valuation of slw
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ABCDEFGHIJKL
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SILVER WHEATON
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20092010201120122013201420152016TERMINAL
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PRODUCTION GROWTH-15.00%30.00%28.00%18.00%15.00%12.00%3.00%-2.00%1.50%
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SILVER PRICE (E)$14$22$50$38$42$55$60$48$36
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PRODUCTION $18,000$23,400$29,952$35,343$40,645$45,522$46,888$45,950$46,639
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COGP3.943.953.984.024.084.154.284.44.75
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GROSS REVENUE$181,080$410,670$1,378,391$1,200,967$1,541,253$2,314,806$2,612,595$2,003,427$1,457,482
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EBIT$175,648$398,350$1,337,039$1,164,938$1,495,016$2,245,362$2,534,217$1,943,324$1,413,757
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EBT$167,598$390,300$1,328,989$1,153,438$1,481,216$2,229,262$2,516,967$1,924,924$1,390,757
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EAT$164,246$382,494$1,302,410$1,130,370$1,451,591$2,184,677$2,466,627$1,886,426$1,362,942
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REINVESTMENT-$500,000-$225,000-$200,000-$200,000$0$0$0$0-$40,000
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FCF-$335,754$607,494$1,502,410$1,330,370$1,451,591$2,184,677$2,466,627$1,886,426$1,402,942
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DISCOUNT RATE7.00%
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NPV-$313,789$567,751$1,312,263$1,085,978$1,107,412$1,557,644$1,643,618$1,174,771$15,885,122
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SENSITIVITY ANALYSIS (DISCOUNT RATE & LONG TERM SILVER PRICE)
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VALUATION$71.95$10$12$14$16$18$20
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LTD115,0004.00%$90.96$109.45$127.94$146.44$164.93$183.42
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CASH+M/S1000005.00%$57.27$67.64$78.02$88.40$98.77$109.15
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SHARES OUTSTANDING338,0006.00%$42.63$49.56$56.50$63.43$70.37$77.30
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VALUE OF FIRM$24,334,5608.00%$28.97$32.84$36.72$40.59$44.46$48.33
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VALUE OF EQUITY$24,319,5609.00%$25.17$28.24$31.31$34.38$37.45$40.53
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VPS$71.9510.00%$22.31$24.81$27.31$29.80$32.30$34.80
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