Silver Wheaton (SLW)

Business description

Silver Wheaton is the world's pre-eminent precious metal 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$10155.5m
Last closeC$28.370
High / Low (52 weeks)C$ / C$
Stock market listingTSE, NYSE
Forecast net debt (US$m)775.3
Forecast gearing ratio (%)21
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual3.515.216.8
Relative *1.68.8(3.3)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 849.6 701.2 600.0 165.6 15.7 12.8
2013A 706.5 531.8 381.6 105.6 24.6 17.1
2014E 795.4 567.8 367.7 102.9 25.3 16.1
2015E 912.3 668.9 452.8 126.7 20.5 13.9

Last updated on 24/06/2014

Latest research

A precious alternative

Initiation | Mining | 10/06/2014

Growing streaming opportunities

QuickView | Mining | 02/12/2013

Investment summary

Since its creation and listing in 2004, Silver Wheaton (SLW) has recorded an 81.4% pa compound increase in earnings and a 55.4% pa increase in basic EPS. While at first glance analogous to both miners and royalty companies, in fact SLW’s streaming business plan is almost unique as a listed investment opportunity as it offers exposure to exploration success and production expansion without exposure to cost inflation. It also pays a dividend and has geared exposure to precious metals prices.

Last updated on 30/06/2014

Industry outlook

Taking into account likely future streaming agreements, we conservatively forecast a share price of US$37.67 (C$41.12) in FY19, which represents an internal rate of return to existing investors of 14.7% in US dollar terms over a five-year period. Meanwhile, in relative terms SLW trades on multiples that are consistently cheaper than its royalty ‘peers’ and more akin to (and sometimes cheaper than) even its operating contemporaries, despite being associated with materially less risk.

Last updated on 30/06/2014

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
Vancouver
BC
V6C 2X8
Canada
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