Pan American Silver Corp.

TSX:PAAS Stock Report

Market Cap: CA$11.4b

Pan American Silver Valuation

Is PAAS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PAAS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PAAS (CA$32) is trading above our estimate of fair value (CA$19.02)

Significantly Below Fair Value: PAAS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PAAS?

Key metric: As PAAS is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PAAS. This is calculated by dividing PAAS's market cap by their current revenue.
What is PAAS's PS Ratio?
PS Ratio3.1x
SalesUS$2.67b
Market CapUS$8.15b

Price to Sales Ratio vs Peers

How does PAAS's PS Ratio compare to its peers?

The above table shows the PS ratio for PAAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.8x
FVI Fortuna Mining
1.5x-13.7%CA$2.1b
AG First Majestic Silver
3.7x14.3%CA$2.8b
EDR Endeavour Silver
4.9x19.3%CA$1.5b
AYA Aya Gold & Silver
29.2x75.2%CA$1.7b
PAAS Pan American Silver
3.1x3.8%CA$11.4b

Price-To-Sales vs Peers: PAAS is good value based on its Price-To-Sales Ratio (3.1x) compared to the peer average (9.8x).

Price to Sales Ratio vs Industry

How does PAAS's PS Ratio compare vs other companies in the CA Metals and Mining Industry?

84 CompaniesPrice / SalesEstimated GrowthMarket Cap
LUN Lundin Mining
1.9x4.4%US$7.90b
BTO B2Gold
2x16.3%US$3.73b
HBM Hudbay Minerals
1.8x5.0%US$3.56b
STLC Stelco Holdings
1.3x-0.1%US$2.66b
PAAS 3.1xIndustry Avg. 2.9xNo. of Companies84PS0816243240+
84 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PAAS is expensive based on its Price-To-Sales Ratio (3.1x) compared to the Canadian Metals and Mining industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is PAAS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PAAS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.1x
Fair PS Ratio2x

Price-To-Sales vs Fair Ratio: PAAS is expensive based on its Price-To-Sales Ratio (3.1x) compared to the estimated Fair Price-To-Sales Ratio (2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PAAS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$32.00
CA$37.45
+17.0%
18.1%CA$44.23CA$30.67n/a2
Nov ’25CA$32.08
CA$35.57
+10.9%
14.5%CA$40.74CA$30.41n/a2
Oct ’25CA$29.08
CA$35.41
+21.8%
15.6%CA$40.95CA$29.87n/a2
Sep ’25CA$27.22
CA$35.60
+30.8%
15.2%CA$40.99CA$30.21n/a2
Aug ’25CA$30.66
CA$35.56
+16.0%
15.3%CA$41.00CA$30.11n/a2
Jul ’25CA$27.19
CA$32.96
+21.2%
8.5%CA$35.76CA$30.16n/a2
Jun ’25CA$30.01
CA$32.67
+8.9%
8.0%CA$35.27CA$30.08n/a2
May ’25CA$25.57
CA$32.38
+26.6%
6.5%CA$34.50CA$30.27n/a2
Apr ’25CA$20.70
CA$28.07
+35.6%
6.4%CA$29.87CA$26.27n/a2
Mar ’25CA$17.47
CA$28.02
+60.4%
6.2%CA$29.77CA$26.27n/a2
Feb ’25CA$18.84
CA$28.61
+51.8%
3.9%CA$29.73CA$27.48n/a2
Jan ’25CA$21.63
CA$28.67
+32.5%
2.3%CA$29.34CA$28.00n/a2
Dec ’24CA$21.84
CA$29.08
+33.1%
3.5%CA$30.10CA$28.05n/a2
Nov ’24CA$20.32
CA$29.42
+44.8%
3.5%CA$30.43CA$28.00CA$32.083
Oct ’24CA$19.66
CA$33.72
+71.5%
0.7%CA$33.95CA$33.50CA$29.082
Sep ’24CA$22.14
CA$33.72
+52.3%
0.7%CA$33.95CA$33.50CA$27.222
Aug ’24CA$21.65
CA$32.83
+51.6%
0.8%CA$33.08CA$32.58CA$30.662
Jul ’24CA$19.30
CA$32.93
+70.6%
0.4%CA$33.05CA$32.80CA$27.192
Jun ’24CA$21.14
CA$33.02
+56.2%
0.1%CA$33.06CA$32.99CA$30.012
May ’24CA$23.77
CA$33.68
+41.7%
2.0%CA$34.37CA$32.99CA$25.572
Apr ’24CA$24.66
CA$30.82
+25.0%
3.7%CA$31.96CA$29.68CA$20.702
Mar ’24CA$20.87
CA$31.14
+49.2%
3.1%CA$32.09CA$30.18CA$17.472
Nov ’23CA$22.26
CA$29.53
+32.6%
4.9%CA$30.96CA$28.09CA$20.322

Analyst Forecast: Target price is less than 20% higher than the current share price.

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