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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

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Equity Bottom-Up

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<h2>FRESNILLO PLC.</h2>
<h2>Equity Research Flash Note</h2>
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<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>
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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 is a Mexican precious metals mining company incorporated in the United Kingdom, headquartered in Mexico City. It is the world's largest primary silver producer and Mexico's second-largest gold miner. The company explores, develops, and produces silver and gold resources, primarily operating mines in Mexico. Fresnillo was founded on August 15, 2007.

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Fresnillo (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)

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