EXK - Endeavour Silver: A Strong Finish To FY2020

• Endeavour Silver released its Q4 and FY2020 results last week, with annual production of ~3.51 million ounces of silver and ~37,100 ounces of gold.
• This translated to a 13% and 5% decline in silver and gold production, respectively, with lower output in the period resulting from the temporary COVID-19-related shutdown in Mexico.
• Fortunately, a much higher silver price more than offset the lower output, translating to significant growth in free cash flow and annual earnings per share.
• However, while Endeavour is a decent organic growth story in the silver space with Terronera in the wings, investors are paying a high price for that growth at more than 28x earnings estimates.

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