<div id="readability-page-1"><div><p>First Majestic Silver (TSX:AG) is in focus after reporting record 2025 silver output, acquiring a 70% stake in the Cerro Los Gatos mine, and outlining a higher dividend tied to future quarterly revenues.</p> <p>See our latest analysis for First Majestic Silver.</p> <p>The stock’s strong production update, higher revenue linked dividend and new 2026 guidance have coincided with a sharp acceleration in momentum. This includes a 30 day share price return of 48.41%, a 90 day return of 98.07% and a 1 year total shareholder return of 354.20% from a CA$34.92 share price today.</p> <p>If you are looking beyond precious metals, this could be a good moment to see what is moving across fast growing stocks with high insider ownership as another way to spot potential opportunities.</p> <p>With a CA$34.92 share price, very large 1 year returns, a value score of 3 and a share price that sits slightly above analyst targets, the key question is simple: is First Majestic Silver still undervalued or is the market already pricing in future growth?</p> <h2>Most Popular Narrative: 66.3% Overvalued</h2> <p>Against the most followed narrative fair value of CA$21.00, today’s CA$34.92 price sits well above that estimate, which frames the rest of the story.</p> <blockquote> <p><em>Robust year over year growth in silver production (up 76%) and record revenue (up 94%), combined with expanded exploration and accelerated mine development, position the company to capture higher sales volumes and benefit from potential increases in industrial and investment demand for silver, directly supporting future revenue growth.</em></p> </blockquote> <p>Read the complete narrative.</p> <p>Want to see what kind of revenue and margin path justifies this gap to fair value? The narrative leans on aggressive growth, richer profitability, and a future earnings multiple that is usually reserved for faster growing sectors. Curious how those moving parts stack up into CA$21.00 today against CA$34.92 in the market?</p> <p><strong>Result: Fair Value of CA$21.00 (OVERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, the story also depends on keeping costs in check and managing concentrated operations in Mexico, where labour, regulatory or currency shifts could quickly change the outlook.</p> <p>Find out about the key risks to this First Majestic Silver narrative.</p> <h2>Another View: SWS DCF Flags a Very Different Story</h2> <p>While the most followed narrative sees First Majestic Silver as 66.3% overvalued at CA$34.92 compared with a CA$21.00 fair value, our DCF model paints a tighter picture. It suggests the shares are trading only slightly below their future cash flow value at CA$35.16. With one model pointing to a large premium and another to a small discount, which set of assumptions do you find more reasonable?</p> <p>Look into how the SWS DCF model arrives at its fair value.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fc3cf29c-7486-4cca-8ae0-f8504c73ff7f/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fc3cf29c-7486-4cca-8ae0-f8504c73ff7f/chart/dcf"/><figcaption>AG Discounted Cash Flow as at Jan 2026</figcaption></figure><h2> Build Your Own First Majestic Silver Narrative</h2> <p>If you see the numbers differently or would rather test your own assumptions against the data, you can build a custom view in minutes with Do it your way.</p> <p>A great starting point for your First Majestic Silver research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.</p> <h2>Looking for more investment ideas?</h2> <p>If you are serious about building a stronger portfolio, do not stop at one stock. Use the Simply Wall Street Screener to compare fresh ideas side by side.</p> <ul> <li>Spot potential bargains by tracking these 879 undervalued stocks based on cash flows that screen for companies trading below what their cash flows suggest.</li> <li>Explore technology trends by checking out these 24 AI penny stocks that focus on businesses tied to artificial intelligence themes.</li> <li>Review digital asset themes by looking at these 19 cryptocurrency and blockchain stocks that group companies connected to cryptocurrency and blockchain concepts.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p></div></div>

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<p>First Majestic Silver (TSX:AG) has reported record silver output for 2025 and acquired a 70% stake in the Cerro Los Gatos mine, leading to increased investor interest. The stock has seen significant price returns, with a 30-day return of 48.41% and a 1-year total return of 354.20%. However, it is considered overvalued at CA$34.92 compared to a fair value of CA$21.00, despite strong growth in production and revenue. Different valuation models present contrasting views on the stock's worth, highlighting the need for careful analysis of risks and assumptions.</p>

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A Look At First Majestic Silver’s Valuation As Record Output And Cerro Los Gatos Deal Lift Investor Interest