Silver Wheaton (SLW)

Business description

Silver Wheaton (SLW) is the pre-eminent pure precious metals streaming company with more than 25 streaming agreements relating to assets in Mexico, Peru, Canada, Brazil, Chile, Argentina, Sweden, Greece, Portugal, the US and Guyana.

Stock data

Market cap.C$16038.6m
Last closeC$36.37
High / Low (52 weeks)C$39.7 / C$15.0
Stock market listingUS, CN
Forecast net debt (US$m)1144.3
Forecast gearing ratio (%)23
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual4.222.9129.2
Relative *3.616.9102.5

* % Relative to local index

Other companies in sector Show

Afferro Mining Afri-Can Marine Minerals
African Barrick Gold African Eagle Resources
African Minerals Alderon Iron Ore
Aldridge Minerals Alkane Resources
All Star Minerals Allied Gold Mining
Almonty Industries Altius Minerals
Altona Energy Amara Mining
Amerigo Resources Amur Minerals
Angel Mining Anglesey Mining
Anglo Pacific Group Antofagasta
Aquarius Platinum Arian Silver
Ariana Resources Asa Resource
Aspire Mining Atalaya Mining
Atlantic Gold NL Aurcana Corporation
Aureus Mining Aurizon Mines
Avalon Rare Metals Avnel Gold Mining
Baobab Resources Bear Creek Mining
Bellzone Mining Bezant Resources
Blackthorn Resources Bushveld Minerals
Cabral Resources Caledon Resources
Caledonia Mining Cameco
Canada Lithium Corporation Carpathian Gold
Celamin Holdings Central Asia Metals
Centrex Metals Champion Iron
Chatham Rock Phosphate Chieftain Metals
Coal of Africa Condor Gold
Continental Coal Cradle Resources
Dalradian Resources Danakali
Denison Mines Discovery Metals
Doray Minerals DRDGOLD
Duluth Metals Eastern Platinum
ECR Minerals Edgewater Exploration
Energy Fuels Equatorial Resources
Euromax Resources European Goldfields
Forsys Metals Corp Fronteer Gold
Frontier Mining Frontline Gold
Galaxy Resources Galaxy Resources Limited
Gascoyne Resources Gemfields
GMA Resources Gold One
Gold Road Resources Goldcrest Resources
Golden Minerals Company Goldplat
Gunson Resources Hambledon Mining
Hecla Highland Gold
Highlands Pacific Hummingbird Resources
Ichor Coal International Mining & Infrastructure Corp
Iron Road Ironwood Gold
Jameson Resources KEFI Minerals
Kenmare Resources Kingsgate
Kinross Gold Corporation Kopy Goldfields
Lemur Resources Lithium Americas Corp
Lithium X Energy London Mining
MacPhersons Resources Majestic Gold
Mandalay Resources Corp Mariana Resources
Matamec Explorations MDM Engineering Group
Medusa Mining Metallica Minerals
Minera IRL Mineral Commodities
Minotaur Exploration Mkango Resources
MMG Natural Resource Partners
Ncondezi Energy Nevsun Resources
New Talisman Gold Mines Nkwe Platinum
Nordgold North American Palladium
Northern Dynasty Minerals Norton Gold Fields
NovaCopper OceanaGold
Oracle Coalfields Orbis Gold
Ormonde Mining Orosur Mining
Orpheus Energy Pan African Resources
Pan American Goldfields Papillon Resources
Petropavlovsk Pilot Gold
Platmin PolyMet Mining
Polymetals Mining Randgold Resources
Rare Earth Minerals Rare Element Resources
Red Rock Resources Regency Mines
Richmont Mines Rio Tinto
Robust Resources Rutila Resources
Sable Mining Seabridge Gold
Shore Gold Sirius Minerals
South American Silver Corp St George Mining
Sumatra Copper & Gold Syndicated Metals
Teck Resources Titanium Resources Group
Torex Gold True North Gems
U3O8 Holdings Universal Coal
Vatukoula Gold Mines Veris Gold Corp
Victoria Gold Volt Resources Ltd
W Resources Western Areas
Wits Gold Wolf Minerals
Woulfe Mining Zanaga Iron Ore Company
Zazu Metals Corporation

Company news

What Should Investors Do About Silver Wheaton Corp.?

Thu, 29 Sep 2016 16:18:45 GMT

Why Silver Wheaton Corp. Should Stay in Your Portfolio

Thu, 22 Sep 2016 15:33:45 GMT

Better Buy: Silver Wheaton Corp. vs. Barrick Gold Corp.

Tue, 27 Sep 2016 17:03:45 GMT

Silver Wheaton Corp. (SLW)

Thu, 31 Mar 2016 19:42:13 GMT

Silver Wheaton Corp.: Should You Load Up on This Stock Before the Fed Decision?

Wed, 21 Sep 2016 17:46:33 GMT

Investment summary

Silver Wheaton’s (SLW’s) Q216 earnings were within 2.5% of our forecast and almost 50% better than the previous quarter (Q116). Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury (which was almost 6,000oz ahead of our expectations), continued outperformance at Antamina (for a third consecutive quarter) and inventory drawdown (for a second consecutive quarter). As a result of increased precious metals’ prices, as well as the purchase of an additional gold stream at Salobo (see below), we have increased our earnings expectations for Q316, Q416 and FY16 by 60.0%, 46.7% and 27.3%, respectively.

Last updated on 30/08/2016

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 37.0 23.0
2015A 648.7 426.2 223.6 53.0 52.4 25.2
2016E 923.7 629.5 306.8 70.0 39.7 18.7
2017E 1199.6 868.8 539.4 123.0 22.6 14.0

Last updated on 30/08/2016

Latest research

Going for gold

Update | Mining | 30/08/2016

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

Latest video

Analyst Interview - Silver Wheaton

Industry outlook

Q2 results are scheduled for 10 August. In the longer term, assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for SLW of US$37.62, or C$49.32, in FY19 (at US$26.57/oz Ag and US$1,483/oz Au). At a share price of C$34.09, this represents a total internal rate of return to investors of 17.6% 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 and the miners themselves on a majority of valuation measures, despite being associated with materially less operating and cost risk.

Last updated on 02/08/2016

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
Vancouver
BC
V6C 2X8
Canada
View website