Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SILVER WHEATON CORP. We currently have 10 research reports from 1 professional analysts.
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SILVER WHEATON CORP
SILVER WHEATON CORP
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).
Q415e results, Cotabambas analysis and CRA
15 Feb 16
Silver Wheaton’s (SLW) Q4/FY15 results are scheduled for release on 16 March and will include the Antamina gold stream for the first time. Average gold and silver prices in the three-month period were slightly below our previous forecasts, at US$1,104/oz (vs US$1,112/oz) and US$14.75/oz (vs US$14.87/oz), respectively. Notwithstanding the inclusion of Antamina, SLW’s continued production guidance of 230,000oz Au for FY15 is indicative of a very strong Q4 for the gold division, in particular. Q4 is also the quarter in which production can tend to be ‘flushed through’ into sales.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)