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Pan American Silver

TSX:PAAS
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PAAS
TSX
CA$4B
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

Pan American Silver Corp., together with its subsidiaries, engages in exploration, extraction, processing, refining, and reclamation of silver mines. The last earnings update was 8 days ago. More info.


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PAAS Share Price and Events
7 Day Returns
0.3%
TSX:PAAS
-2.1%
CA Metals and Mining
0.3%
CA Market
1 Year Returns
-12.9%
TSX:PAAS
-5.9%
CA Metals and Mining
0.7%
CA Market
PAAS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pan American Silver (PAAS) 0.3% -7.8% -9.1% -12.9% 30.3% 24.6%
CA Metals and Mining -2.1% 1.4% 13.1% -5.9% 8.9% -22%
CA Market 0.3% 2% 13.2% 0.7% 16.6% 5.6%
1 Year Return vs Industry and Market
  • PAAS underperformed the Metals and Mining industry which returned -5.9% over the past year.
  • PAAS underperformed the Market in Canada which returned 0.7% over the past year.
Price Volatility
PAAS
Industry
5yr Volatility vs Market

PAAS Value

 Is Pan American Silver undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pan American Silver to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pan American Silver.

TSX:PAAS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:PAAS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.18
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.181 (1 + (1- 26.5%) (0.99%))
1.127
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.127 * 5.96%)
8.66%

Discounted Cash Flow Calculation for TSX:PAAS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pan American Silver is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:PAAS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.66%)
2019 124.93 Analyst x3 114.97
2020 292.33 Analyst x3 247.58
2021 103.00 Analyst x1 80.28
2022 34.50 Est @ -66.51% 24.74
2023 18.64 Est @ -45.97% 12.30
2024 12.75 Est @ -31.6% 7.74
2025 10.00 Est @ -21.53% 5.59
2026 8.55 Est @ -14.49% 4.40
2027 7.74 Est @ -9.56% 3.66
2028 7.26 Est @ -6.11% 3.16
Present value of next 10 years cash flows $504.44
TSX:PAAS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $7.26 × (1 + 1.95%) ÷ (8.66% – 1.95%)
$110.27
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $110.27 ÷ (1 + 8.66%)10
$48.04
TSX:PAAS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $504.44 + $48.04
$552.49
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $552.49 / 209.44
$2.64
TSX:PAAS Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:PAAS)
1.333
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $2.64 x 1.333
CA$3.52
Value per share (CAD) From above. CA$3.52
Current discount Discount to share price of CA$17.62
= -1 x (CA$17.62 - CA$3.52) / CA$3.52
-401.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Pan American Silver is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pan American Silver's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pan American Silver's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:PAAS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.07
TSX:PAAS Share Price ** TSX (2019-03-20) in CAD CA$17.62
TSX:PAAS Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.75 $13.22
Canada Metals and Mining Industry PE Ratio Median Figure of 115 Publicly-Listed Metals and Mining Companies 12.49x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 14.78x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pan American Silver.

TSX:PAAS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:PAAS Share Price ÷ EPS (both in USD)

= 13.22 ÷ 0.07

196.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pan American Silver is overvalued based on earnings compared to the CA Metals and Mining industry average.
  • Pan American Silver is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Pan American Silver's expected growth come at a high price?
Raw Data
TSX:PAAS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 196.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
37%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 35 Publicly-Listed Metals and Mining Companies 0.7x
Canada Market PEG Ratio Median Figure of 253 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

TSX:PAAS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 196.86x ÷ 37%

5.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pan American Silver is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Pan American Silver's assets?
Raw Data
TSX:PAAS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $9.83
TSX:PAAS Share Price * TSX (2019-03-20) in CAD CA$17.62
TSX:PAAS Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.75 $13.22
Canada Metals and Mining Industry PB Ratio Median Figure of 1,080 Publicly-Listed Metals and Mining Companies 1.44x
Canada Market PB Ratio Median Figure of 2,349 Publicly-Listed Companies 1.58x
TSX:PAAS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:PAAS Share Price ÷ Book Value per Share (both in USD)

= 13.22 ÷ 9.83

1.34x

* Primary Listing of Pan American Silver.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pan American Silver is good value based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess Pan American Silver's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Pan American Silver has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PAAS Future Performance

