Friday, November 06, 2020
Endeavour Silver (EXK)(EDR:CA)
Turning the Corner
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.
Third quarter results. Endeavour reported third quarter net income of $451 thousand, or $0.00 per share, compared to a loss of $6.8 million, or ($0.05) per share during the prior year period. We had projected net income of $3.5 million, or $0.02 per share. Adjusted EBITDA were $11.4 million compared to $1.8 million during the prior year period and our estimate of $12.4 million. The variance to our estimate was due, in part, to higher costs including general and administration expense, royalties, and higher depreciation, depletion and amortization. Cash flow from operations increased to $15.6 million compared to $(5.3) million during the prior year period.
Updating estimates. To reflect third quarter results, we are lowering our 2020 EPS estimate to a loss of $(0.10) per share from a loss of $(0.08) per share. Our 2021 EPS estimate remains $0.16 and EBITDA moved up to $70.8 million from $70.1 million due to updated expense estimates, including non-cash depreciation …
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.