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PAN AMERICAN SILVER CORP (PAAS.CA) Stock Fundamental Analysis

TSX:PAAS - Toronto Stock Exchange - CA6979001089 - Common Stock - Currency: CAD

34.8  -1.35 (-3.73%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to PAAS. PAAS was compared to 818 industry peers in the Metals & Mining industry. Both the profitability and the financial health of PAAS get a neutral evaluation. Nothing too spectacular is happening here. PAAS has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year PAAS was profitable.
In the past year PAAS had a positive cash flow from operations.
In multiple years PAAS reported negative net income over the last 5 years.
Of the past 5 years PAAS 4 years had a positive operating cash flow.
PAAS.CA Yearly Net Income VS EBIT VS OCF VS FCFPAAS.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M

1.2 Ratios

The Return On Assets of PAAS (-0.67%) is better than 83.78% of its industry peers.
PAAS's Return On Equity of -1.03% is amongst the best of the industry. PAAS outperforms 83.24% of its industry peers.
PAAS has a better Return On Invested Capital (3.25%) than 89.86% of its industry peers.
Industry RankSector Rank
ROA -0.67%
ROE -1.03%
ROIC 3.25%
ROA(3y)-3.06%
ROA(5y)-0.16%
ROE(3y)-4.68%
ROE(5y)-0.54%
ROIC(3y)N/A
ROIC(5y)N/A
PAAS.CA Yearly ROA, ROE, ROICPAAS.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 -10 -15

1.3 Margins

PAAS has a Operating Margin of 10.84%. This is amongst the best in the industry. PAAS outperforms 90.27% of its industry peers.
In the last couple of years the Operating Margin of PAAS has declined.
The Gross Margin of PAAS (16.48%) is better than 86.76% of its industry peers.
PAAS's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 10.84%
PM (TTM) N/A
GM 16.48%
OM growth 3Y-36.73%
OM growth 5Y-8.92%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-21.9%
GM growth 5Y-0.07%
PAAS.CA Yearly Profit, Operating, Gross MarginsPAAS.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20

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5

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so PAAS is destroying value.
PAAS has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
PAAS.CA Yearly Shares OutstandingPAAS.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M
PAAS.CA Yearly Total Debt VS Total AssetsPAAS.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

2.2 Solvency

PAAS has an Altman-Z score of 2.51. This is not the best score and indicates that PAAS is in the grey zone with still only limited risk for bankruptcy at the moment.
PAAS has a Altman-Z score (2.51) which is in line with its industry peers.
PAAS has a debt to FCF ratio of 3.13. This is a good value and a sign of high solvency as PAAS would need 3.13 years to pay back of all of its debts.
The Debt to FCF ratio of PAAS (3.13) is better than 92.43% of its industry peers.
A Debt/Equity ratio of 0.16 indicates that PAAS is not too dependend on debt financing.
PAAS has a worse Debt to Equity ratio (0.16) than 70.81% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 3.13
Altman-Z 2.51
ROIC/WACC0.34
WACC9.44%
PAAS.CA Yearly LT Debt VS Equity VS FCFPAAS.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B 4B

2.3 Liquidity

PAAS has a Current Ratio of 2.06. This indicates that PAAS is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 2.06, PAAS is in line with its industry, outperforming 52.30% of the companies in the same industry.
PAAS has a Quick Ratio of 2.06. This is a bad value and indicates that PAAS is not financially healthy enough and could expect problems in meeting its short term obligations.
PAAS has a worse Quick ratio (0.96) than 61.49% of its industry peers.
Industry RankSector Rank
Current Ratio 2.06
Quick Ratio 0.96
PAAS.CA Yearly Current Assets VS Current LiabilitesPAAS.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 618.18% over the past year.
The Earnings Per Share has been growing slightly by 0.51% on average over the past years.
EPS 1Y (TTM)618.18%
EPS 3Y0.86%
EPS 5Y0.51%
EPS Q2Q%975%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%21.73%

3.2 Future

The Earnings Per Share is expected to decrease by -9.13% on average over the next years.
The Revenue is expected to grow by 3.65% on average over the next years.
EPS Next Y52.87%
EPS Next 2Y29.39%
EPS Next 3Y12.41%
EPS Next 5Y-9.13%
Revenue Next Year6.01%
Revenue Next 2Y3.65%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
PAAS.CA Yearly Revenue VS EstimatesPAAS.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1B 2B 3B
PAAS.CA Yearly EPS VS EstimatesPAAS.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 0.5 1

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6

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 31.07, PAAS can be considered very expensive at the moment.
87.97% of the companies in the same industry are more expensive than PAAS, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of PAAS to the average of the S&P500 Index (29.62), we can say PAAS is valued inline with the index average.
PAAS is valuated rather expensively with a Price/Forward Earnings ratio of 20.30.
Based on the Price/Forward Earnings ratio, PAAS is valued cheaper than 88.24% of the companies in the same industry.
PAAS is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.70, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 31.07
Fwd PE 20.3
PAAS.CA Price Earnings VS Forward Price EarningsPAAS.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of PAAS indicates a rather cheap valuation: PAAS is cheaper than 90.54% of the companies listed in the same industry.
PAAS's Price/Free Cash Flow ratio is rather cheap when compared to the industry. PAAS is cheaper than 91.76% of the companies in the same industry.
Industry RankSector Rank
P/FCF 34.14
EV/EBITDA 11.6
PAAS.CA Per share dataPAAS.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

