First Majestic - The Road To Excellency

Some people say First Majestic is overvalued and over promoted. Maybe  they are right (especially when over promotion is concerned) but the company shows steady progress. Let me show just one chart:

The chart shows production and profit margins calculated on a per quarter basis.

Note: profit margin is calculated as follows:

revenue less operating costs less smelting and refining expenses

Note that this year is exceptional for the company. Not only it increased its production but, due to higher silver prices and lower costs of production, it improved its margin.

Last but not least - today First Majestic shares are trading at an EV/EBITDA  multiple of 14.2. It is not an elevated level...