Silver Wheaton Corp.

Silver Wheaton is the largest pure precious metals streaming company in the world. Based upon its current agreements, forecast 2015 estimated annual attributable production is approximately 44.5 Moz Ag eq including 230 Koz gold. By 2019, estimated annual attributable production is anticipated to increase significantly to approximately 55 Moz Ag eq, including 325 Koz gold. This anticipated growth is expected to be driven by the Company’s portfolio of low-cost and long-life assets, including precious metal and gold streams on Vale’s Salobo mine and Hudbay’s Constancia project.

Expert Comments:

Charles Gibson, Edison Investment Research (7/4/16)
"Assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for Silver Wheaton Corp. of US$37.62, or C$48.27, in FY19 (at silver and gold prices of US$26.57/oz and US$1,483/oz, respectively). At a share price of C$27.16, this represents a total internal rate of return to investors of 26.2% in US dollar terms. . .Silver Wheaton is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers."

Tony Lesiak, Canaccord Genuity (6/17/16)
"We recently visited Vale's Salobo mine in Brazil; while the operation showed extremely well, the key takeaway was that Vale is not maximizing the potential of this world-class orebody at the current processing rate. Phase 3 seems very plausible with permits already in hand and almost half of the capital coming from Silver Wheaton Corp. . .we see strong potential for Salobo to see a phase 4 expansion (to 48 mtpa). . .an ultimate expansion to 48 Mtpa using only existing reserves/resources would trigger the maximum payout and would generate a 7.5% IRR to SLW at spot gold."

Luke Burgess, Energy and Capital (5/29/16)
"Silver Wheaton Corp. is actually the world's largest precious metal streaming company in the world by market cap. . .it derives approximately 60% of its revenue from the sale of silver and approximately 40% of its revenue from gold sales. . .the company currently has 20 precious metal purchase agreements with 15 operating partners, including majors like Barrick Gold and Goldcorp. Along with most other gold and silver–focused companies, Silver Wheaton has pulled back a bit from a 52-week high at the end of April, but I expect to see shares pop back over $20 in short order."

Charles Gibson, Edison Investment Research (5/25/16)
"After four quarters in which the production of both gold and silver achieved successive new records, output attributable to Silver Wheaton (SLW) moderated in Q116 – albeit to only the second-best ever – with good quarterly performances (again) from Antamina and Salobo. . .Silver Wheaton is trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' on at least 83% of valuation measures considered and the miners themselves on at least 61% of measures considered, despite being associated with materially less operational and cost risk, in particular."

Andrew Kaip, BMO Capital Markets (5/24/16)
"Recently, we attended a site visit of the Salobo mine in Brazil. . .Silver Wheaton Corp. has a life-of-mine stream to purchase 50% of the gold (an initial 25% in Q1/13 for $1.3B and a further 25% in Q1/15 for $0.9B) at a delivery charge of $400/oz that began to increase 1% annually in 2016. . . [at] current processing rates, Salobo has a 48-year mine life, providing SLW a cornerstone long-lived stream with annual deliverable gold sales of 145koz through 2042."

"One the best-known streaming/royalty companies in the mining space is Silver Wheaton Corp.; it has performed well during the 2016 bounce in commodity prices, offering leverage to the underlying move of the metals." read more >

More Expert Comments

Experts Following This Company

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
Brad Mills, Fund Manager/CEO – Plinian Capital
David Morgan, Publisher – Silver Investor
Bob Moriarty, Author 321 Gold
Dan Rollins, Analyst – RBC Capital Markets
Phil Russo, Research Associate – Raymond James
Trevor Turnbull, Analyst – Scotia Capital
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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