2 models fit Pan American Silver Corp. Common Stock and they disagree: 0 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Discount(i)Bronze44
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionPan American Silver Corp. Common Stock (PAAS)
Fair value (2 models)
$50.54
ACCE price target
$50.00
Rating
Undervalued
Horizon
12 months
Fair value published on 19 Oct 2026, 18:04 CEST; previously $53.12 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 25 Sept 2026, 00:00 CEST.
Price used: $40.15 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
20.6% below
+25.9% to fair value
ACCE score
77
out of 100
Analysts
78% buy
9 covering
P/E
12.2x
forward 12.4x
1-year return
+10.9%
Dividend yield
1.42%
Pan American Silver Corp. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Pan American Silver mines silver and gold across several operations in Mexico, Peru, Argentina, Canada and Bolivia, with silver production making up most of its revenue. The structural case rests on a low cost base: a 55.9% gross margin and 37.8% operating margin are high for a miner, and they leave room to keep generating cash if precious metal prices soften. Revenue growth of 38.4% is the number that matters most for the near term, and it suggests higher realized metal prices and volumes are flowing straight through to earnings. At a trailing P/E of 13.5 and a forward P/E of 10.1, the market is pricing in a meaningful drop in earnings risk that the 22.4% ROE does not obviously support. The stock is worth a deeper look for whether that gap reflects a real problem at the mines or just the sector's usual discount for commodity exposure.