Intrinsic value of Pan American Silver - PAAS

Previous Close

$16.96

  Intrinsic Value

$2.29

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

+10%

Previous close

$16.96

 
Intrinsic value

$2.29

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

+10%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PAAS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.81
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  775
  811
  850
  890
  933
  978
  1,025
  1,074
  1,127
  1,181
  1,239
  1,300
  1,364
  1,431
  1,501
  1,575
  1,653
  1,734
  1,820
  1,911
  2,005
  2,105
  2,209
  2,319
  2,435
  2,556
  2,683
  2,817
  2,957
  3,104
  3,259
Variable operating expenses, $m
 
  1,086
  1,138
  1,192
  1,249
  1,309
  1,372
  1,438
  1,508
  1,582
  1,659
  1,740
  1,825
  1,915
  2,009
  2,108
  2,212
  2,322
  2,437
  2,557
  2,684
  2,818
  2,958
  3,105
  3,259
  3,421
  3,591
  3,770
  3,958
  4,155
  4,363
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  590
  1,086
  1,138
  1,192
  1,249
  1,309
  1,372
  1,438
  1,508
  1,582
  1,659
  1,740
  1,825
  1,915
  2,009
  2,108
  2,212
  2,322
  2,437
  2,557
  2,684
  2,818
  2,958
  3,105
  3,259
  3,421
  3,591
  3,770
  3,958
  4,155
  4,363
Operating income, $m
  184
  -275
  -288
  -302
  -316
  -331
  -347
  -364
  -382
  -400
  -420
  -440
  -462
  -484
  -508
  -533
  -560
  -587
  -616
  -647
  -679
  -713
  -748
  -785
  -824
  -865
  -908
  -954
  -1,001
  -1,051
  -1,104
EBITDA, $m
  300
  -153
  -160
  -168
  -176
  -185
  -193
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -283
  -297
  -312
  -327
  -344
  -361
  -379
  -397
  -417
  -438
  -460
  -483
  -507
  -532
  -558
  -586
  -615
Interest expense (income), $m
  3
  2
  4
  5
  7
  8
  10
  12
  13
  15
  17
  20
  22
  24
  27
  29
  32
  35
  38
  41
  45
  48
  52
  56
  60
  64
  69
  73
  78
  83
  89
Earnings before tax, $m
  176
  -277
  -292
  -307
  -323
  -339
  -357
  -376
  -395
  -416
  -437
  -460
  -483
  -509
  -535
  -563
  -592
  -622
  -654
  -688
  -724
  -761
  -800
  -841
  -884
  -929
  -977
  -1,027
  -1,080
  -1,135
  -1,193
Tax expense, $m
  74
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  100
  -277
  -292
  -307
  -323
  -339
  -357
  -376
  -395
  -416
  -437
  -460
  -483
  -509
  -535
  -563
  -592
  -622
  -654
  -688
  -724
  -761
  -800
  -841
  -884
  -929
  -977
  -1,027
  -1,080
  -1,135
  -1,193

