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Pan American Silver (NYSE: PAAS)

Last close As at 17/09/2024

USD20.89

▲ −0.34 (−1.60%)

Market capitalisation

USD7,584m

Pan American Silver is one of the largest global primary silver producers and a sizeable gold miner with operations in North, Central and South America since 1994. It owns 11 producing operations, the currently suspended top tier Escobal silver mine and a number of large-scale advanced exploration/development projects.

We believe the reaction of the share price to the results was overly negative and see further upside if commodity prices remain at elevated levels and PAAS continues to deliver on its 2024 guidance.

Latest Insights

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Metals & Mining | Flash note

Pan American Silver — Strong reserves replacement rates for key assets

Metals & Mining | Update

Pan American Silver — Q224 results: Steady progress

Metals & Mining | Flash note

Pan American Silver — Investor day takeaways

Metals & Mining | Update

Pan American Silver — A taste of things to come
Macro Pyrite mineral_pan american
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Equity Analyst

Andrey Litvin

Energy and Resources Analyst

Harry Kilby

Analyst

Key Management

  • Guido Mastropietro

    Director, finance

  • Siren Fisekci

    VP, investor relations and corporate communic

Balance Sheet

Forecast net debt (US$m)

186.1

Forecast gearing ratio (%)

4

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.4 6.5 25
Relative 0.9 3.4 (1.3)
52 week high/low US$24.2/US$12.2

Financials

Pan American Silver (PAAS) has released its annual mineral reserves and resources statement. While the overall reserves and resources have fallen compared to 2023 due to the asset divestments, on an adjusted basis the company has fully replaced its proven and probable (P&P) reserves and reported a significant increase in measured and indicated (M&I) resources in the silver segment. The gold segment has seen a visible boost to its inferred resource due to exploration work at Jacobina, which has also seen a healthy increase in its P&P reserves despite maintaining flat M&I resources over the year. Overall, six out of 11 producing operations, including flagship Jacobina and La Colorada, have seen their mineral reserves either fully or almost fully replaced in tonnage terms during the year to June 2024.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 1494.7 272.0 (73.0) (54.06) N/A N/A
2023A 2316.1 680.6 108.4 19.45 107.4 N/A
2024E 2791.1 924.2 333.0 22.48 92.9 101.4
2025E 2396.2 803.6 331.3 49.52 42.2 41.6

Research

Update

Metals & Mining

Pan American Silver — Q224 results: Steady progress

Flash note

Metals & Mining

Pan American Silver — Investor day takeaways

Metals & Mining

Flash note

Pan American Silver — Strong reserves replacement rates for key assets

Update

Metals & Mining

Pan American Silver — A taste of things to come

Flash note

Metals & Mining

Pan American Silver — La Arena divestment

Update

Metals & Mining

Pan American Silver — FY23 results: Follow the cash flow
Macro Pyrite mineral_pan american

Update

Metals & Mining

Pan American Silver — Consistent growth at higher costs
Macro Pyrite mineral_pan american

Update

Metals & Mining

Pan American Silver — Adjusting valuation on Skarn
Macro Pyrite mineral_pan american

Flash note

Metals & Mining

Pan American Silver — Skarn PEA confirms its early potential
Macro Pyrite mineral_pan american

Update

Metals & Mining

Pan American Silver — Q323: La Colorada continues to underperform
Macro Pyrite mineral_pan american

Flash note

Metals & Mining

Pan American Silver — La Colorada to restart after suspension
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Thematics

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Metals & Mining

Shades of the 1970s

thematic

Metals & Mining

Critical minerals: The investment vacuum
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thematic

Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed
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