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Pan American Silver (PAAS): Initiation - Lean, Mean Silver Machine

LONDON, UK / ACCESSWIRE / April 13, 2022 / Pan American Silver (PAAS) is one of the world largest primary silver producers, with key operations in the Americas. While the well-timed acquisition of Tahoe Resources in 2019 boosted exposure to gold, given the quality and the calibre of its key silver assets, PAAS remains predominantly a silver play. Although the COVID-19 pandemic and current geopolitical tensions have supported investment demand and driven commodity prices, in the longer term, normalising economic conditions and monetary policy signal a gradual shift to physical demand. With ongoing expansion in renewables, which could intensify due to energy security concerns, we expect solar photovoltaics and general e-mobility to become the main areas of growth for silver.

Our discounted cash flow to equity valuation of PAAS is US$26.2/share, including Escobal at c US$7/share. Combined with an in-situ value of the greenfield projects, a 17% interest in Maverix Metals and Morococha at book value, it implies a total valuation of US$31.0/share. Given the strength in commodity prices, a 10% increase in our silver/gold price deck would boost our valuation by c 20%. Other near-term price catalysts include progress on the Escobal consultation process.

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SOURCE: Edison Investment Research Limited

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