| | | | | | | | | | | | | . | | SILVER WHEATON | | | | | | | | | | | . | | | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | TERMINAL | | . | | PRODUCTION GROWTH | -15.00% | 55.00% | 47.00% | 18.00% | 11.00% | 9.00% | 8.00% | 5.00% | 2.50% | | . | | SILVER PRICE (E) | $14 | $16 | $24 | $36 | $45 | $41 | $35 | $31 | $24 | | . | | PRODUCTION | $11,137 | $17,262 | $25,376 | $29,943 | $33,237 | $36,228 | $39,127 | $41,083 | $42,110 | | . | | COGP | 3.94 [1] | 3.95 | 3.98 | 4.02 | 4.08 | 4.15 | 4.28 | 4.4 | 4.75 | | . | | GROSS REVENUE | $112,038 | $208,011 | $508,021 | $957,586 | $1,360,059 | $1,335,015 | $1,201,970 | $1,092,807 | $810,618 | | . | | EBIT | $108,677 | $201,771 | $492,780 | $928,858 | $1,319,258 | $1,294,965 | $1,165,911 | $1,060,023 | $786,300 | | . | | EBT | $96,427 | $189,521 | $480,530 | $916,608 | $1,307,008 | $1,282,715 | $1,153,661 | $1,047,773 | $774,050 | | . | | EAT | $94,499 [2] | $185,731 | $470,919 | $898,276 | $1,280,867 | $1,257,061 | $1,130,588 | $1,026,817 | $758,569 | | . | | REINVESTMENT | -$500,000 | -$20,000 | -$20,000 | -$20,000 | -$20,000 | -$25,000 | -$25,000 | -$25,000 | -$50,000 | | . | | FCF | -$405,501 | $205,731 | $490,919 | $918,276 | $1,300,867 | $1,282,061 | $1,155,588 | $1,051,817 | $808,569 | | . | | DISCOUNT RATE | 7.00% [3] | | | | | | | | | | . | | NPV | -$378,973 | $192,272 | $428,788 | $749,587 | $992,426 | $914,091 | $770,017 | $655,019 | $11,189,688 | | . | | | | | | | | | | | | | . | | | | | SENSITIVITY ANALYSIS (DISCOUNT RATE & LONG TERM SILVER PRICE) | | | | | | | | . | | VALUATION | | | $47.82 | $16 | $19 | $22 | $25 | $28 | $31 | | . | | LTD | 175,000 | | 4.00% | $90.96 | $109.45 | $127.94 | $146.44 | $164.93 | $183.42 | | . | | CASH+M/S | 15000 | | 5.00% | $57.27 | $67.64 | $78.02 | $88.40 | $98.77 | $109.15 | | . | | SHARES OUTSTANDING | 329,000 | | 6.00% | $42.63 | $49.56 | $56.50 | $63.43 | $70.37 | $77.30 | |
|