Tuesday, March 02, 2021
Endeavour Silver (EXK)(EDR:CA)
Full Year 2020 Net Income Above Expectations
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.
Full year 2020 results. Endeavour reported full year 2020 net income of $1.2 million, or $0.01 per share, compared to a loss of $48.1 million, or $(0.36) per share during the prior year. We had projected a net loss $14.5 million, or $(0.10) per share. Adjusted EBITDA were $25.3 million compared to $(4.2) million during the prior year and our estimate of $22.1 million. Cash flow from operations increased to $39.0 million compared to $(9.6) million during 2019. The variance to our estimate was due mainly to the sale of inventory during the fourth quarter and a fourth quarter tax benefit. The company reduced finished goods inventory to 116,484 ounces of silver and 1,459 ounces of gold compared to 462,674 ounces of silver and 2,995 ounces of gold as of September 30.
Updating estimates. We have increased our 2021 EPS and EBITDA estimates to $0.17 and $75.7 million, respectively, from $0.14 and $67.5 million. Our revised estimates reflect lower production and operating costs. We forecast 2022 EPS and EBITDA of $0.22 and $80.7 million, respectively …
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.
