Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 17 Mar, 26 | PAAS | Buy | CAD 78.63 | CAD 82.65 | CAD 85.85 | Same day | Closed |
6.52%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. The Silver segment includes the La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines. The Gold segment comprises the Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores mines. It explores silver, gold, zinc, lead, and copper deposits. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.
Robust Cash Flow Generation: Operating cash flow improved markedly from FY24 USD 724 million to FY25 USD 1,333 million
Revenue Expansion Momentum: The Company reported a strong increase in revenue, rising from FY24 USD 2.8 billion to FY25 USD 3.6 billion, reflecting approximately 28% growth
Rising Gold Segment Costs: Cost pressures were evident in the gold segment as AISC increased from FY24 USD 1,501 per ounce to FY25 USD 1,621 per ounce
Decline in Gold Production: Gold production declined from FY24 892.5 thousand ounces to FY25 742.2 thousand ounces
The Company remains exposed to commodity price volatility, operational disruptions across multi-jurisdictional assets, regulatory uncertainties (notably Escobal), and cost inflation pressures, which could materially impact earnings and cash flow visibility
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 78.63 | 73.5 | 82.65 | 85.85 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Record Revenue Growth Driven by Strong Metal Prices: During FY25, Pan American Silver reported record revenue of USD 3.6 billion, reflecting a significant increase from USD 2.8 billion in FY24. This growth was primarily driven by higher realized prices across silver and gold, with silver prices rising to USD 40.78/oz in FY25 compared to USD 28.06/oz in FY24, and gold prices increasing to USD 3,459/oz from USD 2,388/oz. The improved pricing environment substantially enhanced topline performance.
Significant Expansion in Profitability Metrics: The Company delivered net earnings of USD 980 million in FY25, a sharp increase from USD 113 million in FY24, alongside basic EPS rising to USD 2.56 from USD 0.31. Adjusted earnings also strengthened materially to USD 959 million versus USD 287 million in FY24, indicating improved underlying profitability and operational leverage.
Strong Cash Flow Generation and Free Cash Flow Expansion: Operating cash flow increased significantly to USD 1,333 million in FY25, compared to USD 724 million in FY24. Attributable free cash flow rose to USD 1,151 million from USD 443 million, highlighting strong cash conversion and improved operational efficiency, supported by favorable commodity prices and disciplined capital allocation.
Improved Cost Efficiency in Silver Operations: The Company achieved notable cost efficiencies in its silver segment, with AISC declining to USD 13.88/oz in FY25 from USD 18.98/oz in FY24. This improvement reflects operational optimization, scale benefits, and contributions from higher-margin assets such as Juanicipio, enhancing overall margin resilience.
Mixed Production Performance Across Metals: Operationally, attributable silver production increased to 22.84 million ounces in FY25 from 21.06 million ounces in FY24, supported by the inclusion of the Juanicipio mine. However, gold production declined to 742.2 thousand ounces from 892.5 thousand ounces, primarily due to asset divestments and lower output at certain operations.
Strengthened Balance Sheet and Liquidity Position: As of December 31, 2025, the Company maintained a robust financial position with cash and short-term investments of USD 1.3 billion and total liquidity of approximately USD 2.1 billion. Working capital stood at USD 1.38 billion, providing flexibility to fund growth initiatives and shareholder returns, while total debt remained manageable at USD 852 million.
Enhanced Shareholder Returns and Capital Allocation: Pan American increased shareholder returns during FY25, distributing USD 221 million via dividends and share buybacks, alongside a dividend increase of 29%. The Company also repurchased shares under its NCIB program, reflecting confidence in cash flow sustainability and capital discipline.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Pan American Silver Corp. (TSX: PAAS) at the current market price of CAD 73.5, as on Mar 17, 2026 at 7:46 am PDT
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Gold
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| PAAS Pan American Silver Corp |
-0.4 0.58% | 69.02 | 21.67 | 12.29 | 8.86 | 3.34 | 6.36 | 12.86 |
| AEM Agnico Eagle Mines Limited |
-4.78 2.02% | 231.28 | 24.22 | 15.85 | 11.68 | 4.34 | 8.85 | 12.58 |
| ABX Barrick Gold Corp |
-0.89 1.56% | 56.19 | 14.39 | 10.63 | 5.80 | 2.63 | 4.04 | 6.19 |
| WPM Wheaton Precious Metals Corp |
-8.27 4.78% | 164.74 | 43.69 | 24.75 | 38.06 | 7.39 | 27.40 | 31.65 |
| FNV Franco-Nevada Corporation |
-5.9 1.90% | 304.32 | 42.91 | 30.30 | 36.18 | 6.45 | 26.79 | 28.34 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 17, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2026 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
Australia