Another report available for AMI dated 28th September 2020.
The stock price at $0.48 implies the EV/AISC-Adjusted Production to be almost $6 450. Taking into account that the company is now unhedged and the AISC is expected to be around $1 625/oz, the company can realistically expect the profit margin to be around $1 100/oz for 2021. Being a junior producer, we believe that a profit margin multiple of 5.5-8 is reasonable. The company has relatively low reserves and resources relative to its peers but offset by the silver, copper, zinc and lead deposits. We believe that the stock is currently undervalued, though we are looking for more evidence of their ability to replenish the declining resources and reserves at the Hera mine and also sustained recovery at the Peak mine to justify upgrading our rating.
You can check this link to find where the report is.
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