Opinions
Robert Cohen B.A.Sc., MBA, CFA
Mag Silver Corp
MAG-T
TOP PICK
Mar 07, 2017
$17.830
Stock price when the opinion was issued
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The silver-gold ratio? The silver-gold ratio is artificial; scarcity shouldn't determine the price, rather by production costs. Gold (price) moves first, but silver moves later and further. He owns a lot of MAG, one of the highest-grade silver deposits in the world. Well-run. Will generates lots of free cash.
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PAST TOP PICK
(A Top Pick Dec 20/18, Up 61%) He still likes this one. See his top picks today. It is getting closer to fair value here. He is still positive on precious metals over the long term. This one is more expensive than in 2000. The global economy has peaked and is in the process of rolling over.
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COMMENT
MAG has a good project in Mexico. However, with Americas Silver, you have better leverage with active mines. Execution from a time perspective will come up faster. However, he has a $21 target for MAG. Silver will probably move faster than gold. If silver hits $20, he would go with SPM.
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BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research
We think MAG fits the bill. Its Mexican (safe) mine only recently went into production, and 2024 will be the first year of material revenue/cash flow for the company. The stock is acting well this year as it gets re-rated as a producer. It is not overly expensive and has good growht/exploration potential.
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Mexican silver. A joint venture with Fresnillo, the largest primary silver producer globally. These are the extension of the veins in the Fresno District onto the joint venture ground, which is 44% owned by MAG Silver. High grade, very robust economic. They are finding at depth in the Waldo Canyon that the grade is getting better. That has given the joint venture cause to increase the scope of the project. (Analysts’ price target is $25.25.)