 How is Pan American Silver expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
37%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pan American Silver expected to grow at an attractive rate?
  • Pan American Silver's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Pan American Silver's earnings growth is expected to exceed the Canada market average.
  • Pan American Silver's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:PAAS Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:PAAS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 37%
TSX:PAAS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 16.5%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 33.3%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 17.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:PAAS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:PAAS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,896 262 1
2022-12-31 1,717 197 1
2021-12-31 1,599 351 75 2
2020-12-31 1,639 429 94 5
2019-12-31 1,348 332 79 5
TSX:PAAS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 784 155 10
2018-09-30 837 222 123
2018-06-30 840 244 150
2018-03-31 825 220 149
2017-12-31 817 225 121
2017-09-30 781 191 94
2017-06-30 824 229 119
2017-03-31 815 253 118
2016-12-31 775 215 100
2016-09-30 747 193 -55
2016-06-30 673 123 -164
2016-03-31 655 78 -206

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pan American Silver's earnings are expected to grow significantly at over 20% yearly.
  • Pan American Silver's revenue is expected to grow by 16.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:PAAS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Pan American Silver Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PAAS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.17 1.17 1.17 1.00
2022-12-31 0.87 0.87 0.87 1.00
2021-12-31 0.64 0.91 0.36 2.00
2020-12-31 0.85 0.85 0.85 1.00
2019-12-31 0.39 0.42 0.36 2.00
TSX:PAAS Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.07
2018-09-30 0.80
2018-06-30 0.98
2018-03-31 0.97
2017-12-31 0.79
2017-09-30 0.61
2017-06-30 0.78
2017-03-31 0.77
2016-12-31 0.66
2016-09-30 -0.36
2016-06-30 -1.08
2016-03-31 -1.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Pan American Silver is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Pan American Silver's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pan American Silver has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PAAS Past Performance

  How has Pan American Silver performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pan American Silver's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pan American Silver has delivered over 20% year on year earnings growth in the past 5 years.
  • Pan American Silver's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Pan American Silver's 1-year earnings growth is negative, it can't be compared to the CA Metals and Mining industry average.
Earnings and Revenue History
Pan American Silver's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pan American Silver Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PAAS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 784.50 10.29 33.79
2018-09-30 837.17 123.00 33.83
2018-06-30 840.24 149.71 36.39
2018-03-31 825.10 149.00 38.67
2017-12-31 816.83 120.99 39.25
2017-09-30 781.39 93.88 38.91
2017-06-30 824.25 119.39 37.21
2017-03-31 815.19 117.72 37.26
2016-12-31 774.78 100.09 35.00
2016-09-30 747.14 -54.60 34.55
2016-06-30 672.91 -164.42 30.02
2016-03-31 654.84 -205.54 27.53
2015-12-31 674.69 -226.65 29.97
2015-09-30 674.82 -620.45 29.09
2015-06-30 693.68 -573.65 31.30
2015-03-31 720.33 -571.80 32.03
2014-12-31 751.94 -545.59 31.13
2014-09-30 781.21 -312.50 28.01
2014-06-30 816.50 -278.09 27.35
2014-03-31 791.23 -459.16 29.52
2013-12-31 824.50 -445.85 33.07
2013-09-30 879.48 -183.42 43.91
2013-06-30 917.77 -174.99 50.13
2013-03-31 942.79 48.47 57.02
2012-12-31 928.59 78.20 57.54
2012-09-30 893.62 204.74 56.37
2012-06-30 862.34 234.51 57.36
2012-03-31 893.61 310.22 51.99

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Pan American Silver has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pan American Silver used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • Pan American Silver has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Pan American Silver's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pan American Silver has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PAAS Health

 How is Pan American Silver's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pan American Silver's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pan American Silver is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Pan American Silver's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Pan American Silver's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 20x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pan American Silver Company Filings, last reported 2 months ago.

