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

Price performance

Relative *3.616.9102.5

* % Relative to local index

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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
V6C 2X8
View website