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1. Company Snapshot

1.a. Company Description

First Majestic Silver Corp.engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America.It holds 100% interests in the San Dimas Silver/Gold Mine covering an area of 71,868 hectares located in Durango and Sinaloa states; the Santa Elena Silver/Gold Mine covering an area of 102,244 hectares located in Sonora; Jerritt Canyon gold mine that covers an area of approximately of 30,821 hectares located in Elko County, Nevada; and the La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila, as well as surface land ownership of 1,343 hectares.


The company also holds 100% interests in the La Parrilla Silver Mine that covers an area of 69,478 hectares located in Durango; the Del Toro Silver Mine consisting of 3,815 hectares of mining concessions and 219 hectares of surface rights located in Zacatecas; the San Martin Silver Mine includes 33 mining concessions covering an area of 12,795 hectares located in Jalisco; and the La Guitarra Silver Mine that covers an area of 39,714 hectares located in Mexico.In addition, it holds interest in the Springpole project, a gold and silver project covering an area of approximately 41,913 hectares in Ontario, Canada.The company was formerly known as First Majestic Resource Corp.


and changed its name to First Majestic Silver Corp.in November 2006.First Majestic Silver Corp.


was incorporated in 1979 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on FR

First Majestic Silver Corp. (TSE:FR) has experienced a 18.0% performance over the past 3 months, driven by strong quarterly results, increased production, and a favorable market sentiment. The company's 1Q2024 financial report showed a 5.2 million AgEq oz production, exceeding expectations. Additionally, the company's sustainability report and strategy release have contributed to the positive sentiment, as investors appreciate the company's commitment to ESG practices.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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First Majestic Releases 2023 Annual Report

May -30

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First Majestic Releases 2023 Sustainability Report and Strategy

May -28

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First Majestic Announces Ticker Symbol Change on the Toronto Stock Exchange to "AG"

May -24

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First Majestic Announces Voting Results from Annual General Meeting

May -24

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First Majestic Reminds Shareholders to Vote in Upcoming Annual General Meeting

May -14

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First Majestic Silver Corp. (TSE:FR) First-Quarter Results: Here's What Analysts Are Forecasting For This Year

May -11

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First Majestic Announces Financial Results for Q1 2024 and Quarterly Dividend Payment

May -08

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First Majestic Produces 5.2 Million AgEq Oz in Q1 2024

Apr -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.77%)

6. Segments

Same Store Properties

Expected Growth: 4.65%

First Majestic Silver Corp.'s 4.65% same store properties growth is driven by increased silver production at its San Dimas and Santa Elena mines, improved ore grades, and higher throughput rates. Additionally, successful exploration and development efforts have contributed to the growth, along with a favorable silver price environment.

(Re) Developments

Expected Growth: 4.65%

First Majestic Silver Corp.'s 4.65% growth is driven by increasing silver prices, successful mine expansions, and improved operational efficiencies. The company's focus on cost reduction, exploration, and development of new projects also contributes to its growth. Additionally, the company's strong balance sheet and cash flow generation enable it to invest in growth initiatives, further driving its expansion.

Other

Expected Growth: 7.87%

First Majestic Silver Corp.'s 7.87% growth is driven by increasing silver prices, successful exploration and development of new mines, and improved operational efficiency. Additionally, the company's focus on cost reduction, debt repayment, and strategic acquisitions have contributed to its growth. Furthermore, growing demand for silver in industrial applications, such as solar panels and electric vehicles, has also boosted the company's performance.

Acquired Properties

Expected Growth: 4.65%

The 4.65% growth in Acquired Properties from First Majestic Silver Corp. is driven by increasing silver prices, successful exploration and development efforts, strategic acquisitions, and improved operational efficiencies. Additionally, growing demand for silver in industrial applications, such as solar panels and electric vehicles, contributes to the segment's growth.

Sold Properties

Expected Growth: 4.83%

The 4.83% growth in sold properties from First Majestic Silver Corp. is driven by increasing silver prices, robust production at its San Dimas and Santa Elena mines, and successful exploration efforts. Additionally, the company's focus on cost reduction and operational efficiencies has improved profitability, enabling it to capitalize on rising demand for silver.

7. Detailed Products

Silver

First Majestic Silver Corp. is a mining company that primarily produces silver from its mines in Mexico and the United States.

Gold

The company also produces gold as a by-product of its silver mining operations.

Lead

Lead is another by-product of First Majestic Silver Corp.'s mining operations.

Zinc

The company also produces zinc as a by-product of its mining operations.

Copper

Copper is another by-product of First Majestic Silver Corp.'s mining operations.

8. First Majestic Silver Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Silver has few substitutes, and the demand for silver is relatively inelastic. The company's products are diversified, reducing the threat of substitutes.

Bargaining Power Of Customers

The bargaining power of customers is moderate, as they have some negotiating power due to the availability of alternative suppliers. However, the company's strong brand reputation and diversified product offerings mitigate this threat.

Bargaining Power Of Suppliers

The company has a diversified supplier base, reducing the bargaining power of individual suppliers. The availability of alternative suppliers also reduces the threat of supplier concentration.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the mining industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry in the silver mining industry is high, with many established players competing for market share. The company must focus on differentiating its products and services to maintain its competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.89%
Debt Cost 8.62%
Equity Weight 84.11%
Equity Cost 10.58%
WACC 10.27%
Leverage 18.89%

11. Quality Control: First Majestic Silver Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Fortuna Silver Mines

A-Score: 5.6/10

Value: 6.3

Growth: 7.8

Quality: 7.1

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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Kronos Worldwide

A-Score: 5.0/10

Value: 9.1

Growth: 2.7

Quality: 5.0

Yield: 9.0

Momentum: 0.0

Volatility: 4.3

1-Year Total Return ->

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Silvercorp Metals

A-Score: 4.6/10

Value: 3.2

Growth: 5.7

Quality: 7.0

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

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Jewett-Cameron Trading

A-Score: 4.3/10

Value: 9.8

Growth: 4.4

Quality: 4.5

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
First Majestic Silver

A-Score: 2.9/10

Value: 1.5

Growth: 2.1

Quality: 5.0

Yield: 0.0

Momentum: 4.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Aya Gold & Silver

A-Score: 2.9/10

Value: 4.4

Growth: 3.3

Quality: 3.6

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.27$

Current Price

8.27$

Potential

-0.00%

Expected Cash-Flows