Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Thematic (Sector/Industry)

<p>Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (&gt;50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver in electronics and photovoltaics should support structural demand growth and so raise silver’s mid-term price beyond YE22E because of the structural silver supply deficit.</p>

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (&gt;50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver in electronics and photovoltaics should support structural demand growth and so raise silver’s mid-term price beyond YE22E because of the structural silver supply deficit.

Silver Thematic ACF Equity Research 11082022

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<div>
<div>
<div>
<div>
<h2>FRESNILLO PLC.</h2>
<h2>Equity Research Flash Note</h2>
<div>
<div>
<div>
<div>
<h3>Corporate &amp; Investment Highlights</h3>
<p>Fresnillo plc is a holding company. Through its subsidiaries, the Company is engaged in the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this pro- duction include silver, gold, lead and zinc. The Company has seven operating mines: Fresnillo; Saucito; Cienega; Herradura; Soledad-Dipolos; Noche Buena and San Julian.</p>
<p>On September 22, 2020 Fresnillo plc announced that it has commenced an offer to purchase its outstand- ing U.S. $800,000,000 principal amount of 5.50% Notes due 2023. On October 2, the same year the com- pany announced the completion of an offering of U.S. $850 million aggregate principal amount of 4.25% Senior Notes due 2050 (the "Notes"). Fresnillo intended to use the net proceeds from the issuance for funding the Tender Offer announced on September 22 and for general corporate purposes.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/229/026/original/image_959781410281631231092462.png?1631231095" class="editor-image img-responsive" data-smartkarma-image-id="229026"></figure>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>





FRESNILLO PLC.
Equity Research Flash Note




Corporate &amp; Investment Highlights
Fresnillo plc is a holding company. Through its subsidiaries, the Company is engaged in the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this pro- duction include silver, gold, lead and zinc. The Company has seven operating mines: Fresnillo; Saucito; Cienega; Herradura; Soledad-Dipolos; Noche Buena and San Julian.
On September 22, 2020 Fresnillo plc announced that it has commenced an offer to purchase its outstand- ing U.S. $800,000,000 principal amount of 5.50% Notes due 2023. On October 2, the same year the com- pany announced the completion of an offering of U.S. $850 million aggregate principal amount of 4.25% Senior Notes due 2050 (the "Notes"). Fresnillo intended to use the net proceeds from the issuance for funding the Tender Offer announced on September 22 and for general corporate purposes.










Fresnillo Plc:  Equity Research Flash Note

Mexico

Fresnillo plc is a silver and gold mining and exploration company.  The Company owns and operates silver and gold mines in Mexico.  Fresnillo also holds a portfolio of development and exploration projects located along the silver and gold belts of Mexico.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fresnillo PLC (FRES LN)

Silver Thematic ACF Equity Research 11082022

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds...

ACF Equity Research

Fresnillo Plc: Equity Research Flash Note

FRESNILLO PLC. Equity Research Flash Note Corporate & Investment Highlights Fresnillo plc is a holding company. Through its...

VRS (Valuation & Research Specialists)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)