Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pan American Silver Corp. (PAAS)

Company Dividend Discount ModelIndustry: SilverSector: Basic Materials

Valuation Snapshot

Stable Growth$67.70 - $343.94$139.41
Multi-Stage$37.12 - $40.61$38.83
Blended Fair Value$89.12
Current Price$28.40
Upside213.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS37.74%6.74%0.400.360.260.200.130.080.060.040.020.11
YoY Growth--11.50%37.70%32.45%54.68%57.59%37.81%38.98%101.34%-81.76%-44.95%
Dividend Yield--1.54%2.33%1.42%0.71%0.42%0.56%0.45%0.26%0.12%1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)634.10
(-) Cash Dividends Paid (M)152.10
(=) Cash Retained (M)482.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)126.8279.2647.56
Cash Retained (M)482.00482.00482.00
(-) Cash Required (M)-126.82-79.26-47.56
(=) Excess Retained (M)355.18402.74434.44
(/) Shares Outstanding (M)366.65366.65366.65
(=) Excess Retained per Share0.971.101.18
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share0.971.101.18
(=) Adjusted Dividend1.381.511.60
WACC / Discount Rate7.66%7.66%7.66%
Growth Rate5.50%6.50%7.50%
Fair Value$67.70$139.41$343.94
Upside / Downside138.38%390.89%1,111.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)634.10675.32719.21765.96815.75868.77894.84
Payout Ratio23.99%37.19%50.39%63.59%76.80%90.00%92.50%
Projected Dividends (M)152.10251.15362.43487.11626.47781.89827.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.66%7.66%7.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)231.10233.29235.48
Year 2 PV (M)306.87312.71318.61
Year 3 PV (M)379.51390.40401.50
Year 4 PV (M)449.12466.39484.16
Year 5 PV (M)515.79540.70566.57
PV of Terminal Value (M)11,727.2212,293.6512,881.75
Equity Value (M)13,609.5914,237.1414,888.07
Shares Outstanding (M)366.65366.65366.65
Fair Value$37.12$38.83$40.61
Upside / Downside30.70%36.72%42.98%

High-Yield Dividend Screener

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