The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Soldiers of Fortuna
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BRIAN QUAST, CIBC World Markets Inc.
(03/02/2010)
"As of March 2, we are initiating coverage of Fortuna Silver with a Sector Outperformer rating and a 12- to 18-month price target of C$3.75, which is based on a 2011E P/CF multiple of 10x and a P/NAV multiple of 1.7x. Our multiples reflect excellent growth tempered by the stature of the company. We believe Fortuna has one of the best operations teams in the junior silver producer space, which is evident by unit cost control at Caylloma and the free cash flow generation over the past three years. In 2010, we believe that production growth will trump almost all other valuations and that Fortuna will deliver this growth with the commissioning of the San Jose project, which is expected to be in commercial production in late 2011. Flexibility and exploration upside at Caylloma, combined with additional precious metals revenue from San Jose, give Fortuna the ability to match production with prevailing metal prices and ensure high operating margins into the future." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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