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NR here and I'm impressed that despite silver's drop (along with gold, zinc, lead) FVI takes no impairments or write-offs on its mineral properties, even though it assumed U$22.66/oz Ag for 2015 this time last year. FVI now assumes U$17.98/oz for the year ahead of us. And U$1.00/lb lead. And U$1.07/lb zinc. And U$1,248/oz gold. But no need to impair asset value, says the company.
Which means FVI currently runs a 2.22X price/book value ratio.
Even though it made just $0.057m in profits in 4q14. Sales at $37.8m were down, though COGS at $27.77m was a good result that shaved nearly $2m from the previous quarter and turned what would have been a modest loss into that minor profit.
It's now up to you to decide whether you're willing to pay 2.2X book for what's basically breakeven miner (or a forex-adjusted 1.85X, which isn't quite as bad but still...)