Pan American Silver Corp
TSX:PAAS

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Pan American Silver Corp
TSX:PAAS
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Price: 39.32 CAD -2.07% Market Closed
Market Cap: 14.2B CAD

Relative Value

The Relative Value of one PAAS stock under the Base Case scenario is 54.03 CAD. Compared to the current market price of 39.32 CAD, Pan American Silver Corp is Undervalued by 27%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

PAAS Relative Value
Base Case
54.03 CAD
Undervaluation 27%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
28
vs Industry
42
Median 3Y
2.9
Median 5Y
3.1
Industry
1.8
Forward
3.4
vs History
26
vs Industry
2
Median 3Y
-21.9
Median 5Y
18.7
Industry
16
Forward
22.9
vs History
66
vs Industry
13
Median 3Y
13.2
Median 5Y
14
Industry
9.4
vs History
39
vs Industry
9
Median 3Y
-12.1
Median 5Y
-11.2
Industry
15.8
vs History
20
vs Industry
31
Median 3Y
1.6
Median 5Y
1.8
Industry
1.6
vs History
31
vs Industry
42
Median 3Y
2.9
Median 5Y
3
Industry
2.1
Forward
3.4
vs History
73
vs Industry
18
Median 3Y
22.9
Median 5Y
19
Industry
7.2
vs History
61
vs Industry
17
Median 3Y
10.5
Median 5Y
10.6
Industry
10.4
Forward
7.5
vs History
66
vs Industry
8
Median 3Y
31.2
Median 5Y
26
Industry
13.3
Forward
11.1
vs History
65
vs Industry
15
Median 3Y
13.5
Median 5Y
13.8
Industry
10.8
vs History
68
vs Industry
10
Median 3Y
19.6
Median 5Y
25.3
Industry
14.4
vs History
25
vs Industry
35
Median 3Y
1.2
Median 5Y
1.4
Industry
1.4

Multiples Across Competitors

PAAS Competitors Multiples
Pan American Silver Corp Competitors

Market Cap P/S P/E EV/EBITDA EV/EBIT
CA
Pan American Silver Corp
TSX:PAAS
14.2B CAD 3.5 33.4 9.1 18.5
US
Hecla Mining Co
NYSE:HL
3.6B USD 3.6 52.2 12 24.8
CA
MAG Silver Corp
TSX:MAG
3B CAD 0 24 -145.5 -138.6
CA
Fortuna Silver Mines Inc
TSX:FVI
2.8B CAD 1.8 12.7 3.7 6.9
CA
First Majestic Silver Corp
TSX:FR
2.3B CAD 3 -12.6 19.5 -51
CA
Endeavour Silver Corp
TSX:EDR
1.8B CAD 5.9 -20.3 32.8 147.4
CA
Aya Gold & Silver Inc
TSX:AYA
1.6B CAD 17.7 -99 -49.1 -38.9
US
Gatos Silver Inc
TSX:GATO
1.5B CAD 0 32.2 -29.1 -29.1
CA
Silvercorp Metals Inc
TSX:SVM
1.2B CAD 3 15.3 4.6 6.2
CA
GoGold Resources Inc
TSX:GGD
724.8m CAD 9.2 153.2 33.4 47.8
CA
Discovery Silver Corp
XTSX:DSV
467.2m CAD 0 -26.3 -24.7 -24.2
P/E Multiple
Earnings Growth PEG
CA
Pan American Silver Corp
TSX:PAAS
Average P/E: 46.2
33.4
70%
0.5
US
Hecla Mining Co
NYSE:HL
52.2
74%
0.7
CA
MAG Silver Corp
TSX:MAG
24
-2%
N/A
CA
Fortuna Silver Mines Inc
TSX:FVI
12.7
16%
0.8
CA
First Majestic Silver Corp
TSX:FR
Negative Multiple: -12.6 N/A N/A
CA
Endeavour Silver Corp
TSX:EDR
Negative Multiple: -20.3 N/A N/A
CA
Aya Gold & Silver Inc
TSX:AYA
Negative Multiple: -99 N/A N/A
US
G
Gatos Silver Inc
TSX:GATO
32.2
55%
0.6
CA
Silvercorp Metals Inc
TSX:SVM
15.3
49%
0.3
CA
GoGold Resources Inc
TSX:GGD
153.2
136%
1.1
CA
Discovery Silver Corp
XTSX:DSV
Negative Multiple: -26.3 N/A N/A
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
CA
Pan American Silver Corp
TSX:PAAS
Average EV/EBITDA: 16.4
9.1
24%
0.4
US
Hecla Mining Co
NYSE:HL
12
8%
1.5
CA
MAG Silver Corp
TSX:MAG
Negative Multiple: -145.5 N/A N/A
CA
Fortuna Silver Mines Inc
TSX:FVI
3.7
-3%
N/A
CA
First Majestic Silver Corp
TSX:FR
19.5
N/A N/A
CA
Endeavour Silver Corp
TSX:EDR
32.8
84%
0.4
CA
Aya Gold & Silver Inc
TSX:AYA
Negative Multiple: -49.1 N/A N/A
US
G
Gatos Silver Inc
TSX:GATO
Negative Multiple: -29.1 N/A N/A
CA
Silvercorp Metals Inc
TSX:SVM
4.6
38%
0.1
CA
GoGold Resources Inc
TSX:GGD
33.4
196%
0.2
CA
Discovery Silver Corp
XTSX:DSV
Negative Multiple: -24.7 N/A N/A
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
CA
Pan American Silver Corp
TSX:PAAS
Average EV/EBIT: 41.9
18.5
41%
0.5
US
Hecla Mining Co
NYSE:HL
24.8
30%
0.8
CA
MAG Silver Corp
TSX:MAG
Negative Multiple: -138.6 N/A N/A
CA
Fortuna Silver Mines Inc
TSX:FVI
6.9
N/A N/A
CA
First Majestic Silver Corp
TSX:FR
Negative Multiple: -51 N/A N/A
CA
Endeavour Silver Corp
TSX:EDR
147.4
106%
1.4
CA
Aya Gold & Silver Inc
TSX:AYA
Negative Multiple: -38.9 N/A N/A
US
G
Gatos Silver Inc
TSX:GATO
Negative Multiple: -29.1 N/A N/A
CA
Silvercorp Metals Inc
TSX:SVM
6.2
55%
0.1
CA
GoGold Resources Inc
TSX:GGD
47.8
N/A N/A
CA
Discovery Silver Corp
XTSX:DSV
Negative Multiple: -24.2 N/A N/A