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  218
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,898
  1,760
  1,843
  1,931
  2,023
  2,121
  2,223
  2,330
  2,444
  2,563
  2,688
  2,819
  2,958
  3,103
  3,256
  3,416
  3,585
  3,762
  3,949
  4,144
  4,350
  4,566
  4,793
  5,031
  5,281
  5,544
  5,820
  6,110
  6,414
  6,734
  7,069
Adjusted assets (=assets-cash), $m
  1,680
  1,760
  1,843
  1,931
  2,023
  2,121
  2,223
  2,330
  2,444
  2,563
  2,688
  2,819
  2,958
  3,103
  3,256
  3,416
  3,585
  3,762
  3,949
  4,144
  4,350
  4,566
  4,793
  5,031
  5,281
  5,544
  5,820
  6,110
  6,414
  6,734
  7,069
Revenue / Adjusted assets
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
Average production assets, $m
  1,184
  1,240
  1,299
  1,360
  1,425
  1,494
  1,566
  1,642
  1,721
  1,805
  1,893
  1,986
  2,083
  2,186
  2,293
  2,407
  2,525
  2,650
  2,781
  2,919
  3,064
  3,216
  3,376
  3,544
  3,720
  3,905
  4,099
  4,304
  4,518
  4,743
  4,980
Working capital, $m
  429
  225
  235
  247
  258
  271
  284
  298
  312
  327
  343
  360
  378
  396
  416
  436
  458
  480
  504
  529
  555
  583
  612
  642
  674
  708
  743
  780
  819
  860
  903
Total debt, $m
  43
  62
  87
  113
  140
  169
  199
  231
  264
  300
  337
  376
  416
  460
  505
  552
  602
  655
  710
  768
  829
  892
  960
  1,030
  1,104
  1,182
  1,264
  1,349
  1,440
  1,534
  1,634
Total liabilities, $m
  502
  521
  546
  572
  599
  628
  658
  690
  723
  759
  796
  835
  875
  919
  964
  1,011
  1,061
  1,114
  1,169
  1,227
  1,288
  1,351
  1,419
  1,489
  1,563
  1,641
  1,723
  1,808
  1,899
  1,993
  2,093
Total equity, $m
  1,396
  1,239
  1,298
  1,359
  1,424
  1,493
  1,565
  1,641
  1,720
  1,804
  1,892
  1,985
  2,082
  2,185
  2,292
  2,405
  2,524
  2,649
  2,780
  2,918
  3,062
  3,214
  3,374
  3,542
  3,718
  3,903
  4,097
  4,301
  4,515
  4,741
  4,977
Total liabilities and equity, $m
  1,898
  1,760
  1,844
  1,931
  2,023
  2,121
  2,223
  2,331
  2,443
  2,563
  2,688
  2,820
  2,957
  3,104
  3,256
  3,416
  3,585
  3,763
  3,949
  4,145
  4,350
  4,565
  4,793
  5,031
  5,281
  5,544
  5,820
  6,109
  6,414
  6,734
  7,070
Debt-to-equity ratio
  0.031
  0.050
  0.070
  0.080
  0.100
  0.110
  0.130
  0.140
  0.150
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
Adjusted equity ratio
  0.701
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704
  0.704

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  100
  -277
  -292
  -307
  -323
  -339
  -357
  -376
  -395
  -416
  -437
  -460
  -483
  -509
  -535
  -563
  -592
  -622
  -654
  -688
  -724
  -761
  -800
  -841
  -884
  -929
  -977
  -1,027
  -1,080
  -1,135
  -1,193
Depreciation, amort., depletion, $m
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  204
  214
  225
  236
  248
  260
  273
  286
  300
  315
  331
  347
  365
  383
  402
  422
  443
  465
  488
Funds from operations, $m
  192
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -251
  -265
  -279
  -294
  -310
  -327
  -344
  -362
  -382
  -402
  -423
  -445
  -469
  -494
  -519
  -547
  -575
  -605
  -637
  -670
  -704
Change in working capital, $m
  -23
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
Cash from operations, $m
  215
  -166
  -175
  -184
  -194
  -205
  -216
  -228
  -241
  -254
  -267
  -282
  -297
  -313
  -330
  -347
  -366
  -385
  -405
  -427
  -449
  -473
  -498
  -524
  -551
  -580
  -610
  -642
  -675
  -710
  -747
Maintenance CAPEX, $m
  0
  -116
  -122
  -127
  -133
  -140
  -146
  -154
  -161
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -248
  -260
  -273
  -286
  -300
  -315
  -331
  -347
  -365
  -383
  -402
  -422
  -443
  -465
New CAPEX, $m
  -203
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -236
Cash from investing activities, $m
  -140
  -172
  -181
  -189
  -198
  -208
  -218
  -230
  -241
  -253
  -265
  -279
  -292
  -306
  -322
  -338
  -355
  -373
  -391
  -411
  -431
  -452
  -475
  -499
  -523
  -550
  -577
  -606
  -636
  -668
  -701
Free cash flow, $m
  75
  -337
  -355
  -373
  -393
  -413
  -435
  -457
  -481
  -506
  -532
  -560
  -589
  -619
  -651
  -685
  -720
  -758
  -796
  -837
  -880
  -926
  -973
  -1,023
  -1,075
  -1,130
  -1,188
  -1,248
  -1,312
  -1,379
  -1,449
Issuance/(repayment) of debt, $m
  -20
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  99
Issuance/(repurchase) of shares, $m
  2
  334
  350
  369
  388
  408
  429
  451
  475
  499
  525
  552
  581
  611
  642
  676
  710
  747
  785
  826
  868
  913
  960
  1,009
  1,060
  1,114
  1,171
  1,231
  1,294
  1,360
  1,429
Cash from financing (excl. dividends), $m  
  -20
  357
  375
  395
  415
  437
  459
  483
  509
  534
  562
  591
  622
  654
  687
  724
  760
  799
  840
  884
  929
  977
  1,027
  1,080
  1,134
  1,192
  1,253
  1,317
  1,384
  1,455
  1,528
Total cash flow (excl. dividends), $m
  55
  20
  20
  21
  22
  23
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  69
  72
  76
  80
Retained Cash Flow (-), $m
  -99
  -334
  -350
  -369
  -388
  -408
  -429
  -451
  -475
  -499
  -525
  -552
  -581
  -611
  -642
  -676
  -710
  -747
  -785
  -826
  -868
  -913
  -960
  -1,009
  -1,060
  -1,114
  -1,171
  -1,231
  -1,294
  -1,360
  -1,429
Prev. year cash balance distribution, $m
 
