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$8368m
Last closeC$20.71
High / Low (52 weeks)C$28.4 / C$14.8
Stock market listingUS, CN
Forecast net debt (US$m)1345
Forecast gearing ratio (%)30
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual23.726.4(25.7)
Relative *26.139.6(6.9)

* % Relative to local index

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Company news

Silver Wheaton Corp. Is Soaring: Should You Buy?

Thu, 11 Feb 2016 17:48:45 GMT

Why Silver Wheaton Corp. Is Beating the Market

Tue, 09 Feb 2016 15:36:32 GMT

Should You Buy Silver Wheaton Corp. or Goldcorp Inc.?

Tue, 02 Feb 2016 16:18:45 GMT

Is Silver Wheaton Corp. Still a Good Investment?

Wed, 20 Jan 2016 13:18:45 GMT

Silver Wheaton Corp.: Could This Stock Soar in 2016?

Mon, 04 Jan 2016 16:30:00 GMT

Investment summary

Underlying Q315 results were close to our expectations and noteworthy for records in both the production and sale of silver equivalent ounces. In addition, SLW acquired Glencore's interest of c 5Moz of silver production pa from the world class Antamina mine in Peru for US$900m. Post Antamina, we are forecasting EPS of 15c in Q415 coincident with new AgE production and sales records.

Last updated on 05/01/2016

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 14.5 10.1
2014A 620.2 431.2 268.8 75.0 20.6 12.7
2015E 644.3 421.2 223.6 54.0 28.5 13.7
2016E 886.6 593.0 314.1 78.0 19.8 10.2

Last updated on 10/12/2015

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 share price decline since 6 July is significantly in excess of the US$0.66/sh that the CRA is seeking in tax, interest and penalties for 2005-10. As a result, SLW now trades on financial ratios that are cheaper than its peers in a majority of instances and cheaper than the mining companies in c 50% of instances, despite being associated with materially less risk. Post Antamina (but still contingent on success against the CRA), we predict an increased value of US$46.36 (C$61.59) per share for SLW in FY19, such that it offers investors a >40% IRR in US$ terms over five years.

Last updated on 05/01/2016

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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