Pan American Silver - Consistency boosting returns
After a couple of transitional years, Pan American Silver (PAAS) is in a much better position to deliver more consistent operational and cost performance as the Yamana assets are integrated, La Colorada ventilation issues are resolved and the asset portfolio is largely streamlined. We are upgrading our estimates on higher commodity price assumptions and raising our valuation to US$26.0/share. The stock has been derated on improving earnings momentum and is now trading at below average historical multiples. The recent M&A provides additional valuation support.Pan American Silver is engaged in the production and sale of silver, gold and other base metals including copper, lead and zinc as well as other related activities, including exploration, extraction, processing, refining and reclamation. Co.'s primary product (silver) is produced in Peru, Mexico, Argentina and Bolivia. Additionally, Co. has project development activities in Peru, Mexico and Argentina, and exploration activities throughout South America and Mexico.
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