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Silver Wheaton Corp. Message Board

  • facts_and_facts_only facts_and_facts_only Nov 5, 2012 12:22 PM Flag

    UBS reiterates BUY and $47 target

    „ Q3 EPS of $0.34 vs. UBSe of $0.37 and consensus of $0.40
    SLW reported Q3 EPS of $0.34, below UBSe of $0.37 and consensus of $0.40.
    CFPS of $0.36 was below our $0.43 and therefore the CFPS-linked dividend was
    also below our forecast, coming in at $0.07/shr vs. our estimate of $0.09/shr. The
    miss was due to an ‘inventory build’ of 2Mozs during the quarter which resulted in
    silver-equivalent sales of 5.1Mozs vs. our forecast of 6.8Mozs. Production results,
    however, were quite good with reported silver-equivalent production of 7.7Mozs,
    ahead of our 7.4Moz forecast. We expect inventory to sell-down in future quarters.

    „ Valuation: Maintain $47.00 PT and Buy rating
    Our $47.00 PT remains based on a blended P/NAV (1.30x multiple) and P/CF (18x
    NTM cash flow) methodology. We are making no changes at this time.

 
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