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PAAS

Pan American Silver Corp.

Basic Materials · $19.4B market cap

Verdict

Share price

$45.51

close of Oct 3, 2026

Fair value

$62.15

Sticker Price

Payback Price

$24.86

buy price

Undervalued

PAAS is Undervalued: at $45.51 it trades 27% below its fair value of $62.15. Its buy price (Payback Price) is $24.86, 45% below today's price. Business quality is limited: only 1 of 5 key numbers clears the 10% bar.

How we valued it

Buffett Normalized. A profitable, growing business, so we project its earnings 10 years ahead and work out what that is worth today.

Business quality

1 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth1.8% a year✗
Equity per share growth2.5% a year✗
Sales growth11.7% a year✓
Free cash flow growth9.0% a year✗
Return on invested capital4.4%✗

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Superinvestors

2 of the investors we track hold PAAS. In Q2 2026, 1 trimmed. Who we track

First Eagle Investment Management

First Eagle Investment Management · as of Q2 2026

$108.3M

2,417,389 shares

Lee Ainslie

Maverick Capital · as of Q2 2026

$818K

18,255 shares

Moves in Q2 2026

Trimmed: Lee Ainslie

About Pan American Silver Corp.

Pan American Silver Corp. is a mining enterprise dedicated to the full spectrum of metal operations, from discovery and site development to extraction, refinement, and environmental reclamation. The company focuses on precious and base metals including silver, gold, zinc, lead, and copper. Its extensive operations are situated across several countries, specifically Canada, Mexico, Peru, Argentina, and Bolivia, where…

Gold

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works