  214
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -100
  -330
  -347
  -366
  -385
  -405
  -426
  -448
  -471
  -495
  -521
  -548
  -576
  -606
  -638
  -670
  -705
  -741
  -779
  -820
  -862
  -906
  -952
  -1,001
  -1,052
  -1,106
  -1,162
  -1,222
  -1,284
  -1,349
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -96
  -302
  -302
  -301
  -298
  -294
  -288
  -280
  -271
  -260
  -247
  -234
  -219
  -204
  -187
  -170
  -153
  -137
  -120
  -104
  -89
  -75
  -62
  -51
  -41
  -32
  -25
  -19
  -14
  -10
Current shareholders' claim on cash, %
  100
  86.7
  75.2
  65.2
  56.5
  48.9
  42.4
  36.6
  31.7
  27.4
  23.7
  20.4
  17.6
  15.2
  13.1
  11.3
  9.8
  8.4
  7.3
  6.3
  5.4
  4.6
  4.0
  3.4
  3.0
  2.5
  2.2
  1.9
  1.6
  1.4
  1.2

Pan American Silver Corp. is a silver production company. The Company is principally engaged in the operation and development of, and exploration for, silver producing properties. The Company's segments include Peru, Mexico, Argentina and Bolivia. The Company also produces and sells gold, zinc, lead and copper. The Company's operating properties in Mexico include La Colorada Mine, Dolores and Alamo Dorado. The Company's operating properties in Peru include Huaron Mine and Morococha Mine. The Company's operating properties in Bolivia include San Vicente. The Company's operating properties in Argentina include Manantial Espejo. The Company's development properties include Navidad Property. The La Colorada underground silver mine is located in the Chalchihuites district in Zacatecas State, Mexico, approximately 99 kilometers south of Durango and 156 kilometers northwest of Zacatecas. The La Colorada consists of approximately 60 claims totaling approximately 8,400 hectares.

FINANCIAL RATIOS  of  Pan American Silver (PAAS)

Valuation Ratios
P/E Ratio 25.8
Price to Sales 3.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 215.3
Growth Rates
Sales Growth Rate 14.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.1%
Cap. Spend. - 3 Yr. Gr. Rate 5%
Financial Strength
Quick Ratio 55
Current Ratio 0
LT Debt to Equity 2.8%
Total Debt to Equity 3.1%
Interest Coverage 60
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. -9.7%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12.1%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. -12.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 25.7%
Gross Margin - 3 Yr. Avg. 7.3%
EBITDA Margin 38.1%
EBITDA Margin - 3 Yr. Avg. -12.8%
Operating Margin 23.9%
Oper. Margin - 3 Yr. Avg. -31.4%
Pre-Tax Margin 22.7%
Pre-Tax Margin - 3 Yr. Avg. -32.3%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. -31.1%
Effective Tax Rate 42%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 8%

PAAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAAS stock intrinsic value calculation we used $775 million for the last fiscal year's total revenue generated by Pan American Silver. The default revenue input number comes from 2016 income statement of Pan American Silver. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PAAS stock valuation model: a) initial revenue growth rate of 4.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PAAS is calculated based on our internal credit rating of Pan American Silver, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pan American Silver.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PAAS stock the variable cost ratio is equal to 133.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PAAS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for Pan American Silver.

Corporate tax rate of 27% is the nominal tax rate for Pan American Silver. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PAAS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PAAS are equal to 152.8%.

