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Tuesday, February 04, 2020
Endeavor Silver (EXK)
Lowering Estimates to Reflect 2020 Production Guidance
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. It is also involved in exploration activities in Chile. The company is organized into three operating mining segments, Guanacevi, Bolanitos and El Cubo, which are located in Mexico as well as Exploration and Corporate segments. The 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.
2020 production guidance. Endeavour forecasts silver production in the range of 3.0 million to 3.5 million ounces and gold production in the range of 38,000 to 44,000 ounces. In 2019, Endeavour produced 4.0 million ounces of silver and 38,907 ounces of gold. While 2020 silver production is expected to decline relative to 2019, management expects better operating and cost performance from Guanacevi and Bolanitos. On a silver equivalent basis, EXK expects to produce between 6.0 million and 7.0 million ounces compared to 7.1 million ounces in 2019.
Updating estimates. While we are making no changes to our 2019 estimates, we have revised our 2020 EPS and EBITDA estimates to $0.04 and $31.7 million from $0.08 and...
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.