TSX:PAAS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,513.35 27.46 212.51
2018-09-30 1,581.60 29.23 252.66
2018-06-30 1,595.81 30.49 250.25
2018-03-31 1,563.70 30.81 224.84
2017-12-31 1,521.05 31.35 227.54
2017-09-30 1,471.97 28.31 186.28
2017-06-30 1,457.99 67.53 198.19
2017-03-31 1,426.07 64.56 205.42
2016-12-31 1,399.00 64.09 217.61
2016-09-30 1,379.10 67.82 245.27
2016-06-30 1,335.15 79.60 204.19
2016-03-31 1,300.26 80.32 177.62
2015-12-31 1,298.62 80.56 226.64
2015-09-30 1,441.29 78.66 266.09
2015-06-30 1,516.50 82.64 274.91
2015-03-31 1,531.34 86.11 292.45
2014-12-31 1,569.94 81.22 330.41
2014-09-30 2,113.11 78.06 377.49
2014-06-30 2,152.35 68.72 381.64
2014-03-31 2,176.83 80.50 394.38
2013-12-31 2,188.79 85.34 422.72
2013-09-30 2,499.21 84.53 421.35
2013-06-30 2,503.97 87.79 441.17
2013-03-31 2,711.24 73.33 491.44
2012-12-31 2,717.57 98.77 542.32
2012-09-30 2,774.19 104.34 547.96
2012-06-30 2,761.13 96.72 519.76
2012-03-31 2,752.02 104.97 594.21
  • Pan American Silver's level of debt (1.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (3.9% vs 1.8% today).
  • Debt is well covered by operating cash flow (564.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.3x coverage).
X
Financial health checks
We assess Pan American Silver's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pan American Silver has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PAAS Dividends

 What is Pan American Silver's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.06%
Current annual income from Pan American Silver dividends. Estimated to be 1.31% next year.
If you bought CA$2,000 of Pan American Silver shares you are expected to receive CA$21 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pan American Silver's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.02%).
  • Pan American Silver's dividend is below the markets top 25% of dividend payers in Canada (5.61%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:PAAS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 1.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:PAAS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.20 1.00
2022-12-31 0.17 2.00
2021-12-31 0.16 3.00
2020-12-31 0.19 6.00
2019-12-31 0.15 5.00
TSX:PAAS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-20 0.140 1.055
2018-11-06 0.140 0.994
2018-08-08 0.140 0.920
2018-05-09 0.140 0.808
2018-02-21 0.140 0.874
2017-11-08 0.100 0.641
2017-03-22 0.100 0.582
2017-02-15 0.100 0.572
2016-11-15 0.050 0.289
2016-11-14 0.050 0.323
2016-08-11 0.050 0.289
2016-02-18 0.050 0.368
2015-11-12 0.200 2.912
2015-08-14 0.200 2.846
2015-05-11 0.200 2.467
2015-03-26 0.500 5.357
2015-02-19 0.500 5.333
2014-08-13 0.500 4.581
2014-05-08 0.500 3.560
2014-02-19 0.500 3.690
2013-11-14 0.500 4.266
2013-08-14 0.500 4.460
2013-05-14 0.500 4.143
2013-02-21 0.500 3.422
2013-02-20 0.500 3.110
2012-11-08 0.200 1.089
2012-08-15 0.200 1.007
2012-08-14 0.200 1.305
2012-05-16 0.150 0.934
2012-02-23 0.150 0.738
2011-11-09 0.100 0.422
2011-08-11 0.100 0.337
2011-05-19 0.100 0.321
2011-02-16 0.100 0.275
2010-11-09 0.100 0.273
2010-11-08 0.100 0.277
2010-08-11 0.050 0.179
2010-02-16 0.050 0.206

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pan American Silver is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • Pan American Silver is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Pan American Silver's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Pan American Silver's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (6.6x coverage).
X
Income/ dividend checks
We assess Pan American Silver's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pan American Silver afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pan American Silver has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PAAS Management

 What is the CEO of Pan American Silver's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Steinmann
COMPENSATION $3,487,500
AGE 52
TENURE AS CEO 3.2 years
CEO Bio

