Berenberg trims target price on Wheaton Precious Metals
By Iain Gilbert
Date: Tuesday 28 Jul 2026
(Sharecast News) - Analysts at Berenberg reiterated their 'buy' rating on Wheaton Precious Metals on Tuesday, trimming their target price from 11,900p to 11,700p but stressing that the streaming group remains in a league of its own compared with peers.
Berenberg said recent investor feedback suggested some shareholders were looking elsewhere for stronger growth or value, prompting a detailed review of Wheaton's portfolio, growth options and valuation against Franco‑Nevada, Royal Gold, Triple Flag and OR Royalties.
The German bank argued Wheaton's scale and consistency set it apart, noting its gold‑equivalent output was around 900,000 ounces, roughly two‑thirds larger than its closest peer, yet still offers volume growth of 40% between 2026 and 2030 - broadly in line with the sector.
Berenberg highlighted Wheaton's ability to secure both smaller and large‑scale streaming deals, supported by around $3bn of annual free cash flow and what it sees as an under‑levered balance sheet. It also expects a major copper capex cycle to create further precious‑metals streaming opportunities not yet reflected in estimates, pointing to February's $4.3bn Antamina deal as evidence of the group's firepower.
On valuation, Berenberg said Wheaton trades at a 15-17x enterprise value/underlying earnings ratio, below its six‑year average of around 23x, and at a discount to its largest peer on a market‑cap‑to‑production basis.
Berenberg added that the shares offer compelling value given Wheaton's scale, quality, growth trajectory and cash‑flow generation, supporting its decision to maintain its 'buy' recommendation despite the small target‑price cut.
Reporting by Iain Gilbert at Sharecast.com
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