FSM - Fortuna Silver Mines Stock: Trading At A Deep Discount To Fair Value

• Fortuna Silver Mines is one of the worst-performing precious metals stocks this year following its business combination with Roxgold earlier this year.
• The combination has translated to a much stronger company with four mines, one development asset under construction, a decent exploration portfolio, and improved diversification from a jurisdictional standpoint.
• Since the announcement, I have avoided both companies given that I was not elated with Fortuna's valuation heading into the announcement, and was waiting for a decent margin of safety.
• After a more than 60% correction, this margin of safety has finally arrived, with the combined entity trading at barely 0.70x P/NAV, with upside to this NAV as Seguela continues to deliver from an exploration standpoint.

For further details see: