Avino Silver & Gold Mines Ltd (NYSE: ASM)

Sector: Basic Materials Industry: Other Precious Metals & Mining CIK: 0000316888
Market Cap 1.28 Bn
P/B 9.66
P/E 82.71
P/S 20.45
ROIC (Qtr) 17.75
Div Yield % 0.00
Rev 1y % (Qtr) 41.88
Total Debt (Qtr) 3.38 Mn
Debt/Equity (Qtr) 0.03
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About

Investment thesis

Bull case

  • Strong operating cash flow of 23.90M provides robust 7.07x coverage of total debt 3.38M, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 41.54M provide 22.51x coverage of short-term debt 1.85M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of 23.90M provides exceptional 75.83x coverage of interest expenses 315217.39, showing strong debt service capability.
  • Strong tangible asset base of 160.77M provides 47.53x coverage of total debt 3.38M, indicating robust asset backing and low credit risk.
  • Operating cash flow of 23.90M provides strong 10.05x coverage of stock compensation 2.38M, indicating sustainable incentive practices.

Bear case

  • Operating cash flow of 23.90M barely covers its investment activities of (17.65M), with a coverage ratio of -1.35, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Free cash flow of 6.26M provides weak coverage of capital expenditures of 17.65M, with a 0.35 ratio suggesting additional external financing needs for growth initiatives.
  • Tax assets of 823188.41 provide limited offset against tax liabilities of 8.46M, which is 0.10x, indicating potential future cash flow pressure from tax obligations.
  • Free cash flow of 6.26M represents just -3.56x of debt issuance (1.76M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • High financing cash flow of 29.65M relative to working capital of 36.81M, which is 0.81x suggests concerning dependence on external funding for operational needs.

Peer comparison

Companies in the Other Precious Metals & Mining
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 HL Hecla Mining Co/De/ 13.92 Bn 43.35 9.78 275.80 Mn
2 TFPM Triple Flag Precious Metals Corp. 7.13 Bn 34.87 20.73 14.50 Mn
3 PPTA Perpetua Resources Corp. 2.49 Bn -56.16 0.00 0.05 Mn
4 ASM Avino Silver & Gold Mines Ltd 1.28 Bn 82.71 20.45 3.38 Mn
5 MUX McEwen Inc. 1.25 Bn -104.83 7.51 127.73 Mn
6 MTA Metalla Royalty & Streaming Ltd. 0.74 Bn -347.30 96.23 8.77 Mn
7 NEWP New Pacific Metals Corp 0.58 Bn -195.22 0.00 0.00 Mn
8 ELE Elemental Royalty Corp 0.30 Bn -829.72 18.50 0.00 Mn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 6.56 0.38
EV to Cash from Ops. EV/CFO 44.14 46.96
EV to Debt EV to Debt 311.90 3,165.55
EV to EBIT EV/EBIT 41.81 -95.38
EV to EBITDA EV/EBITDA 43.01 4.86
EV to Free Cash Flow [EV/FCF] EV/FCF 168.63 31.14
EV to Market Cap EV to Market Cap 0.83 0.86
EV to Revenue EV/Rev 16.92 13.34
Price to Book Value [P/B] P/B 9.66 6.32
Price to Earnings [P/E] P/E 82.71 -125.76
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 2.56
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -10.52
Dividend per Basic Share Div per Share (Qtr) 0.00 0.02
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 3.93
Interest Coverage Int. cover (Qtr) 80.06 9.92
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -288.43 -825.54
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 627.44 689.03
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -3.81
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 463.13 85.08
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 222.17 150.70
EBIT Growth (1y) % EBIT 1y % (Qtr) 397.21 97.21
EBT Growth (1y) % EBT 1y % (Qtr) 418.41 107.49
EPS Growth (1y) % EPS 1y % (Qtr) 639.13 129.12
FCF Growth (1y) % FCF 1y % (Qtr) 322.28 414.62
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 164.93 41.58
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.28 0.15
Cash Payout Ratio Cash Payout Ratio 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 1.98 9.29
Current Ratio Curr Ratio (Qtr) 2.75 12.32
Debt to Equity Ratio Debt/Equity (Qtr) 0.03 0.07
Interest Cover Ratio Int Coverage (Qtr) 80.06 9.92
Times Interest Earned Times Interest Earned (Qtr) 80.06 9.92
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 44.70 -110.37
EBIT Margin % EBIT Margin % (Qtr) 55.84 -125.82
EBT Margin % EBT Margin % (Qtr) 39.96 -136.05
Gross Margin % Gross Margin % (Qtr) 47.80 27.60
Net Profit Margin % Net Margin % (Qtr) 24.70 -140.71