Silver Wheaton (SLW)

Business description

Silver Wheaton (SLW) is the world’s pre-eminent pure precious metals streaming company with 24 precious metals streaming agreements relating to assets in Mexico, Peru, Canada, Brazil, Chile, Argentina, Sweden, Greece, Portugal, the US and Guyana.

Stock data

Market cap.C$14978m
Last closeC$34.04
High / Low (52 weeks)C$34.6 / C$14.8
Stock market listingUS, CN
Forecast net debt (US$m)445.9
Forecast gearing ratio (%)9
TeamResources - Mining

Price performance

Relative *17.437.096.7

* % Relative to local index

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Company news

Pattern Broken: Is it Time to Buy Silver Wheaton Corp.?

Mon, 25 Jul 2016 15:11:15 GMT

Is Silver Wheaton Corp. Still a Strong Investment?

Tue, 26 Jul 2016 13:18:45 GMT

Silver Wheaton Corp.: Time to Buy or Sell?

Wed, 13 Jul 2016 16:41:15 GMT

Silver Wheaton Corp. vs. Barrick Gold Corp.: Which Is a Better Bet?

Wed, 06 Jul 2016 15:56:15 GMT

Why Silver Wheaton Corp. Is High on My Watch List

Tue, 28 Jun 2016 13:41:15 GMT

Investment summary

Assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for SLW of US$37.62, or C$48.27, in FY19 (at silver and gold prices of US$26.57/oz and US$1,483/oz, respectively). At a share price of C$27.16, this represents a total internal rate of return to investors of 26.2% in US dollar terms. In the meantime, SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers in c 83% of valuation measures considered and the miners themselves in c 61% of measures considered, despite being associated with materially less operating and cost risk.

Last updated on 06/07/2016

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2014A 620.2 431.2 268.8 75.0 35.2 21.8
2015A 648.7 426.2 223.6 53.0 49.8 24.0
2016E 809.5 530.7 239.0 55.0 48.0 21.1
2017E 1057.6 758.9 488.5 111.0 23.8 15.2

Last updated on 27/06/2016

Latest research

Forecasts weighted to H2

Update | Mining | 25/05/2016

Buying future growth

Update | Mining | 18/04/2016

Exceeding expectations

Update | Mining | 24/03/2016

Q415e results, Cotabambas analysis and CRA

Update | Mining | 15/02/2016

Q3 results and Antamina stream purchase

Update | Mining | 11/11/2015

Tax and other matters

Update | Mining | 22/10/2015

Tax developments and revised forecasts

Update | Mining | 09/07/2015

Q115 results and Q2-Q415 preview

Update | Mining | 26/05/2015

Solid FY14 portends future growth

Update | Mining | 27/03/2015

Salobo stream acquisition

Update | Mining | 05/03/2015

Daily comment

Institutional Comment | Mining | 21/01/2015

Q414 and FY14 results preview

Update | Mining | 19/01/2015

Latest video

Analyst Interview - Silver Wheaton

Industry outlook

After four record quarters, output attributable to Silver Wheaton moderated in Q116 – with good quarterly performances from Antamina and Salobo offset by headwinds at San Dimas and SLW’s ‘other’ assets. Other features of the results were a continuation of the (non-cash) depletion charge at elevated levels and a decision to expense (rather than capitalise) interest.

Last updated on 06/07/2016

Key management

Randy V. J. Smallwood , CEO
Gary D. Brown , CFO
Patrick Drouin , Director of Investor Relations
Rory Quinn , IR

Company address

Suite 3150
666 Burrard Street
V6C 2X8
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