Pan American Silver (NYSE: PAAS)

Last close As at 20/04/2024


0.16 (0.85%)

Market capitalisation


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.

PAAS shares remain weak despite the evidence of impressive cash flow generation in FY23 and the strong gold price that does not seem to fully discount the interest rate reduction potential.

Latest Insights

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Metals & Mining | Update

Pan American Silver — FY23 results: Follow the cash flow

Metals & Mining | Update

Pan American Silver — Consistent growth at higher costs

Metals & Mining | Update

Pan American Silver — Adjusting valuation on Skarn

Metals & Mining | Flash note

Pan American Silver — Skarn PEA confirms its early potential

Macro Pyrite mineral_pan american

Equity Analyst

Andrey Litvin

Energy and Resources Analyst

Harry Kilby


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 34.3 38.9 6.9
Relative 38.0 32.5 (11.4)
52 week high/low US$19.6/US$12.2


Pan American Silver (PAAS) reported FY23 financial results, which were broadly in line with our expectations at the EBITDA level. However, the bottom line was affected by non-cash impairment charges of US$79m. As a result, reported EPS loss was US$0.32, while company adjusted EPS came in at US$0.12. As expected, the silver segment cash cost of US$13.1/oz was above guidance, while the gold segment cash cost of US$1,113/oz marginally exceeded guidance. The quarterly operating outlook for FY24 suggests the current year performance to be H2-weighted, mainly due to the timing of the anticipated operational recovery at La Colorada. PAAS finished the year with net debt of US$361m, supported by the strong cash flow generation and recommended a Q4 dividend of US$0.10/share. PAAS has also announced a share buyback of up to 5% of outstanding shares.

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 98.0 N/A
2024E 2578.0 764.6 174.5 23.70 80.4 79.8
2025E N/A N/A N/A N/A N/A N/A



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