<ref>Source: Refinitiv, Edison Investment Research. Note: As at 23 June 2022.</ref> ! !Q122 !Q222e !Q322e !Q422e !Sum Q1–Q422e !FY22e |- |Edison forecasts |0.350 |0.389 |0.333 |0.336 |1.408 |1.41 |- |Mean consensus |0.35 |0.37 |0.37 |0.38 |1.47 |1.46 |- |High consensus |0.35 |0.42 |0.39 |0.43 |1.59 |1.55 |- |Low consensus |0.35 |0.33 |0.34 |0.34 |1.36 |1.35 |}
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