Movers and SHAKERS
Endeavour Silver (EXK)(EDR:CA)
Updating Estimates Ahead of Upcoming Earnings Release
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.
Updating production forecast. Compared to the prior year period, third quarter silver and gold production increased 38.5% and 2.7%, respectively, to 1,305,399 ounces and 10,541 ounces. During the quarter, Endeavour sold 699,539 ounces of silver and 9,925 ounces of gold. Payable silver and gold ounces produced during the quarter amounted to 1,295,126 and 10,328 ounces, respectively. Sequentially, silver production increased 21.6%, while gold production decreased 5.6%. Endeavour raised 2021 silver and gold production guidance to a range of 4.5 to 4.8 million ounces and 40.1 to 42.1 thousand ounces, respectively, from 3.6 to 4.3 million ounces and 31 to 35.5 thousand ounces. We currently forecast production of 4.7 million ounces of silver and 41.5 thousand ounces of gold.
Updating estimates. We have lowered our 2021 EPS and EBITDA estimates to $0.01 and $42.9 million, respectively, from $0.03 and $45.4 million. Our revised estimates reflect, in part, lower sales as a percent of production and a lower margin. However, we expect stronger fourth quarter sales due to sales from inventory. We have lowered our 2022 EPS and EBITDA estimates to $0.15 and 67.0 million from ...
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.