CA - Endeavour Silver: More Share Dilution To Start The Year

2024-04-07 22:48:01 ET

Summary

• Endeavour Silver's stock has rallied over 70% in the past two months, making it one of the top performers in the sector.
• This is despite another year of margin compression in 2023, a further hike in capex estimates at Terronera, and no relief from the Mexican peso.
• In this update, we'll dig into the Q4 and FY2023 results released last month, recent developments, and where the stock stands today after its recent advance.

Just over two months ago, I wrote on Endeavour Silver ( EXK ), noting that any pullbacks below US$1.67 would provide buying opportunities. Since dropping into this buy zone, the stock has rallied over 70% to its recent highs, making it one of the top performers sector-wide. The view that the stock was finally a worthy swing-trading candidate was related to most of the negatives already being priced in, evidenced by the stock shrugging off the higher capex estimate at its Terronera Project and another year of margin compression, with AISC margins plunging to 3.5% in FY2023 (FY2022: 9.5%). In this update, we'll dig into the Q4 and FY2023 results released last month, recent developments, and where the stock stands today after its sharp rally....

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