IFG Group — Update 6 December 2016

IFG Group — Update 6 December 2016

IFG Group

Analyst avatar placeholder

Written by

IFG Group

Meeting near-term headwinds

Update to end October

Financial services

6 December 2016

Price

144.63p

Market cap

£152m

€1.18/£

Net cash at 30 June 2016 (£m)

23.5

Shares in issue

105.4m

Free float

95%

Code

IFP

Primary exchange

ISEQ

Secondary exchange

LSE

Share price performance

%

1m

3m

12m

Abs

(5.1)

(9.0)

(13.4)

Rel (local)

(5.9)

(7.1)

(18.9)

52-week high/low

186.4p

143.9p

Business description

IFG provides financial services, comprising a platform for retirement wealth planning and personal advisory business primarily operating in the UK. Through James Hay Partnership it is one of the largest UK platform providers.

Next events

FY16 results

March 2017

Analysts

Andrew Mitchell

+44 (0)20 3681 2500

Julian Roberts

+44 (0)20 3077 5748

IFG Group is a research client of Edison Investment Research Limited

In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/15

71.3

11.5

8.3

4.4

17.4

3.0

12/16e

77.5

10.6

8.3

4.9

17.4

3.4

12/17e

80.2

12.3

9.2

5.4

15.7

3.7

12/18e

89.3

15.6

12.1

5.9

12.0

4.1

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Trading in line

IFG reports that total assets under administration (AUA) at the end of October stood at £26.4bn, up 8% from the end of June and 12% from end December. At James Hay Partnership the number of clients, which remains the principal revenue driver, was stable although the average value per account has risen, which should be positive over time for the take up of more elements of the modular MiPlan offering. At Saunderson House, AUA increased from £4.1bn at end June to £4.5bn with the number of clients increasing by 2.6% to 1,945 over the same period. Clients are still seeking advice at higher levels than in previous years, reflecting uncertain market conditions; this increases fee income but has some impact on new client acquisition.

Outlook

We have raised our estimates for the current year to reflect the management statement’s guidance that the company is, as a whole, trading in line with 2015. Our subsequent year estimates are, at this stage, little changed although it is possible that more stable market conditions could allow growth rates for both business areas to be stronger than we have assumed.

Valuation

We have updated our DCF valuation and, reflecting the stability of our longer-term estimates, our central valuation is unchanged at 181p/share. Factoring this into a sum-of-the-parts valuation, based on an increased 2016 earnings estimate, means that lower multiples are required to match the 181p value but at 22x this would still reflect the assumption of good longer-term growth. Delivery of the expected performance for this year and resumption of faster growth in client numbers are potential catalysts for a re-rating towards our central value.

Trading in line with management expectation

In its interim management statement for the period to end October, IFG indicated that trading has been in line with management expectations as reported with the half-year results in September. Key points from the statement were as follows.

Management sees the business as being on course to deliver a solid set of results, in line with 2015.

James Hay (retirement wealth platform, leading SIPP administrator) AUA was £21.9bn at end October, up 12% from £19.5bn at the end of 2015. Net inflows of £1.4bn over this period were equivalent to 7% of the opening balance, while market and other movements accounted for the remaining 5% increase.

The number of accounts at James Hay was broadly stable at c 55,000 compared with both the end of 2015 and the end of June. Additions, running at 8.0% on an annualised basis, were below historical levels in the mid-teens, reflecting the unfavourable market background and were largely offset by attrition of 6.8%. At the half year IFG noted that fee changes had prompted a faster than expected drop-off from the tail of smaller accounts and this remains a factor within the rate of attrition.

The average account value at James Hay rose from c £0.35m (end December) to c £0.40m. As mentioned earlier, this is unlikely to influence near-term revenues significantly but should be a positive factor over time as larger accounts are more likely to use a wider range of segments within the modular MiPlan product. MiPlan now accounts for AUA of £8.6bn (39% of the total) with 23,000 clients (average value £0.37m).

At Saunderson House (financial adviser, discretionary manager) AUA stood at £4.5bn at the end of October, an increase of 12.5% since the end of 2015 and 9.8% from the end of June. The number of clients stood at 1,945 compared with 1,895 at the end of June (+2.6%) and 1,809 at the end of 2015 (+7.5%). As highlighted at the half-year stage, the uncertain background created by the EU referendum contributed to a higher than usual requirement for financial advice for clients. This generated higher revenue, reflecting chargeable hours, but has tended to limit the time available for client acquisition. This pattern has persisted into the second half but is still expected to normalise in due course.

