Friday, March 11, 2022
Endeavour Silver (EXK)(EDR:CA)
Keeping an Eye on Terronera
As of April 24, 2020, Noble Capital Markets research on Endeavour Silver is published under ticker symbols (EXK and EDR:CA). The price target is in USD and based on ticker symbol EXK. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.
Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth quarter and full year 2021 results. Endeavour reported adjusted fourth quarter and full year 2021 losses per share of $(0.00) and ($0.05) per share, respectively, compared to fourth quarter and full year 2020 EPS of $0.13 and $0.01. We had forecast fourth quarter earnings of $0.03 per share and a full year loss of $(0.01) per share. Adjusted fourth quarter and full year EBITDA were $11.5 million and $36.0 million, respectively. While revenue was largely in line with our estimates, costs were higher. At quarter end, Endeavour held 1,028,340 ounces of silver and 1,044 ounces of gold in bullion inventory, and 54,270 ounces of silver and 2,630 ounces of gold in concentrate inventory.
Updating estimates. We are maintaining our 2022 and 2023 EPS estimates of $0.14 and $0.16, respectively. We forecast 2022 and 2023 EBITDA of $57.5 million and $67.9 million, respectively. While we had previously assumed the company sells down its inventory in 2022, the timing could accelerate within quarters due to recent strength in commodity prices …
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.