Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SILVER WHEATON CORP. We currently have 11 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
SILVER WHEATON CORP
SILVER WHEATON CORP
Q3 in perspective and Q4 preview
06 Dec 16
Silver Wheaton’s (SLW) Q316 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. Production from SLW’s silver assets was in line with our expectations. However, a 20.0% under-sale of silver relative to production (towards the upper end of the historical range) and a 22.1% under-sale of gold resulted in a return of inventory to more normal levels. This detracted from financial results, although PBT was still at its highest since Q113 (when silver and gold prices were US$29.89/oz and US$1,645/oz, respectively). Given broadly flat production expectations, however, plus the end-of-year ‘flush through’ effect, no repetition of this inventory build is expected in Q416.
Q3 results scheduled for 9 November
02 Nov 16
Silver Wheaton’s (SLW’s) Q316 results are scheduled for release after market close on Wednesday 9 November. Our forecasts for Q316 have been adjusted to account for actual precious metals prices that were marginally higher in Q3 than previously predicted (eg US$19.60/oz vs US$19.44/oz Ag and US$1,335/oz vs US$1,333/oz Au), but production that we estimate to have been marginally lower (eg 13,355koz silver equivalent vs 13,657koz).
Going for gold
30 Aug 16
Silver Wheaton’s (SLW’s) Q216 earnings were within 2.5% of our forecast and almost 50% better than the previous quarter (Q116). Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury (which was almost 6,000oz ahead of our expectations), continued outperformance at Antamina (for a third consecutive quarter) and inventory drawdown (for a second consecutive quarter). As a result of increased precious metals’ prices, as well as the purchase of an additional gold stream at Salobo (see below), we have increased our earnings expectations for Q316, Q416 and FY16 by 60.0%, 46.7% and 27.3%, respectively.
Forecasts weighted to H2
25 May 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 offset by headwinds at San Dimas and SLW’s ‘other’ assets. However, sales of material closely approximated production, with the result that inventories decreased by 0.9Moz AgE.
Buying future growth
18 Apr 16
On 30 March, Silver Wheaton (SLW) announced a bought deal whereby a syndicate of underwriters would buy 30,125,000 common shares in the company at a price of US$16.60/share for aggregate gross proceeds of c US$500m plus an over-allotment option of a further 4,518,000 shares at the same price for proceeds of an additional c US$75m. One day later, on 31 March, the deal size was increased by 10% pro rata and it closed on 7 April (at which point SLW also took the opportunity to close its normal course issuer bid). On 11 April, the over-allotment option was exercised in full to bring total aggregate proceeds to US$632.5m. This note updates Edison’s forecasts for FY16 by quarter and valuation in the light of the increased number of shares in issue and decreased forecast net debt.
24 Mar 16
Notwithstanding a maiden contribution from Antamina, a strong performance at Silver Wheaton’s (SLW) 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. As a result, attributable silver-equivalent (AgE) production was 47.7Moz for the full year cf our forecast of 44.8Moz (and guidance of 45.0Moz). Excluding impairments, Q4 was therefore the best quarter of FY15 and SLW’s best since Q314 (when the average silver price was US$18.98/oz).
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.