Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Wheaton Precious Metals  / Equity Bottom-Up

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s suspension of mining at Penasquito since 8 June, (2) updated metals prices, (3) estimated production from Salobo in the light of Vale’s Q223 production and sales report (released on 18 July) and (4) the closure of the Minto mine on 13 May. As a result, we have reduced our Q223 basic EPS forecast by 5 US cents per share to 28 cents per share and our FY23 adjusted basic EPS by 8 cents per share (or 6.1%) to 124 cents per share.

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s suspension of mining at Penasquito since 8 June, (2) updated metals prices, (3) estimated production from Salobo in the light of Vale’s Q223 production and sales report (released on 18 July) and (4) the closure of the Minto mine on 13 May. As a result, we have reduced our Q223 basic EPS forecast by 5 US cents per share to 28 cents per share and our FY23 adjusted basic EPS by 8 cents per share (or 6.1%) to 124 cents per share.

Wheaton Precious Metals - Honing Q223 forecasts

Wheaton Precious Metals’ (WPM’s) net earnings for Q123 were US$2.6m (or 2.5%) better than our forecast. In general, production of precious metals was slightly higher than our expectations, but sales, costs and depletion were in line. Our forecasts for FY23 have therefore remained substantially unchanged. However, we note that the broader market appears to be reticent in incorporating higher precious metals prices into its earnings estimates.

Wheaton Precious Metals’ (WPM’s) net earnings for Q123 were US$2.6m (or 2.5%) better than our forecast. In general, production of precious metals was slightly higher than our expectations, but sales, costs and depletion were in line. Our forecasts for FY23 have therefore remained substantially unchanged. However, we note that the broader market appears to be reticent in incorporating higher precious metals prices into its earnings estimates. 

Wheaton Precious Metals - Q123 in line; looking to H2

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.</li>
<li>Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.</li>
<li>With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).</li>
</ul>


Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).


Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

Wheaton’s (WPM’s) Q123 results are scheduled for 4 May. Ahead of their release, we have refined our forecasts to reflect, principally, a hiatus in mining the high-grade Pampacancha pit at Constancia, owing to regional road blockades (announced by Hudbay, on 30 March) and the suspension of production from the lower levels of the Stillwater West mine by Sibanye-Stillwater for around four weeks, following damage to shaft infrastructure during non-routine maintenance (announced on 13 March). We have also updated our estimates for actual cf forecast, precious metals prices.

Wheaton’s (WPM’s) Q123 results are scheduled for 4 May. Ahead of their release, we have refined our forecasts to reflect, principally, a hiatus in mining the high-grade Pampacancha pit at Constancia, owing to regional road blockades (announced by Hudbay, on 30 March) and the suspension of production from the lower levels of the Stillwater West mine by Sibanye-Stillwater for around four weeks, following damage to shaft infrastructure during non-routine maintenance (announced on 13 March). We have also updated our estimates for actual cf forecast, precious metals prices.

Wheaton Precious Metals - Refining forecasts

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>With the upcoming first quarter earnings season taking center stage the next 3 weeks, there is yet again a well overdue reprieve from the back and forth focus on hiking, pausing, and cutting next steps of the Federal Reserve.</li><li>The focus now goes back to company earnings and forward guidance and whether slowdowns picked up on ISM, PMI, and regional Fed surveys are now making its way through earnings reports.</li><li>While still early, the first 22 S&amp;P 500 Index companies reveal a 20% drop in earnings QoQ.</li></ul>

With the upcoming first quarter earnings season taking center stage the next 3 weeks, there is yet again a well overdue reprieve from the back and forth focus on hiking, pausing, and cutting next steps of the Federal Reserve.The focus now goes back to company earnings and forward guidance and whether slowdowns picked up on ISM, PMI, and regional Fed surveys are now making its way through earnings reports.While still early, the first 22 S&amp;P 500 Index companies reveal a 20% drop in earnings QoQ.

United States

Wheaton Precious Metals Corp. operates as a precious metals streaming company. The Company purchases silver and gold production from mines that it does not owns and operates. Wheaton Precious Metals serves customers worldwide.

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Wheaton Precious Metals (WPM US)

Wheaton Precious Metals - Honing Q223 forecasts

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s...

Edison Investment Research

Wheaton Precious Metals - Q123 in line; looking to H2

Wheaton Precious Metals’ (WPM’s) net earnings for Q123 were US$2.6m (or 2.5%) better than our forecast. In general, production of precious metals...

Edison Investment Research

Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

$93 on $ACWI continues to be a key resistance that we have discussed since early-Jan as capping upside for 2023. Stick with defensives $IXJ $XLV...

Vermilion Research

Wheaton Precious Metals - Refining forecasts

Wheaton’s (WPM’s) Q123 results are scheduled for 4 May. Ahead of their release, we have refined our forecasts to reflect, principally, a hiatus in...

Edison Investment Research

Weekly Stock Bullfinder - Week of 4/17

The focus now goes back to company earnings and forward guidance and whether slowdowns picked up on ISM, PMI, and regional Fed surveys are now...

Weekly Stock Bull Finder

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