SLW:TSX; SLW:NYSE

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.
SLW:TSX SLW:NYSE

Expert Comments:

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."

Andrew Kaip, BMO Capital Markets (8/2/16)
"Silver Wheaton announced the acquisition of an additional 25% gold stream from the Salobo Mine in Brazil. . . the NPV5% of the additional stream at Salobo is estimated at~$275M with an IRR of 8.6% at spot prices, which appears reasonable given SLW’s familiarity with Salobo, and the asset’s high-quality and long reserve life. The stream is forecast to increase EBITDA by ~10% annually with Salobo now representing ~30% of EBITDA on a go-forward basis, vs. ~20% previously. . .We rate shares of SLW as Outperform with a revised $31 target price."

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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