Silver Wheaton Corp.

Silver Wheaton is the largest pure precious metals streaming company in the world. The Company has streams on some of the largest and lowest cost mines in the world. Silver Wheaton’s production and growth are founded on cornerstone assets including the Salobo mine in Brazil, the Peñasquito and San Dimas mines in Mexico, and the Antamina mine in Peru. Based upon its current agreements, forecast 2016 estimated annual attributable production is approximately 32 million ounces of silver and 305,000 ounces of gold. Silver Wheaton’s estimated average annual attributable production over the next five years is anticipated to be approximately 31 million ounces of silver and 330,000 ounces of gold per year.

Expert Comments:

Frank Holmes, U.S. Global Investors (8/22/16)
"One of the best ways to play gold, I believe, is royalty and streaming companies; as a reminder, these companies serve as specialized financiers to explorers and producers. . .among our favorite names in this space is Silver Wheaton Corp., which has outperformed underlying gold for the 12-month period."

Kevin MacKenzie, PI Financial (8/15/16)
“As opposed to many established miners, Silver Wheaton Corp. has a low operating risk profile, given the structure/quality of its streaming agreements, and benefits from its free exposure to project level exploration /development upside. . .We expect Silver Wheaton, as the only pure precious metal streaming/royalty company, to continue to outperform its peers. . .We are initiating coverage on Silver Wheaton with a BUY rating, US $35.50/sh target price and AVERAGE risk rating. . .Our target, which presents a 17% return to market, is derived from an equal weighting of 1.75x P/Operating NAV and 22x P/2017E CF.”

Cosmos Chiu, CIBC World Markets (8/11/16)
"Silver Wheaton Corp. reported a solid quarter for Q2/16, reporting 12.9 million ounces of silver equivalent production, in line with CIBC expectations. . .By metal, attributable production was 7.6 million ounces of silver and 70,200 ounces of gold, compared to CIBC estimates of 8.1 million ounces of silver and 65,000 ounces of gold. . .Reiterated 2016 attributable gold production guidance of 305,000 ounces and refined silver production guidance to 32 million ounces (from 32.8 million ounces) due to San Dimas, and for the five-year period (including 2016), an average of 330,000 ounces of gold and 31 million ounces of silver."

Josh Wolfson, Dundee Capital Markets (8/11/16)
Silver Wheaton Corp. reported 2Q16 EPS of $0.14, above our estimate of $0.11 and in line with consensus of $0.14. Production was higher than forecast. . .SLW reported silver equivalent production of 12.8MMSEO, +8% our 11.9MMSEO estimate. Results consisted of silver production of 7.6 MMoz (+7% our 7.1 MMoz est.), and gold production of 70.2 koz (+9% our 64.6 koz est.). . .SLW announced a transaction to increase its attributable Salobo goldstream production by an additional 25% for US$800MM in cash, which the company intends to fund with cash and available credit."

Andrew Kaip, BMO Capital Markets (8/10/16)
"Silver Wheaton reported headline Q2/16 EPS of $0.14; after adjusting for stock-based compensation, adjusted EPS was $0.15, ahead of BMO estimates of $0.10 and consensus of $0.14. . .the adjusted EPS beat relative to our estimates was attributable to higher-than-expected silver sales at Antamina and Penasquito. . .SLW retains flexibility to transact on further streaming agreements due to strong cash generative ability and total liquidity of over $600M after adjusting for the Salobo advance payment."

Phil Russo, Raymond James (8/3/16)
"We reiterate our Outperform rating for Silver Wheaton and are increasing our target price to US$33.50 from US$28.00 following the company's announcement of the increased interest in Vale's Salobo life of mine (LOM) gold production. . .The increase in estimated free cash flow pushes Silver Wheaton to the top FCF yielding royalty/streamer in our coverage universe at 6% versus the peer group at 5%. . .We believe portfolio diversification, growth profile, precious metals exposure and FCF yield warrant our Outperform rating."

More Expert Comments

Experts Following This Company

Jay Albany, Healthcare Analyst – SeeThruEquity
Ralph Aldis, Portfolio Manager, Gold and Natural Resources – U.S. Global Investors
John Bridges, Analyst – J.P. Morgan
Luke Burgess – Hard Money Millionaire
Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
Adrian Day, Founder – Adrian Day Asset Management
Charles Gibson, Director, Mining – Edison Investment Research
Ash Guglani, Analyst – Salman Partners
Jason Hamlin, Founder – Gold Stock Bull
John Hathaway, Senior Managing Director – Tocqueville Asset Management L.P.
Tom Hayes, Analyst – Edison Investment Research
Frank Holmes, Chairman – U.S. Global Investors
Andrew Kaip, Analyst – BMO Capital Markets
Marin Katusa, Analyst – Katusa Research
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Kevin MacKenzie, Analyst – PI Financial
Brad Mills, Fund Manager/CEO – Plinian Capital
David Morgan, Publisher – Silver Investor
Bob Moriarty, Author 321 Gold
Phil Russo, Research Associate – Raymond James
Josh Wolfson, VP, Senior Analyst Gold & Precious Metals – Dundee Capital Markets

The information provided above is from analysts, newsletters, the company and other contributors.

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