Screened 2026-09-11 · the tape above runs as of 21:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its accumulation label.
First Majestic Silver Corp. holds its Accumulation at $19.56. The statistical read favours the buyers, held for 23 days.
As held on the ledger · 2026-09-11
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 23 days
Price at the screen
$19.56
Valuation
27.94 trailing · 19.22 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.19
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
6.58%
Below 33%
Interest-bearing debt is just 6.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.84%
Below 33%
Cash held in interest-bearing accounts and securities is 3.8% of assets, under the one-third limit.
Pass
Receivables
18.74%
Below 49%
Money owed to the company is 18.7% of assets, under the 49% limit.
Pass
Revenue purity
1.16%
Below 5%
Only 1.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-11 screen. The gold marker is the market price at the same screen. The price runs 14.8% above the base estimate.
Third-party analyst targets: 2 covering, consensus None. The average target sits +27% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-11 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Silver Miner Looks Cheap But Hides Cycle Trap
Picture a miner chasing silver veins that shine bright one year and vanish the next, with prices swinging on industrial demand and investor mood. First Majestic digs and processes the metal across North American sites, posting 95% revenue growth and a 20% profit margin lately. Yet the forward multiple of 15.7 times earnings sits against an 11% return on equity and no clear moat, while the market prices the shares almost in line with our fair value.
We pass because this is a classic cyclical business where peak earnings often flatter the multiple and leave investors holding falling output or weaker prices later. Strong recent numbers and an ethical screen pass do not change the pattern that low multiples in metals frequently mark the top of the cycle rather than a bargain.
Commodity swings, exploration costs and thin analyst coverage add real downside if silver demand softens. The buy-rated targets from two houses sit well above current levels, but history shows those forecasts can shift fast when the cycle turns. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AG trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-21Markup$17.28+9.3%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 9.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-20Markup$15.81-10.4%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 10.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-18Markup$17.65+0.0%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-16Markup$17.65+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-03Markup$17.65+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$17.65Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.