Deutsche Bank Starts Silver Wheaton (SLW) at Buy
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Deutsche Bank initiated coverage on Silver Wheaton (NYSE: SLW) with a Buy rating and a price target of $37. Analyst Jorge Beristain noted strong cash flow and exposure to next-cycle development projects.
"We initiate coverage of Silver Wheaton (SLW.N), the largest Precious metalsfocused streaming company globally, with a Buy. Revenue is currently sourced from 22 operations with a further 8 development projects in the portfolio. We forecast silver equivalent production of 54.7m oz in 2016 and 57m oz in 2017 which then has the potential to increase in forward years through deals and/or project development with minimal additional overhead. Our DCF-based Price Target is $37/sh, which we have cross referenced against EV/EBITDA and FCF yield. Although Silver Wheaton is more levered than some peers, its Balance Sheet remains solid. Despite the recent share price rally, we still see upside," said Beristain.
Shares of Silver Wheaton closed at $28.90 yesterday.
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