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:

Trefis (4/29/16)
"Silver Wheaton Corp. currently has fourteen silver purchase agreements and two precious metals agreements. . .based upon its current agreements and forecasts for 2015, attributable production is expected to total 54 Moz silver eq, including 265,000 oz of gold. The company's estimated average annual production over the next five years is anticipated to be approximately 52M silver eq oz, including 260,000 oz of gold. . .the Salobo mine is the most valuable division."

Charles Gibson, Edison Investment Research (4/19/16)
"In light of Silver Wheaton Corp.'s March bought deal, we now estimate that its net debt will reduce to $395.8M by FY16E (equating to gearing of 8% and leverage of 7.4%) and that it will now be debt free in FY17 (all other things being equal). . .we forecast a value per share for the company of $42.30, or CA$54.40, in FY19, based on the new number of shares in issue, representing a total internal rate of return to investors at the current share price of 42.1% in U.S. dollar terms over four years."

Andrew Kaip, BMO Capital Markets (4/7/16)
"We are resuming coverage of Silver Wheaton Corp. following a period of research restriction related to the company's bought-deal common share financing; a total of 33.1M common shares (8% dilution) were issued at a price of US$16.60/share for aggregate gross proceeds of US$550M. . .while we recognize that the company's intention is to apply net proceeds toward debt reduction, the financing also provides it greater flexibility to execute on future streaming transactions given pro forma liquidity of +US$1.0B. . .we also highlight that debt remains a low-cost source of funding for Silver Wheaton, with an effective interest rate below 2.0%."

Charles Gibson, Edison Investment Research (3/24/16)
"Notwithstanding a maiden contribution from Antamina, a strong performance at Silver Wheaton Corp.'s gold division was complemented by an equally impressive performance from its silver division, with records set in both the production and sales of precious metals, as each of its cornerstone assets (Salobo, Penasquito, San Dimas and Antamina) performed in tandem. Constancia, which is in the process of ramping up, also performed better than our expectations. . .excluding impairments, Q4/15 was therefore the best quarter of FY/15 and the company's best since Q3/14 (when the average silver price was $18.98/oz)."

Phil Russo, Raymond James (3/17/16)
"Silver Wheaton Corp. reported strong Q4/15 results on the back of stronger-than-expected production. With the addition of streams from Salobo and Antamina in 2015, production growth is expected to continue into 2016. . .we continue to believe that the company is well positioned to benefit from the commodity cycle with a number of high-quality long-life streams supporting significant cash flow generation."

Cosmos Chiu, CIBC World Markets (3/17/16)
"Silver Wheaton Corp. reported its Q4/15 financial results with attributable Ag eq production of 15.5 Moz (sales of 13.6 Moz), adjusted earnings per share of $0.14 and cash flow per share of $0.33, compared with our estimates of 12.2 Moz (12.8 Moz), $0.15 and $0.30, respectively. For 2016, the company has provided guidance for attributable Ag eq production of 54 Moz (including 265,000 oz gold). . .representing a 13% increase in attributable Ag eq production year-over-year (including a 16% year-over-year increase in gold). . .we have increased the price target for Silver Wheaton's stock to $19.50 (from $16.50)."

More Expert Comments

Experts Following This Company

Ralph Aldis, Portfolio Manager, Gold and Natural Resources – U.S. Global Investors
Michael Berry, Writer Disruptive Discoveries Journal
Chris Berry, Founder – House Mountain Partners LLC.
John Bridges, Analyst – J.P. Morgan
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
John Hathaway, Senior Managing Director – Tocqueville Asset Management L.P.
Tom Hayes, Analyst – Edison Investment Research
Andrew Kaip, Analyst – BMO Capital Markets
Marin Katusa, Analyst – Katusa Research
Jeff Killeen, Analyst – CIBC World Markets
Tony Lesiak – Canaccord Genuity
Chris Mancini, Research Analyst – Gabelli Gold Fund
Brad Mills, Fund Manager/CEO – Plinian Capital
David Morgan, Publisher – Silver Investor
Bob Moriarty, Author 321 Gold
Dan Rollins, Analyst – RBC Capital Markets
Rick Rule, Chairman – Sprott Global Resource Investments Ltd.
Phil Russo, Research Associate – Raymond James
Porter Stansberry, Pres & CEO – Stansberry Research
Trevor Turnbull, Analyst – Scotia Capital
Josh Wolfson, VP, Senior Analyst Gold & Precious Metals – Dundee Capital Markets

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