Broker tips: Wheaton Precious Metals, Admiral, PensionBee

(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 FrancoNevada, Royal Gold, Triple Flag and OR Royalties.

The German bank argued Wheaton's scale and consistency set it apart, noting its goldequivalent output was around 900,000 ounces, roughly twothirds 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 largescale streaming deals, supported by around $3bn of annual free cash flow and what it sees as an underlevered balance sheet. It also expects a major copper capex cycle to create further preciousmetals 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 sixyear average of around 23x, and at a discount to its largest peer on a marketcaptoproduction basis.

Berenberg added that the shares offer compelling value given Wheaton's scale, quality, growth trajectory and cashflow generation, supporting its decision to maintain its 'buy' recommendation despite the small targetprice cut.

Citi upgraded Admiral on Tuesday to 'buy' from 'neutral', hiked its price target to 4,243p from 3,277p and opened a 'positive catalyst watch' on the shares.

"Admiral's co-founder Henry Engelhardt famously commented that the 2006 UK motor insurance market was like a frog boiling slowly - nothing overly dramatic but results were getting steadily worse (no frogs were harmed at the time)," Citi said. "We see something similar now and expect real rate to compound from 2H with Admiral leading the way."

Citi noted that Admiral has drip-fed small real rate increases in early 2026 that if sustained make consensus estimates look far too cautious. The bank added that its earnings per share estimates were now 15-17% ahead of consensus in 2027/28.

RBC Capital Markets upgraded PensionBee to 'outperform' from 'sector perform' on Tuesday as it said it sees a more exciting near-term investment case, having taken a cautious stance on the stock at initiation.

The Canadian bank noted that PensionBee shares were down 23% year-to-date and at more than two year lows, with the stock trading at a discount to wealth platform peers.

"While an unclear US trajectory is likely weighing on sentiment, the UK business continues to collect well and the group boasts sector-leading revenue and organic growth," RBC said.

It also said that marketing investments are depressing EBITDA today, but argued that the group was far from unprofitable, and there were a number of near-term opportunities to further boost operational momentum.

RBC, which kept its price target at 175p, said that having achieved two consecutive years of positive adjusted underlying earnings, the company was "clearly capable" of turning a profit.

"While adjusted EBITDA is currently minimal, we believe PBEE's fundamental capacity to generate profits is good. The group currently spends heavily on new customer acquisition, but we estimate that halving the marketing budget could deliver an adjusted EBITDA margin of 17% in FY26 (versus RBCe of 5%)," it said. "While this would dampen top-line growth somewhat, we still think EBITDA could grow by circa 25% annually over the following two years, implying an FY28 price-to-earnings of 23x."