 Good day, fellow investors. Today I continue with my analysis of the silver miners and we'll discuss Pan American Silver. We'll give a company overview, we'll go through the fundamentals, we'll go through some optionality that the stock has and we'll compare them at the end in the table with the other miners that we have analyzed. But before that let me just touch on silver prices. There has been a surge in silver prices over the last week, a little bit up, but I wouldn't give any importance to that. If you own silver miners you own it as a hedge, as a long-term hedge and as a protection or the increased demand from industry in silver. So you say okay one dollar up, one dollar down is not that much but silver stocks move extremely irrationally to those small moves. So rebalance accordingly. Pan American Silver. What's nice about Pan American Silver is that the cash mining costs are below five dollars and all in sustaining costs are just 10.79 and guidance is that it should stay around that in the next three years with increased production. There is also 0.8 dividend yield which is not bad for a hedge like a silver miner. These low costs lead to 527 million of available liquidity and 288 million proven and probable reserves as silver ounces that indicates lots of future steady mining. The company has a diversified asset base in the Americas, Mexico, Bolivia, Peru and Argentina. The company has produced 25 million silver ounces in 2017 but expects to produce about 43 million ounces in 2020. The past production growth has been staggering with little decline from the boom in 2000 silver boom in 2012 but nevertheless the companies continue to grow and increase production profitably as we see at these silver prices. However as it is the case with many other silver miners the company is not just about silver. For now 44% is about silver. Always nice to see. Gold hedge combined 25% and then economic let's say commodities, zinc copper and lead. The fundamentals. The book value is around 10 dollars per share. The company does not have much debt as total long-term liabilities are 88 million. The revenue was 816 million with net earnings of 123 million or 0.8 per share which leads to a relatively high price earnings ratio of 20 but you always have to look at cash flows with miners not price earnings ratio and it has had 224 million of operating cash flows in 2017 which is a price to cash flow ratio of 12. That's not that bad in this market. Another important factor to look is at the value of the metal in the ground and just the gold of pan american proven and probable reserves is more valuable than the company. The company has 1.9 million ounces of gold in the ground proven and probable which means very high economic profitability and likelihood that they are there. That's worth about 2.5 billion while the 288 million ounces of silver are worth 4.9 billion so it means that the metal in the ground is about 7.5 billion. The current market cap is 30 percent of that at 2.5 billion. There is also some optionality that is always nice to have as long as it doesn't cost much. The Navidad project is very interesting because it holds 600 million ounces of silver as resources but there is a small problem with the province of Chubut or however I pronounce that as there is a law that prohibits open open pit mining and the use of cnid in mineral processing in the entire province. If they change that then this would be a big big game changer for the company as it would provide low cost production for 17 years. So conclusion low debt low cost good operation long term operation ahead it looks like a good company management has delivered on guidance very very well much better than the rest of the miners so again a positive for the company. Let's look about the stock price you can see as silver has surged a little bit you can see the stock price going up so very volatile as a stock over time in relation to silver prices so you have to let's say rebalance accordingly in relation to what is your goal with the company as always the biggest risk comes from lower silver prices especially long-term lower silver prices and operational issues nevertheless the company is something to follow let's put it in our table and we can see that as I said dividend low cost reserves diversified across four countries not just Mexico looks like some good company to follow the next step would now be to really create models for each asset they own probabilities risk and see what would be a fair value at an estimate average silver price this is something that I can't really share in a video because it would take a long long time to explain everything but slowly see perhaps I'll find a way to share it with those who are interesting when I make it thank you for watching looking forward to your comments I will go through more silver miners so keep putting them in the comments so that it makes interesting at add value to everybody who watches and reads the comments see you in the next video