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Currency in USD
Last close As at 28/03/2023
USD18.07
▲ 0.61 (3.49%)
Market capitalisation
USD3,588m
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. It owns seven producing operations, the currently suspended top-tier Escobal silver mine and a number of large-scale advanced exploration projects.
Despite the relative strength of gold and silver prices, PAAS’s share price performance remains relatively muted and, in our opinion, does not reflect the transformative nature of the Yamana transaction.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Mining Analyst
Guido Mastropietro
Director, finance
Siren Fisekci
VP, investor relations and corporate communic
Forecast net debt (US$m)
N/A
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 23.1 | 4.3 | (36.1) |
| Relative | 23.2 | 0.4 | (27.0) |
| 52 week high/low | US$29.9/US$13.6 |
Pan American Silver (PAAS) has reported that the Mexican Federal Economic Competition Commission approved the company’s plan of arrangement with Yamana and Agnico Eagle. This is the final regulatory approval that paves the way for the completion of the transaction, which is guided to occur by end March, in line with management’s expectations. In other news, PAAS recommended a Q123 cash dividend of US$0.10 per share, implying a 2.2% yield on an annualised basis.
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 1632.8 | 593.2 | 274.0 | 60.10 | 30.1 | 38.5 |
| 2022A | 1494.7 | 272.0 | (66.6) | (51.01) | N/A | N/A |
| 2023E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2024E | N/A | N/A | N/A | N/A | N/A | N/A |
