Pan American Silver (NASDAQ: PAAS)

Currency in USD

Last close As at 28/03/2023


0.61 (3.49%)

Market capitalisation


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.

Macro Pyrite mineral

Equity Analyst

Andrey Litvin

Mining Analyst

Key Management

  • Guido Mastropietro

    Director, finance

  • Siren Fisekci

    VP, investor relations and corporate communic

Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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



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