Life of production assets of 10.2 years is the average useful life of capital assets used in Pan American Silver operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PAAS is equal to 27.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1396 million for Pan American Silver - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 152.259 million for Pan American Silver is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pan American Silver at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
EXK Endeavour Silv 2.30 0.26  str.sell
CDE Coeur Mining 8.31 1.07  str.sell
HL Hecla Mining 5.00 1.94  str.sell

COMPANY NEWS

▶ How Miners Correlate to Gold   [Oct-20-17 10:38AM  Market Realist]
▶ Top 3 Silver Stocks as of October 2017   [Oct-19-17 12:58PM  Investopedia]
▶ How Mining Stocks Correlate with Gold as of October 16   [Oct-18-17 02:06PM  Market Realist]
▶ The Reaction of Precious Metals on October 11   [Oct-13-17 05:14PM  Market Realist]
▶ Miners Relative Strength Index Rebounds in October 2017   [Oct-12-17 02:36PM  Market Realist]
▶ Could Pan American Silver Beat Analysts Estimates in 2017?   [Oct-11-17 07:39AM  Market Realist]
▶ A Look at the Technicals of Silver Miners   [Oct-05-17 11:22AM  Market Realist]
▶ What Are Mining Stock Technical Indicators Telling Us?   [Oct-03-17 04:06PM  Market Realist]
▶ Precious Metals in September: A Review   [02:12PM  Market Realist]
▶ A Look at Miners September Fluctuations   [Sep-29-17 06:03PM  Market Realist]
▶ Which Indicators Are Playing Precious Metals?   [Sep-26-17 01:32PM  Market Realist]
▶ Mining Stocks: Analyzing Relative Strength Indexes   [Sep-20-17 03:37PM  Market Realist]
▶ How Mining Stocks Reacted Yesterday   [01:43PM  Market Realist]
▶ The Latest US Employment Numbers and Gold   [Sep-19-17 12:59PM  Market Realist]
▶ How Miners and Metals Are Moving in September   [07:39AM  Market Realist]
▶ There Is a Silver Lining for Pan American Silver   [Sep-07-17 08:14AM  TheStreet.com]
▶ These Silver Miners Keep Improving Costs   [07:37AM  Market Realist]
▶ Inside Coeur Minings Exploration Program   [Aug-31-17 10:36AM  Market Realist]
▶ Coeur Mining Is Eying This after a Disappointing 1H17   [Aug-30-17 10:37AM  Market Realist]
▶ Pan American Silver tops Street 2Q forecasts   [Aug-09-17 11:55PM  Associated Press]
▶ Mining Shares Performance in the First Week of August   [Aug-07-17 01:35PM  Market Realist]
▶ How Mining Stocks Have Performed in the Beginning of August   [Aug-04-17 12:06PM  Market Realist]
▶ How Did Miners Move in July 2017?   [Aug-02-17 11:33AM  Market Realist]
▶ Traders Bet On Gold Miner Rally   [Jul-27-17 02:40PM  Benzinga]
▶ Why Analysts Expect Pan American Silvers Margins to Narrow   [Jul-26-17 10:41AM  Market Realist]
▶ Why Silver Miners Stock Performance Has Diverged in 2017   [Jul-25-17 05:06PM  Market Realist]
▶ Unpacking the Technical Indicators for Mining Stocks   [Jul-24-17 04:42PM  Market Realist]
▶ Miners Had Mixed Performances Last Week   [11:52AM  Market Realist]
▶ How Are Miners Correlation Trends Moving in July 2017?   [Jul-20-17 09:37AM  Market Realist]
▶ How the Indicators of Precious Metal Miners Are Moving   [Jul-11-17 11:36AM  Market Realist]
▶ How Miners Correlation Trend Is Moving   [Jul-06-17 03:14PM  Market Realist]
▶ Why Precious Metal Miners Keep Falling   [Jun-29-17 02:35PM  Market Realist]
▶ How Are Miners Moving amid Slumping Metals Prices?   [Jun-27-17 04:03PM  Market Realist]
▶ Insight into the Silver Market in June 2017   [Jun-23-17 12:34PM  Market Realist]
▶ The Latest Dip in Mining Stock Technicals   [Jun-19-17 05:51PM  Market Realist]
▶ Mining Stocks: Revival or Stabilization?   [01:16PM  Market Realist]
▶ Whats the Volatility of Mining Stocks?   [Jun-16-17 12:05PM  Market Realist]
▶ Where Mining Stocks Look to Be Headed in June   [Jun-14-17 12:58PM  Market Realist]
▶ How Mining Shares Are Trading in June   [12:35PM  Market Realist]
▶ Mining Stocks Toppled on June 8   [Jun-12-17 06:06PM  Market Realist]
Financial statements of PAAS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.