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.

Share price chart

Share chart

Stock data

Market cap.C$6832m
Last closeC$16.89
High / Low (52 weeks)C$29.8 / C$14.8
Stock market listingUS, CN
Forecast net debt (US$m)1345
Forecast gearing ratio (%)30
TeamResources - Mining

Price performance

Relative *(7.3)0.1(20.5)

* % Relative to local index

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Company news

Canadian Stocks Trading on U.S. Exchanges: Silver Wheaton Corp. (USA)(NYSE:SLW ...

Tue, 24 Nov 2015 14:37:30 GMT

Why Now Is the Time to Buy Silver Wheaton Corp.

Wed, 18 Nov 2015 15:00:00 GMT

Should Silver Wheaton Corp. Be a Top Pick?

Mon, 16 Nov 2015 15:45:00 GMT

Silver Wheaton Corp.: Should You Buy Now?

Wed, 04 Nov 2015 16:18:45 GMT

Does Silver Wheaton Corp. Belong in Your Portfolio?

Tue, 20 Oct 2015 16:07:30 GMT

Investment summary

Excluding a US$154.0m impairment charge relating to its 777-mine gold stream beyond 2020 (which was in any case omitted from our long-term forecasts), Silver Wheaton’s (SLW) Q315 results were closely in line with our expectations. PBT was 3.5% higher than our forecast; PAT was 2.6% lower due to a higher than expected tax charge. More significantly, SLW has acquired a new silver stream from the world-class Antamina copper mine in Peru that has caused us to increase both our earnings forecasts and valuation.

Last updated on 11/11/2015

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 706.5 531.8 381.6 106.0 11.9 8.3
2014A 620.2 431.2 268.8 75.0 16.9 10.5
2015E 644.3 421.2 223.6 54.0 23.4 11.3
2016E 886.6 593.0 314.1 78.0 16.2 8.3

Last updated on 11/11/2015

Latest research

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

Daily comment

Institutional Comment | Mining | 19/11/2014

Q314 results

Update | Mining | 18/11/2014

Daily comment

Institutional Comment | Mining | 04/11/2014

Q314 results preview

Update | Mining | 03/11/2014

Latest video

Analyst Interview - Silver Wheaton

Industry outlook

SLW's US$3.30 share price decline since 6 July is significantly in excess of the US$0.66 per share that the CRA is seeking in tax, interest and penalties for 2005-10. As a result, SLW trades on financial ratios that are cheaper than its peers in 75% of instances and cheaper than the mining companies in 46% of instances, despite being associated with materially less risk. Contingent on SLW’s success against the CRA, we continue to predict an ostensibly unchanged value of US$41.43 (C$53.59) per share in FY19, representing a total IRR to investors of 36.9% in USD terms over five years.

Last updated on 03/11/2015

Key management

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

Company address

Suite 3150
666 Burrard Street
V6C 2X8
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