The strategic focus of the group on developing and investing in its retirement wealth platform and financial advice business is unchanged following the assumption of the CEO role by former CFO John Cotter in September. For James Hay the main focus will be on distribution through financial advisers, although IFG reports that it is seeing growth in its direct to consumer offering given the availability of online account opening. The emphasis at Saunderson House is mainly on organic growth in advisory and discretionary services, but acquisitions would be considered, subject to cultural and operational alignment.

Financials

We have updated our estimates in line with the management’s statement that the performance will be similar to that of 2015. Previously, after the reduction of growth estimates following first half figures we had allowed for a substantial reduction in profitability (over 20% at the EBITDA level for 2016). This now appears too cautious and we have increased our FY16 EBITDA estimate by 11%. At this stage we have kept our forecasts for 2017 and 2018 close to their previous values (within 3%).

Exhibit 1: Estimate revisions

Revenue (£m)

EBITDA* (£m)

PBT** (£m)

EPS** (p)

DPS (p)

New

Old

% chg.

New

Old

% chg.

New

Old

% chg.

New

Old

% chg.

New

Old

% chg.

2016e

77.5

77.3

0.3%

14.8

13.3

11.2%

10.6

9.2

16.3%

8.26

7.16

15.3%

4.90

4.90

0.0%

2017e

80.2

81.3

-1.4%

16.3

16.0

1.6%

12.3

12.0

2.2%

9.23

9.03

2.1%

5.39

5.39

0.0%

2018e

89.3

89.7

-0.5%

19.7

20.0

-1.5%

15.6

15.9

-1.9%

12.13

12.42

-2.4%

5.93

5.93

0.0%

Source: IFG Group data, Edison Investment Research. Note: *Excludes exceptional items, share-based payments and discontinued businesses. **Additionally excludes amortisation of acquired intangibles, unwind of contingent consideration.

Valuation

Leaving the assumptions for our DCF valuation unchanged (including a 10% discount rate, 10x terminal multiple and 4% longer-term growth following faster, 10% growth for 2019-20), we generate the same central value as previously (181p), reflecting stable longer-term estimates for the business. Exhibit 2 shows the sensitivity of the valuation to assumptions for the discount and long-term growth rate.

Exhibit 2: Discounted cash flow valuation (p) sensitivity

Discount rate (right)

and long-term growth

8%

9%

10%

11%

12%

2%

191

180

169

160

152

3%

198

186

175

165

156

4%

205

192

181

170

161

5%

212

199

187

176

166

Source: Edison Investment Research

As in our previous note, published in September, we have updated our sum-of-the-parts calculation setting the total in line with our central DCF valuation. Because our estimate for 2016 has increased, the multiples applied are lower than previously (total 22x versus 25x), although this can still be seen as reflecting the expectation of a resumption of more rapid growth (which in turn is built into the assumptions that feed into our DCF valuation).

Exhibit 3: Sum-of-the-parts valuation

 

2016e post-tax profit, £m

Multiple, x

Value, £m

James Hay Partnership

6.8

20.5

139.2

Saunderson House

5.4

16.0

85.7

Operating units

12.1

18.5

224.9

Central cost

(3.4)

10.0

(34.0)

Total

8.7

21.8

191.0

IFG group value per share (p)

181

IFG group value per share (€)

2.14

Source: Edison Investment Research

Exhibit 4: Financial summary

Year end 31 December

£000s

2014

2015

2016e

2017e

2018e

PROFIT & LOSS

Revenue

 

 

65,096

71,316

77,536

80,210

89,270

Cost of sales

(54,459)

(55,864)

(61,327)

(62,564)

(68,381)

Gross profit

10,637

15,452

16,209

17,646

20,889

Gross margin %

16.3%

21.7%

20.9%

22.0%

23.4%

Other underlying expenses

(328)

(1,414)

(1,389)

(1,396)

(1,209)

EBITDA

 

 

10,309

14,038

14,820

16,250

19,680

Depreciation

(1,190)

(1,091)

(1,108)

(1,235)

(1,221)

Amortisation (exc acquired intangibles)

(950)

(1,094)

(1,941)

(2,134)

(2,350)

Share based payment charges

(287)

(204)

(197)

(230)

(230)

Total underlying operating expenses as reported by divisions

(2,755)

(3,803)

(4,635)

