The Globe and Mail attempts to identify value plays in the silver market in its Tuesday edition. The Globe's guest columnist Brian Donovan writes in the Number Cruncher column that there are a number of moving parts to forecasting the price of silver, which is now back at about $25 (U.S.) an ounce. Demand for silver is expected to increase 11 per cent in calendar year 2021 over 2020, according to The Northern Miner, with more silver being consumed in electric vehicles, solar panels and other green technologies. Analysts on average forecast silver at $30 (U.S.) an ounce within a year, with some analysts calling for $40 (U.S.). Mr. Donovan looked for the largest silver plays on the TSX and TSX-V. He studied the valuation for each stock to see whether it is undervalued or overvalued compared with its price. He considered discounted cash flow, which is a valuation technique wherein cash flow projections are discounted back to the present to calculate value per share. He employed a technique that values a company on the basis of ratios from selected comparable companies. Mr. Donovan's undervalued silver picks are Mag Silver, Pan American Silver, First Majestic Silver, Fortuna Silver Mines and Silvercorp Metals.