SLW:TSX; SLW:NYSE

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.
SLW:TSX SLW:NYSE

Expert Comments:

Charles Gibson, Edison Investment Research (12/15/16)
"Silver Wheaton Corp.'s Q316 results were characterized by silver production in line with Edison's expectations, with an exceptionally strong performance from its gold assets. . .we forecast value per share of US$33.09, or C$44.72, in FY20 (at prices of US$23.98/oz Ag and US$1,362/oz Au). . .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."

Charles Gibson, Edison Investment Research (12/6/16)
"Silver Wheaton Corp.’s Q3/16 results were characterised by exceptionally strong production from its gold assets, supported by record quarterly output at Salobo and Minto and a strong performance at 777. . .a key advantage for Silver Wheaton compared to potential competitors is its size, scale and valuation, which allows it to raise equity on a non-dilutive basis to fund new streams, or even to issue counterparties with equity in consideration of new streams."

"Silver Wheaton Corp. is a streaming company with approximately 55% of its revenues from silver, 45% from gold. The stock has been extremely weak since it reported good quarterly results. Depreciation hurt the bottom line, but quarterly "production" rose 17%, up over 50% from a year ago. Most mines on which it holds streams performed well. . .we like Silver Wheaton, and it is my favorite way to gain exposure to silver. The tax issue is priced into the stock for the most part, while there is good optionality on any gold or silver price increase. The stock is now undervalued relative to other major royalties and streamers (though part of that is justified given the differences in balance sheets). Silver Wheaton is a solid buy, under US$19." read more >

Charles Gibson, Edison Investment Research (11/24/16)
"Silver Wheaton Corp.'s Q316 results were characterized by silver production in line with Edison's expectations, but an exceptionally strong performance from its gold assets. . .we forecast a value per share of US$33.09, or C$44.72, in FY20 (prices of US$23.98/oz Ag and US$1,362/oz Au). . .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."

Phil Russo, Raymond James (11/10/16)
"Production from Silver Wheaton Corp.'s streams were generally in-line with our overall expectations as strong performance from Antamina and Salobo offset significant underperformance from San Dimas . . . earnings came in below our estimate primarily as a result of an increase in ounces produced but not sold. We view 4Q16 favorably as Silver Wheaton should see increased production at Peñasquito, and the latest Salobo interest positively contribute to revenue and earnings. . . Silver Wheaton remains our highest FCF yielding name amongst our large caps and has increased the quarterly dividend by 20% this quarter."

Michael Gray, Macquarie Capital Markets (11/10/16)
"Although Primero’s San Dimas asset is struggling in the near term with guidance revised lower for the second time, we think the market has overreacted to the downside and this is a key opportunity to buy Silver Wheaton Corp. at a discount. . .we expect a strong Q4/16 driven by inventory draw-downs from producers toward year-end. . .Salobo [is] delivering as the cornerstone asset. . .we think the recent copper price move will incentivize partner VALE to continue pushing a phase III expansion as Salobo is one of VALE’s best performing assets."

Citing a strong balance sheet and a large portfolio of diverse gold and silver streaming assets worldwide, Deutsche Bank has initiated coverage of Silver Wheaton with a Buy rating.
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More Expert Comments

Experts Following This Company

Jay Albany, Healthcare Analyst – SeeThruEquity
Jorge Beristain, Analyst – Deutsche Bank
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
Michael Gray, Analyst – Macquarie Capital Markets
Jason Hamlin, Founder – Gold Stock Bull
Timothy Hayes – Davenport & Co.
Frank Holmes, Chairman – U.S. Global Investors
Andrew Kaip, Analyst – BMO Capital Markets
Ben Kramer-Miller, Chief Analyst miningWEALTH
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Kevin MacKenzie, Analyst – PI Financial
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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