Wheaton Precious Metals: Significant Risks Not Priced In - No Longer A Buy, For Now

IWA Research
97 Followers

Summary

  • Wheaton Precious Metals is a top-tier gold/silver streamer with strong margins, low costs, and unique silver exposure, but high expectations are already priced in.
  • Despite financial strength and growth potential, the current valuation is stretched, offering limited upside and significant risk, especially due to geographic concentration in Brazil.
  • Dividend yield is low and not a compelling reason to own the stock; better yields can be found among miners, though streamers offer lower risk.
  • I rate WPM as a Hold, as the upside depends on continued gold/silver price strength and avoiding country-specific risks.

Hand holding a gold bars the candlestick chart. background

Introduction and Financials

Wheaton Precious Metals (NYSE:WPM) is the leading gold/silver streaming and royalty company on the planet, with high (27 years) mine lives, very low-cost (73% of expected production in the 1st quartile), with most of its revenue coming from gold (59%) and silver (39%). This high share of

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97 Followers
As of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused YouTube channel, where I researched hundreds of different companies so far. I would say my favorite type of company to cover are metals and mining stocks, but I am comfortable with several other industries, such as consumer discretionary/staples, REITs and utilities.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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