PAAS's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PAAS has a very decent profitability rating, which may justify a higher PE ratio.
PAAS's earnings are expected to grow with 12.41% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.59
PEG (5Y)60.43
EPS Next 2Y29.39%
EPS Next 3Y12.41%

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4

5. Dividend

5.1 Amount

PAAS has a Yearly Dividend Yield of 1.48%.
PAAS's Dividend Yield is rather good when compared to the industry average which is at 7.55. PAAS pays more dividend than 96.22% of the companies in the same industry.
PAAS's Dividend Yield is slightly below the S&P500 average, which is at 2.27.
Industry RankSector Rank
Dividend Yield 1.48%

5.2 History

The dividend of PAAS is nicely growing with an annual growth rate of 26.69%!
PAAS has been paying a dividend for at least 10 years, so it has a reliable track record.
PAAS has decreased its dividend recently.
Dividend Growth(5Y)26.69%
Div Incr Years1
Div Non Decr Years1
PAAS.CA Yearly Dividends per sharePAAS.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.1 0.2 0.3 0.4 0.5

5.3 Sustainability

PAAS has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-305.67%
EPS Next 2Y29.39%
EPS Next 3Y12.41%
PAAS.CA Yearly Income VS Free CF VS DividendPAAS.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M

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PAN AMERICAN SILVER CORP

TSX:PAAS (2/21/2025, 7:00:00 PM)

34.8

-1.35 (-3.73%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-19 2025-02-19/amc
Earnings (Next)05-07 2025-05-07/amc
Inst Owners58.92%
Inst Owner ChangeN/A
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap12.63B
Analysts82.22
Price Target30.67 (-11.87%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.48%
Yearly Dividend0.45
Dividend Growth(5Y)26.69%
DP-305.67%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)17.43%
Min EPS beat(2)-28.1%
Max EPS beat(2)62.97%
EPS beat(4)2
Avg EPS beat(4)5.25%
Min EPS beat(4)-135.65%
Max EPS beat(4)121.79%
EPS beat(8)3
Avg EPS beat(8)-5.41%
EPS beat(12)4
Avg EPS beat(12)-11.54%
EPS beat(16)5
Avg EPS beat(16)-16.05%
Revenue beat(2)0
Avg Revenue beat(2)-12.08%
Min Revenue beat(2)-18.79%
Max Revenue beat(2)-5.37%
Revenue beat(4)0
Avg Revenue beat(4)-6.93%
Min Revenue beat(4)-18.79%
Max Revenue beat(4)-1.24%
Revenue beat(8)1
Avg Revenue beat(8)-4.86%
Revenue beat(12)1
Avg Revenue beat(12)-6.29%
Revenue beat(16)1
Avg Revenue beat(16)-7.72%
PT rev (1m)11.46%
PT rev (3m)12.85%
EPS NQ rev (1m)-2.05%
EPS NQ rev (3m)-2.05%
EPS NY rev (1m)-1.41%
EPS NY rev (3m)22.72%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)-0.24%
Revenue NY rev (3m)1.98%
Valuation
Industry RankSector Rank
PE 31.07
Fwd PE 20.3
P/S 3.33
P/FCF 34.14
P/OCF 14.41
P/B 1.92
P/tB 1.92
EV/EBITDA 11.6
EPS(TTM)1.12
EY3.22%
EPS(NY)1.71
Fwd EY4.93%
FCF(TTM)1.02
FCFY2.93%
OCF(TTM)2.41
OCFY6.94%
SpS10.45
BVpS18.11
TBVpS18.11
PEG (NY)0.59
PEG (5Y)60.43
Profitability
Industry RankSector Rank
ROA -0.67%
ROE -1.03%
ROCE 4.51%
ROIC 3.25%
ROICexc 3.51%
ROICexgc 3.51%
OM 10.84%
PM (TTM) N/A
GM 16.48%
FCFM 9.75%
ROA(3y)-3.06%
ROA(5y)-0.16%
ROE(3y)-4.68%
ROE(5y)-0.54%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y-41.64%
ROICexcg growth 5Y-13.91%
ROICexc growth 3Y-41.61%
ROICexc growth 5Y-13.88%
OM growth 3Y-36.73%
OM growth 5Y-8.92%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-21.9%
GM growth 5Y-0.07%
F-Score6
Asset Turnover0.37
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 3.13
Debt/EBITDA 0.96
Cap/Depr 70.73%
Cap/Sales 13.34%
Interest Coverage 7.41
Cash Conversion 77.75%
Profit Quality N/A
Current Ratio 2.06
Quick Ratio 0.96
Altman-Z 2.51
F-Score6
WACC9.44%
ROIC/WACC0.34
Cap/Depr(3y)81.85%
Cap/Depr(5y)78.59%
Cap/Sales(3y)16.55%
Cap/Sales(5y)15.67%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)618.18%
EPS 3Y0.86%
EPS 5Y0.51%
EPS Q2Q%975%
EPS Next Y52.87%
EPS Next 2Y29.39%
EPS Next 3Y12.41%
EPS Next 5Y-9.13%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%21.73%
Revenue Next Year6.01%
Revenue Next 2Y3.65%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y229.17%
EBIT growth 3Y-24.05%
EBIT growth 5Y13.09%
EBIT Next Year601.46%
EBIT Next 3Y81.69%
EBIT Next 5Y33.9%
FCF growth 1Y2615.44%
FCF growth 3Y-36.92%
FCF growth 5Y85.98%
OCF growth 1Y135.55%
OCF growth 3Y-0.88%
OCF growth 5Y23.77%