Company Valuation: Pan American Silver Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 5,245 3,440 5,969 7,366 21,904 25,075 - -
Change - -34.41% 73.5% 23.4% 197.38% 14.48% - -
Enterprise Value (EV) 1 4,956 3,525 6,330 7,212 21,437 23,136 21,465 16,946
Change - -28.87% 79.57% 13.93% 197.26% 7.92% -7.22% -21.05%
P/E ratio 54.2x -10.1x -51.2x 65.2x 20.3x 16x 16.7x 15.7x
PBR - - - - - - - -
PEG - 0x 0.6x -0x 0x 0.4x -3.66x 2.48x
Capitalization / Revenue 3.21x 2.3x 2.58x 2.61x 6.05x 5.15x 5.55x 6.46x
EV / Revenue 3.04x 2.36x 2.73x 2.56x 5.92x 4.75x 4.75x 4.36x
EV / EBITDA 8.35x 11.1x 10.2x 7.15x 12.3x 8.17x 7.73x 7.52x
EV / EBIT 17.1x -80x 45.7x 16.5x 17.2x 10.2x 10.6x 8.14x
EV / FCF 33.3x -14.5x 88.9x 18x 21x 14.2x 10.7x 10.3x
FCF Yield 3% -6.89% 1.12% 5.56% 4.75% 7.04% 9.34% 9.67%
Dividend per Share 2 0.34 0.45 0.4 0.4 0.46 0.63 0.7 -
Rate of return 1.36% 2.76% 2.44% 1.98% 0.89% 1.06% 1.18% -
EPS 2 0.46 -1.62 -0.32 0.31 2.56 3.725 3.555 3.78
Distribution rate 73.9% -27.8% -125% 129% 18% 16.9% 19.7% -
Net sales 1 1,633 1,495 2,316 2,819 3,619 4,866 4,516 3,883
EBITDA 1 593.2 317.1 622.8 1,008 1,740 2,832 2,776 2,254
EBIT 1 290.2 -44.07 138.6 436.3 1,243 2,260 2,029 2,081
Net income 1 97.43 -341.7 -104.9 111.5 978 1,664 1,575 1,479
Net Debt 1 -289.4 84.49 360.7 -154 -467 -1,939 -3,610 -8,129
Reference price 2 24.94 16.33 16.38 20.21 51.90 59.44 59.44 59.44
Nbr of stocks (in thousands) 2,10,313 2,10,688 3,64,439 3,64,440 4,22,047 4,21,884 - -
Announcement Date 23/02/22 22/02/23 22/02/24 19/02/25 18/02/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.05x4.78x8.22x1.05% 2.51TCr
14.8x3.63x6.46x3.82% 19TCr
11.31x2.79x6.07x5.17% 15TCr
19.37x4.9x8.93x2.67% 8.5TCr
70.65x0.5x8.87x1.41% 7.87TCr
34.9x7.85x19.04x-.--% 7.38TCr
25.64x2.64x7.05x2.75% 4.64TCr
30.32x7.69x12.96x2.18% 3.47TCr
13.74x2.03x6.24x5.11% 3.06TCr
19.12x6.41x11.77x3.74% 2.7TCr
Average 25.59x 4.32x 9.56x 2.79% 7.44TCr
Weighted average by Cap. 24.05x 3.89x 8.75x 3.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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