BMO Research expects stronger demand and lacklustre supply growth to constrain the physical market, maintaining silver as an outperformer over the next three years. Against this relative performance, silver sector valuations have improved to be competitive with their gold peers. A review of silver companies'' financial and operational profiles between 2010E and 2015E highlights those with above-average growth and financial strength. Preferred stocks are: PAAS as the senior silver miner; SLW for its low-risk, growing royalty stream; FR and FVI as the intermediate and junior producer; and THO, MAG and MSV as explorers.