Macro Pyrite mineral

Pan American Silver


Market Cap$3,451m

Last Close $16.39

Pan American Silver (PAAS) is one of the largest global primary silver producers and a sizeable gold miner with operations in North, Central and South America since 1994. PAAS owns eight producing operations, the currently suspended top-tier Escobal silver mine and a number of large-scale advanced exploration projects.

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Investment summary

Weaker commodity prices and unabating cost pressures continued to supress Pan American Silver’s (PAAS’s) performance in Q322. However, at the top line, these were largely offset by higher gold sales, while lower inventory adjustments and other operating costs resulted in a 90% q-o-q boost in EBITDA. That said, the Q3 results were clearly overshadowed by PAAS’s joint bid to acquire Yamana Gold for c US$4.8bn. Contingent on shareholder approvals, the deal will be transformational for PAAS, adding four large-scale and low-cost producing silver and gold projects in Latin America and more than doubling its annual EBITDA.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 1338.8 469.1 194.5 57.24 28.6 19.5
2021A 1632.8 593.2 274.0 60.10 27.3 34.9
2022E 1540.8 296.6 (24.7) (25.65) N/A N/A
2023E 1582.9 483.9 174.2 53.06 30.9 30.6
Industry outlook

PAAS continues its exploration work and preliminary engineering studies and will release an update on resources and a preliminary economic assessment during the course of 2023. The market continues to focus on the near-term macroeconomic challenges, and in our view does not fully reflect the company’s exposure to silver as an energy transition metal through its quality project portfolio and the relatively long life and low-cost nature of its core silver operations.

Last updated on 30/11/2022
Content on Pan American Silver
Pan American Silver – Yamana bid overshadows Q322 results
Metals & mining | research Update | 17 November 2022
Silver miner with nugget
Pan American Silver – Significant resources upgrade at Skarn
Metals & mining | research Flash note | 16 September 2022
Silver miner with nugget
Pan American Silver – Mixed Q2 results, Escobal progress
Metals & mining | research Update | 18 August 2022
Silver miner with nugget
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Balance sheet
Forecast net cash (US$m) 134.2
Forecast gearing ratio (%) N/A
Price performance
Actual 2.6 10.1 (35.8)
Relative* (2.7) 6.8 (28.2)
52-week high/low US$29.9/US$13.6
*% relative to local index
Key management
Guido Mastropietro Director, finance
Siren Fisekci VP, investor relations and corporate communic