Mr. Michael Steinmann, Ph.D., P.Geo., has been the President of Pan American Silver Corp. since February 18, 2015 and has been its Chief Executive Officer since January 1, 2016. Mr. Steinmann served as Executive Vice President of Corporate Development & Geology at Pan American Silver Corp. since September 01, 2008. He was responsible for business development, project evaluation and all aspects of geology and exploration. Mr. Steinmann is a Geologist with over 20 years of experience in the exploration and mining industry. He has worked on exploration projects, mine evaluations and in underground and open pit mines throughout South America, the USA, Europe and Asia for companies like Rio Tinto and Glencore. He served as Senior Vice President, Geology and Exploration of Pan American Silver Corp., from November 2005 to August 2008. Mr. Steinmann has extensive experience throughout South America in mine operations, project development and corporate M&A having participated in numerous mine construction projects from exploration and feasibility studies, through start-up and into continuous operation. He was involved in several capital market transactions including placements of equity and debt and played a pivotal role in the successful acquisition of Aquiline Resources Inc. (Navidad project) and Minefinders Corporation Ltd. (Dolores mine), as well as in numerous other exploration and business development initiatives. He served as Vice President- Geology-Operations and Projects of Pan American Silver Corp. since March 15, 2004 and Manager of Geology for Glencore, South American operations and projects from 2000 to 2004. He has been Director at Lumina Gold Corp. since July 2014. He has been Director of Esperanza Resources Corp since February 2013, Pan American Silver Corp. since January 01, 2016 and Odin Mining & Exploration Ltd., since July 22, 2014. Mr. Steinmann holds a Ph.D. in Natural Science (Geology) from the Swiss Federal Institute of Technology and an M.Sc. in Geology from the University of Zurich on Regional Geology and Tectonics of Southern Ecuador. He holds a Degree in Corporate Finance from Escuela Superior de Administracio´n y Negocios, Lima.

CEO Compensation
  • Michael's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Michael's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Pan American Silver management team in years:

3.6
Average Tenure
56
Average Age
  • The tenure for the Pan American Silver management team is about average.
Management Team

Ross Beaty

TITLE
Founder & Chairman
COMPENSATION
$275K
AGE
66

Michael Steinmann

TITLE
President
COMPENSATION
$3M
AGE
52
TENURE
3.2 yrs

Rob Doyle

TITLE
Chief Financial Officer
COMPENSATION
$1M
TENURE
15.2 yrs

Steve Busby

TITLE
Chief Operating Officer
COMPENSATION
$2M
TENURE
10.8 yrs

Sean McAleer

TITLE
Vice President of Human Resources & Security
COMPENSATION
$1M
TENURE
9.1 yrs

Andres Dasso

TITLE
Senior Vice President of Mining Operations
COMPENSATION
$1M

Wayne Vincent

TITLE
Vice President of Accounting & Operations
AGE
56
TENURE
3.6 yrs

Martin Wafforn

TITLE
Senior Vice President of Technical Services & Process Optimization
TENURE
2.6 yrs

Siren Fisekci

TITLE
Vice President of Investor Relations & Corporate Communications

Christopher Lemon

TITLE
General Counsel
TENURE
1.6 yrs
Board of Directors Tenure

Average tenure and age of the Pan American Silver board of directors in years:

4.9
Average Tenure
65
Average Age
  • The tenure for the Pan American Silver board of directors is about average.
Board of Directors

Ross Beaty

TITLE
Founder & Chairman
COMPENSATION
$275K
AGE
66

Michael Steinmann

TITLE
President
COMPENSATION
$3M
AGE
52
TENURE
3.2 yrs

David Press

TITLE
Independent Director
COMPENSATION
$166K
AGE
72
TENURE
10.8 yrs

Walter Segsworth

TITLE
Lead Independent Director
COMPENSATION
$176K
AGE
69
TENURE
7.2 yrs

Michael Carroll

TITLE
Independent Director
COMPENSATION
$171K
AGE
65
TENURE
8.2 yrs

Neil de Gelder

TITLE
Independent Director
COMPENSATION
$168K
AGE
65
TENURE
6.7 yrs

Gill Winckler

TITLE
Independent Director
COMPENSATION
$160K
AGE
55
TENURE
2.8 yrs

C. McArthur

TITLE
Director
AGE
63
TENURE
0.1 yrs

Chuck Jeannes

TITLE
Director
AGE
60
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Pan American Silver insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
01. Mar 19 Buy Michael Carroll Individual 27. Feb 19 01. Mar 19 10,000 CA$18.20 CA$175,550
X
Management checks
We assess Pan American Silver's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pan American Silver has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PAAS News

Simply Wall St News

Pan American Silver (TSE:PAAS) Shareholders Booked A 23% Gain In The Last Three Years

Many high growth companies focus on growing revenue before profits, but if revenue is the focus, it really needs to grow. … That's because it's hard for shareholders to have confidence a company will grow profits significantly if it isn't growing revenue. … If it can become profitable, then even moderate revenue growth could grow profits quickly.

