Pan American Silver Corp
TSX:PAAS

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Pan American Silver Corp
TSX:PAAS
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Price: 40.1 CAD 1.85% Market Closed
Market Cap: 14.5B CAD

Relative Value

The Relative Value of one PAAS stock under the Base Case scenario is 54.17 CAD. Compared to the current market price of 40.1 CAD, Pan American Silver Corp is Undervalued by 26%.

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
54.17 CAD
Undervaluation 26%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
30
vs Industry
42
Median 3Y
2.9
Median 5Y
3.1
Industry
1.8
Forward
3.5
vs History
25
vs Industry
2
Median 3Y
-21.9
Median 5Y
18.7
Industry
16.4
Forward
23.3
vs History
68
vs Industry
13
Median 3Y
13.2
Median 5Y
14
Industry
9.7
vs History
38
vs Industry
9
Median 3Y
-12.1
Median 5Y
-11.2
Industry
16.2
vs History
22
vs Industry
31
Median 3Y
1.6
Median 5Y
1.8
Industry
1.7
vs History
31
vs Industry
42
Median 3Y
2.9
Median 5Y
3
Industry
2.1
Forward
3.4
vs History
71
vs Industry
18
Median 3Y
22.9
Median 5Y
19
Industry
7.4
vs History
61
vs Industry
17
Median 3Y
10.5
Median 5Y
10.6
Industry
10.6
Forward
7.6
vs History
65
vs Industry
8
Median 3Y
31.2
Median 5Y
25
Industry
13.5
Forward
11.2
vs History
68
vs Industry
15
Median 3Y
13.5
Median 5Y
13.8
Industry
11
vs History
66
vs Industry
10
Median 3Y
18.9
Median 5Y
25.3
Industry
14.6
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
14.3B CAD 3.6 34.3 9.3 18.7
US
Hecla Mining Co
NYSE:HL
3.9B USD 3.9 55.7 12.7 26.2
CA
MAG Silver Corp
TSX:MAG
3B CAD 27.1 24.3 30.4 30.7
CA
Fortuna Silver Mines Inc
TSX:FVI
2.8B CAD 1.9 13 3.7 7
CA
First Majestic Silver Corp
TSX:FR
2.3B CAD 3 -12.6 19.6 -51.4
CA
Endeavour Silver Corp
TSX:EDR
1.8B CAD 6.1 -20.8 33.6 151.2
CA
Aya Gold & Silver Inc
TSX:AYA
1.6B CAD 17.7 -98.9 -49.1 -38.9
US
Gatos Silver Inc
TSX:GATO
1.5B CAD 0 32.5 -29.4 -29.3
CA
Silvercorp Metals Inc
TSX:SVM
1.4B CAD 3.4 17.7 5.7 7.5
CA
GoGold Resources Inc
TSX:GGD
671.9m CAD 8.6 143 30.8 44.1
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: 45.8
34.3
70%
0.5
US
Hecla Mining Co
NYSE:HL
55.7
78%
0.7
CA
MAG Silver Corp
TSX:MAG
24.3
-2%
N/A
CA
Fortuna Silver Mines Inc
TSX:FVI
13
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: -20.8 N/A N/A
CA
Aya Gold & Silver Inc
TSX:AYA
Negative Multiple: -98.9 N/A N/A
US
G
Gatos Silver Inc
TSX:GATO
32.5
55%
0.6
CA
Silvercorp Metals Inc
TSX:SVM
17.7
50%
0.4
CA
GoGold Resources Inc
TSX:GGD
143
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: 18.2
9.3
24%
0.4
US
Hecla Mining Co
NYSE:HL
12.7
8%
1.6
CA
MAG Silver Corp
TSX:MAG
30.4
4%
7.6
CA
Fortuna Silver Mines Inc
TSX:FVI
3.7
-3%
N/A
CA
First Majestic Silver Corp
TSX:FR
19.6
N/A N/A
CA
Endeavour Silver Corp
TSX:EDR
33.6
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: -29.4 N/A N/A
CA
Silvercorp Metals Inc
TSX:SVM
5.7
38%
0.1
CA
GoGold Resources Inc
TSX:GGD
30.8
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: 40.8
18.7
41%
0.5
US
Hecla Mining Co
NYSE:HL
26.2
30%
0.9
CA
MAG Silver Corp
TSX:MAG
30.7
N/A N/A
CA
Fortuna Silver Mines Inc
TSX:FVI
7
N/A N/A
CA
First Majestic Silver Corp
TSX:FR
Negative Multiple: -51.4 N/A N/A
CA
Endeavour Silver Corp
TSX:EDR
151.2
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: -29.3 N/A N/A
CA
Silvercorp Metals Inc
TSX:SVM
7.5
55%
0.1
CA
GoGold Resources Inc
TSX:GGD
44.1
N/A N/A
CA
Discovery Silver Corp
XTSX:DSV
Negative Multiple: -24.2 N/A N/A