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Andean Silver (ASX:ASL) is drawing fresh attention after Chief Executive Officer Matthew Gerard Allen presented at the RRS Gather Round 2026 conference in Adelaide, where he updated investors on the Cerro Bayo silver gold project and the company’s broader exploration focus.
See our latest analysis for Andean Silver.
At a share price of A$1.97, Andean Silver has seen weaker short term momentum, with a 30 day share price return of 5.29% and a 90 day share price return of 15.09%. This contrasts with a very large 3 year total shareholder return of about 7x that keeps longer term holders firmly in profit.
If the Cerro Bayo update has you looking across the silver space, this is a useful moment to scan other producers using our 8 top silver producer stocks
So with the share price easing in recent months, but a very large 3 year return and an analyst price target well above A$1.97, is Andean Silver offering value today, or is the market already pricing in future growth?
On a P/B of 5.4x at a last close of A$1.97, Andean Silver trades at a richer level than both its Australian metals and mining peers and the wider industry.
The P/B ratio compares the company’s market value to its book value, which for a minerals explorer is often used as a rough check on how much investors are paying for underlying assets. For Andean Silver, the current 5.4x figure sits above the Australian metals and mining industry average of 2x and above a peer group average of 4.6x.
This means the market is currently assigning a higher value per dollar of net assets than is typical across the sector, even when compared with similar companies. With a value score of 0, limited revenue of A$948k and the company still loss making, that richer P/B multiple stands out rather than blending in.
Against the Australian metals and mining industry at 2x, the 5.4x P/B suggests investors are paying more than double the sector average per unit of equity. Versus the 4.6x peer average, that premium is smaller but still present, so the current valuation looks stretched rather than conservative on this metric alone.
See what the numbers say about this price — find out in our valuation breakdown.
Result: Price-to-book of 5.4x (OVERVALUED)
However, there are clear risks here, including limited revenue of A$948k, a net loss of A$20.05m, and a heavy reliance on the Cerro Bayo project.
Find out about the key risks to this Andean Silver narrative.