reports
- Charles Gibson
What a difference a quarter makes
A mixed performance at Silver Wheaton’s (SLW) silver division was trumped by an exceptional performance at its gold division in Q416, such that the company’s financial results materially outperformed our prior estimates for Q416 as well as SLW’s own guidance at the time of its Q316 results. As a consequence, sales and cash flows derived by SLW from gold operations exceeded those from silver for the first time ever.
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- Charles Gibson
Q3 in perspective and Q4 preview
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 ...
- Charles Gibson
Q3 results scheduled for 9 November
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).
- Charles Gibson
Q3 results scheduled for 9 November
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).
- Peter Goodburn
SILVER WHEATON CORP. - Time to invest?
​Many of the silver miners formed simultaneous lows last January (2016) which have since triggered new intermediate & medium-term updates with interesting patterns. For some, the January lows ended counter-trend zig zag/double zig zag patterns dating back to pre-financial-crisis highs of Nov.’07/April 2008 i.e. Silver Standard Resources, Pan-American Silver Corp. However, there is big difference for Silver Wheaton Corp. which did not break below its financial-crisis low and this creates an i...
- Harriet Li
- Charles Gibson
Going for gold
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...
- Charles Gibson
Going for gold
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...
- Steve O'Hare
Update: Forecasts weighted to H2
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.
Update: Buying future growth
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 cour...
Update: Exceeding expectations
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...
Update: Q415e results, Cotabambas analysis and CRA
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. ...
Update: Q3 results and Antamina stream purchase
Excluding a US$154.0m impairment charge relating to its 777-mine gold stream beyond 2020 (which was in any case omitted from our long-term forecasts), Silver Wheaton’s (SLW) Q315 results were closely in line with our expectations. PBT was 3.5% higher than our forecast; PAT was 2.6% lower due to a higher than expected tax charge. More significantly, SLW has acquired a new silver stream from the world-class Antamina copper mine in Peru that has caused us to increase both our earnings forecasts a...
Update: Tax and other matters
On 24 September, the Canada Revenue Agency (CRA) issued notices of reassessment of tax to Silver Wheaton (SLW). The notices were not unexpected and were consistent with its earlier, 6 July notice, in which it advised that it was seeking C$273m (US$205m, US$0.50/share) in tax and transfer pricing penalties for 2005-10. However, the 24 Sept notices did also quantify interest and ‘other penalties’ at C$81m (US$60m, US$0.15/share), so that the total that it is seeking is C$353m (US$265m, US$0.66...
Update: Tax developments and revised forecasts
The Canadian Revenue Authority (CRA) has proposed that it reassess Silver Wheaton’s tax treatment such that C$715m (US$567m) of income in the years 2005-2010 is re-characterised as earned by the parent, rather than a foreign subsidiary. SLW estimates that the federal and provincial tax associated with such a reassessment could be in the order of US$150m (26.5% implied marginal rate), or US$0.37/share. The CRA is also seeking a transfer pricing penalty of C$72m (US$57m, or US$0.14/share). Silve...
Update: Q115 results and Q2-Q415 preview
In broad terms, Silver Wheaton’s (SLW) Q115 results were characterised by strong performances at San Dimas, Barrick and Sudbury, while production at Salobo more than doubled (consistent with its ramp-up and increased SLW interest). These more than made up for declines in output at Penasquito and Yauliyacu, such that silver-equivalent production exceeded 10Moz for the first time ever. Silver and gold prices remained at lower levels. However, a decline in sales of US$9.9m cf Q414 was more than o...
Update: Solid FY14 portends future growth
Silver Wheaton’s net earnings in both Q414 and FY14 were closely in line with our expectations, at US$52.0m (vs US$52.1m forecast) and US$268.0m (vs US$268.0m, respectively) after record full-year silver equivalent oz sales. In simple terms, a slightly better performance (cf expectations) by its silver producing interests in Q4 offset a slightly worse one at its gold producing interests. In addition, earnings benefited from a decline in both the cost of sales and depletion compared with Q3.
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