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$10638.4m
Last closeC$24.11
High / Low (52 weeks)C$39.7 / C$15.0
Stock market listingUS, CN
Forecast net debt (US$m)1159.6
Forecast gearing ratio (%)23
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(26.1)(29.8)33.4
Relative *(27.3)(31.4)21.0

* % Relative to local index

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Company news

Silver Wheaton Corp.: Where Does it Go From Here?

Tue, 29 Nov 2016 15:28:27 GMT

Does Silver Wheaton Corp. Deserve to Be in Your Portfolio?

Mon, 28 Nov 2016 12:56:15 GMT

Why Silver Wheaton Corp. Is a Great Investment

Mon, 21 Nov 2016 13:41:15 GMT

Silver Wheaton Corp.: Is the Sell-Off Overdone?

Fri, 11 Nov 2016 17:48:45 GMT

Analyst's Reviews on Rating under Consideration: Silver Wheaton Corp. (USA ...

Wed, 23 Nov 2016 15:56:15 GMT

Investment summary

SLW's Q316 results were characterised by silver production in line with Edison's expectations, but an exceptionally strong performance from its gold assets. However, a temporary build up of inventory back to more normal levels resulted in 20.0% under-sale of silver relative to production (towards the upper end of the historical range) and a 22.1% under-sale of gold. Nevertheless, PBT in the quarter was still the highest since Q113 (when precious metals' prices were US$29.89/oz Ag and US$1,645/oz Au).

Last updated on 29/11/2016

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 620.2 431.2 268.8 74.0 24.3 14.9
2015A 648.7 426.2 223.6 53.0 34.0 16.4
2016E 906.7 613.8 291.9 67.0 26.9 12.4
2017E 1122.4 793.8 464.1 106.0 17.0 9.9

Last updated on 23/11/2016

Latest research

Latest video

Analyst Interview - Silver Wheaton

Industry outlook

Assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for SLW of US$33.09, or C$44.72, in FY20 (at prices of US$23.98/oz Ag and US$1,362/oz Au). In the meantime, SLW’s shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming ‘peers’ in at least 87% of measures considered, and the miners themselves in at least 46% of measures considered, despite being associated with materially less risk.

Last updated on 29/11/2016

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
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