Berenberg Notes Wheaton Precious Metals 'Quality' Business Model Post-Capital Markets Day; Buy Rating Kept

07:58 AM EDT, 09/17/2026 (MT Newswires) -- Berenberg maintained Wheaton Precious Metals' (WPM.L) buy rating and price target of 117 pounds sterling, saying the precious metals streaming company's latest capital markets day event highlighted the "quality" of its business model. Analysts said Thursday that the event reaffirmed their view that Wheaton's streaming structure delivers low-risk precious metals exposure with "compelling growth and protected margins." Management emphasized its asset base, highlighting 99% precious metals exposure, bottom-half cost positioning for 80% of volume, and a 23-year life of mine. At current spot prices, the company expects this structure to drive $3 billion in annual free cash flow through 2030, anchored by gold and silver revenue. Wheaton also noted that its existing pipeline offers opportunities worth $210 million to $500 million, projecting accelerated deal flow toward year-end. "This is in line with previous commentary, and management flagged that it is seeing less compelling new copper streaming opportunities - this is not a surprise, and supports our view that rising mining capex will be more of a 'gold first, copper next' story, but major copper investment is coming, we think," the research firm wrote.