Americas Gold & Silver Corp (NYSE: USAS)

Sector: Basic Materials Industry: Other Industrial Metals & Mining CIK: 0001286973
Market Cap 1.40 Bn
P/B 27.80
P/E -22.77
P/S 12.79
ROIC (Qtr) -64.21
Div Yield % 0.00
Rev 1y % (Qtr) 37.04
Total Debt (Qtr) 59.73 Mn
Debt/Equity (Qtr) 1.19

About

Americas Gold & Silver Corp, also known by its stock symbol USAS, is a company that operates within the precious metals industry. The organization is involved in the exploration, development, and production of gold, silver, zinc, and lead. Its operations span across the United States and Mexico, with two primary mines known as the Galena Complex and the Cosalá Operations. The Galena Complex is a significant contributor to the company's revenue. Located in the Coeur d'Alene Mining District of northern Idaho, USA, this mine has a rich history...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 43.77M provide 3.76x coverage of short-term debt 11.65M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 234.70M provides 3.93x coverage of total debt 59.73M, indicating robust asset backing and low credit risk.
  • Cash position of 43.77M provides exceptional 43.99x coverage of minority interest expenses 995000, indicating strong liquidity.
  • Tangible assets of 234.70M provide robust 7.97x coverage of other current liabilities 29.45M, indicating strong asset backing.
  • Cash reserves of 43.77M provide comfortable 1326.42x coverage of tax obligations 33000, showing strong fiscal management.

Bear case

  • Operating cash flow of (18.02M) barely covers its investment activities of (33.04M), with a coverage ratio of 0.55, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (33.04M) provide weak support for R&D spending of 7.03M, which is -4.70x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (18.02M) shows concerning coverage of stock compensation expenses of 9.83M, with a -1.83 ratio indicating potential earnings quality issues.
  • Free cash flow of (51.06M) provides weak coverage of capital expenditures of 33.04M, with a -1.55 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (57.39M) show weak coverage of depreciation charges of 21.18M, with a -2.71 ratio indicating high capital intensity and potential reinvestment needs.

Peer comparison

Companies in the Other Industrial Metals & Mining
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 BHP BHP Group Ltd 162.30 Bn 17.99 3.17 -
2 TECK Teck Resources Ltd 24.54 Bn 27.27 3.23 3.67 Bn
3 MP MP Materials Corp. / DE 10.73 Bn -91.17 46.08 1.00 Bn
4 SKE Skeena Resources Ltd 3.07 Bn -36.58 0.00 0.04 Bn
5 MTRN MATERION Corp 2.85 Bn 87.35 2.45 0.53 Bn
6 VZLA Vizsla Silver Corp. 2.28 Bn -205.10 0.00 0.00 Bn
7 SGML Sigma Lithium Corp 1.76 Bn -65.03 15.16 0.12 Bn
8 ALM Almonty Industries Inc. 1.65 Bn -145.44 82.20 0.14 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 5.92 3.13
EV to Cash from Ops. EV/CFO -77.13 -51.74
EV to Debt EV to Debt 23.27 863.55
EV to EBIT EV/EBIT -24.22 -27.66
EV to EBITDA EV/EBITDA -28.79 566.13
EV to Free Cash Flow [EV/FCF] EV/FCF -27.22 -24.46
EV to Market Cap EV to Market Cap 1.00 0.59
EV to Revenue EV/Rev 12.73 42.69
Price to Book Value [P/B] P/B 27.80 10.60
Price to Earnings [P/E] P/E -22.77 -35.19
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -16.20
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.46
Dividend per Basic Share Div per Share (Qtr) 0.00 0.08
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.53
Interest Coverage Int. cover (Qtr) -19.72 51.59
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -97.70 -444.92
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 274.18 3,116.99
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.80
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -68.85 -69.51
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -218.71 20.12
EBIT Growth (1y) % EBIT 1y % (Qtr) -52.55 -24.32
EBT Growth (1y) % EBT 1y % (Qtr) -27.87 -92.39
EPS Growth (1y) % EPS 1y % (Qtr) 42.86 -31.76
FCF Growth (1y) % FCF 1y % (Qtr) -333.82 -5,473.04
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 2.51 9.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.46 0.13
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 0.61 5.35
Current Ratio Curr Ratio (Qtr) 0.91 6.87
Debt to Equity Ratio Debt/Equity (Qtr) 1.19 0.74
Interest Cover Ratio Int Coverage (Qtr) -19.72 51.59
Times Interest Earned Times Interest Earned (Qtr) -19.72 51.59
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -33.20 -684.18
EBIT Margin % EBIT Margin % (Qtr) -52.59 -696.12
EBT Margin % EBT Margin % (Qtr) -55.25 -788.27
Gross Margin % Gross Margin % (Qtr) 18.50 11.29
Net Profit Margin % Net Margin % (Qtr) -56.20 -790.78