(4,994)

(5,010)

Underlying operating profit as reported by divisions

 

7,882

11,649

11,574

12,652

15,879

Amortisation of acquired intangibles

(1,701)

(1,809)

(1,781)

(1,576)

(1,395)

Operating profit before exceptional items

 

 

6,181

9,840

9,793

11,076

14,484

Exceptional items

(1,353)

(1,350)

(799)

0

0

Operating profit

 

 

4,828

8,490

8,994

11,076

14,484

Finance Income

284

569

396

92

104

Finance expense

(504)

(482)

(492)

(483)

(483)

Profit Before Tax (FRS 3)

 

 

4,608

8,577

8,898

10,685

14,105

Profit Before Tax (norm)

 

 

7,825

11,539

10,643

12,261

15,591

Tax

(3,310)

(1,900)

(2,339)

(2,351)

(2,693)

Discontinued businesses

(497)

246

0

0

0

Non-controlling interests

(134)

(598)

0

0

0

Profit After Tax (FRS 3)

 

 

667

6,325

6,559

8,334

11,412

Profit After Tax (co norm)

 

 

5,652

8,568

8,593

9,591

12,597

Profit After Tax (Edison norm)

 

 

5,889

8,731

8,750

9,774

12,780

Average number of shares outstanding (m)

104.6

105.2

105.4

105.4

105.4

EPS - Company adjusted (p)

 

 

5.40

8.14

8.15

9.10

11.95

EPS - normalised (p)

5.61

8.26

8.26

9.23

12.13

EPS - FRS3 (p)

0.64

6.01

6.22

7.91

10.83

Dividend per share (p)

4.04

4.44

4.90

5.39

5.93

Underlying EBITDA margin (%)

15.8%

19.7%

19.1%

20.3%

22.0%

Reported operating margin (%)

12.1%

16.3%

14.9%

15.8%

17.8%

BALANCE SHEET

Non-current assets

 

 

59,972

57,946

57,066

56,321

55,580

Property plant and equipment

2,491

2,597

2,754

2,719

2,723

Intangible assets

54,398

55,314

54,303

53,593

52,848

Other non-current assets

3,083

35

9

9

9

Current assets

 

 

48,405

56,359

56,803

62,045

70,341

Trade receivables

19,079

22,255

20,376

21,826

24,335

Cash & equivalents

29,326

34,089

36,427

40,219

46,007

Other current assets

0

15

0

0

0

Held for sale assets

 

 

3,544

0

0

0

0

Total Assets

 

 

111,921

114,305

113,869

118,366

125,922

Current liabilities

 

 

21,909

30,347

27,558

28,828

31,018

Borrowings

2

6,831

6,831

6,831

6,831

Trade payables

20,741

22,813

17,788

19,054

21,244

Provisions

1,015

703

1,796

1,798

1,798

Other current liabilities

151

0

1,143

1,145

1,145

Non-current liabilities

 

 

11,390

4,760

4,823

4,823

4,823

Borrowings

6,639

0

0

0

0

Provisions

1,726

1,857

2,038

2,038

2,038

Deferred tax

3,025

2,903

2,785

2,785

2,785

Held for sale liabilities

1,908

0

0

0

0

Total liabilities

 

 

35,207

35,107

32,381

33,651

35,841

Minority interests

(4)

0

0

0

0

Shareholders' equity

 

 

76,718

79,198

81,488

84,715

90,080

CASH FLOW

Operating Cash Flow

 

 

8,091

13,803

9,279

16,066

19,362

Net Interest

(188)

(162)

(216)

(391)

(379)

Tax

(2,331)

(2,226)

(1,264)

(2,351)

(3,103)

Capex

(5,087)

(5,221)

(3,965)

(4,200)

(4,225)

Acquisitions/disposals

8,602

1,800

2,934

0

0

Issue of equity

529

403

162

0

0

Dividends

(4,068)

(4,188)

(4,711)

(5,333)

(5,866)

Other

378

529

(4)

0

0

Change in net cash

5,926

4,738

2,215

3,791

5,788

FX changes

(222)

(167)

123

0

0

Opening net (debt)/cash

 

 

16,983

22,687

27,258

29,596

33,388

Closing net (debt)/cash

 

 

22,687

27,258

29,596

33,388

39,176

Source: IFG Group data, Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by IFG Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by IFG Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Research: Metals & Mining

Silver Wheaton — Update 6 December 2016

Silver Wheaton

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free