Simply Wall St -

Is Pan American Silver Corp. (TSE:PAAS) A Smart Choice For Dividend Investors?

Does Pan American Silver tick all the boxes of a great dividend stock? … Check out our latest analysis for Pan American Silver … 5 questions to ask before buying a dividend stock

Simply Wall St -

Is Pan American Silver Corp.’s (TSE:PAAS) 7.6% ROCE Any Good?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Is Pan American Silver Corp.'s (TSE:PAAS) CEO Paid At A Competitive Rate?

Michael Steinmann became the CEO of Pan American Silver Corp. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Michael Steinmann's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Intrinsic Calculation For Pan American Silver Corp. (TSE:PAAS) Shows Investors Are Overpaying

(TSE:PAAS) from its intrinsic value? … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

All You Need To Know About Pan American Silver Corp.'s (TSE:PAAS) Financial Health

Mid-caps stocks, like Pan American Silver Corp. … Don’t forget that this is a general and concentrated examination of Pan American Silver's financial health, so you should conduct further analysis. … View our latest analysis for Pan American Silver

Simply Wall St -

Pan American Silver Corp (TSE:PAAS) Delivered A Weaker ROE Than Its Industry

By way of learning-by-doing, we'll look at ROE to gain a better understanding Pan American Silver Corp (TSE:PAAS). … Pan American Silver has a ROE of 7.9%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Pan American Silver Corp (TSE:PAAS) A Strong Dividend Stock?

Historically, Pan American Silver Corp (TSE:PAAS) has paid a dividend to shareholders. … Let's take a look at Pan American Silver in more detail. … See our latest analysis for Pan American Silver

Simply Wall St -

Don't Sell Pan American Silver Corp (TSE:PAAS) Before You Read This

Pan American Silver has a P/E ratio of 15.77, based on the last twelve months. … Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) … P/E of 15.77 = $15.41 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $0.98

Simply Wall St -

Could The Pan American Silver Corp (TSE:PAAS) Ownership Structure Tell Us Something Useful?

The big shareholder groups in Pan American Silver Corp (TSE:PAAS) have power over the company. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership.

Simply Wall St -

PAAS Company Info

Description

Pan American Silver Corp., together with its subsidiaries, engages in exploration, extraction, processing, refining, and reclamation of silver mines. The company owns and operates silver mines located in Peru, Mexico, Argentina, and Bolivia. It also produces and sells gold, zinc, lead, and copper. The company holds interests in the La Colorada, Dolores, Alamo Dorado, Huaron, Morococha, Manantial Espejo, and San Vicente mines. Pan American Silver Corp. was founded in 1979 and is headquartered in Vancouver, Canada.

Details
Name: Pan American Silver Corp.
PAAS
Exchange: TSX
Founded: 1979
CA$3,690,306,370
209,438,500
Website: http://www.panamericansilver.com
Address: Pan American Silver Corp.
625 Howe Street,
Suite 1440,
Vancouver,
British Columbia, V6C 2T6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX PAAS Common Shares The Toronto Stock Exchange CA CAD 15. Sep 1982
NasdaqGS PAAS Common Shares Nasdaq Global Select US USD 15. Sep 1982
DB PA2 Common Shares Deutsche Boerse AG DE EUR 15. Sep 1982
LSE 0R07 Common Shares London Stock Exchange GB CAD 15. Sep 1982
SWX PAA Common Shares SIX Swiss Exchange CH CHF 15. Sep 1982
Number of employees
Current staff
Staff numbers
4,530
Pan American Silver employees.
Industry
Silver
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:43
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/19
Last earnings filing: 2019/03/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.