Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 13 Feb, 26 | PAAS | Buy | CAD 74.31 | CAD 78.15 | CAD 82.0 | Same day | Closed |
6.31%
|
*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.
Higher Net Margin: 19.8% in Q3 2025 vs 8.0% in Q3 2024
Higher Gross Margin: 36.6% in Q3 2025 vs 24.0% in Q3 2024
Higher Avg. Inventory Days: 100.0 Days in Q3 2025 vs 85.8 Days of Industry Median
Higher Cash Cycle Days: 92.1 Days in Q3 2025 vs 45.2 Days of Industry Median
Volatility in commodity price, Regulatory risks, Trade tariffs, Inflationary pressures, Lower cash flows, etc.
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 74.31 | 66.0 | 78.15 | 82.0 |
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 Cash Flow Generation: Pan American delivered record attributable free cash flow of USD 251.7 million in Q3 2025, driving cash and short-term investments to USD 910.8 million, plus USD 85.8 million at Juanicipio (44% interest). Record revenue of USD 884.4 million and operating cash flow of USD 323.6 million underscore strong margins. With total liquidity of USD 1.66 billion, the company is well-positioned to fund growth.
Accretive MAG Acquisition: The acquisition of MAG Silver adds a 44% stake in the high-quality Juanicipio mine, immediately contributing to production and free cash flow despite only one month of ownership in Q3. As a result, Pan American raised its 2025 silver production guidance to 22.0–22.5 million ounces and lowered Silver Segment AISC guidance to USD 14.50 – USD 16.00 per ounce, reinforcing a lower-cost, higher-margin silver platform.
Disciplined Capital Returns: Decent performance enabled a dividend increase to USD 0.14 per share, with USD 146.9 million returned to shareholders year-to-date through dividends and buybacks. Meanwhile, internal growth projects—particularly the La Colorada Skarn’s potential phased development—offer a path to higher-grade, lower-capex expansion, supporting sustainable long-term value creation.
Considering the expected valuation upside, record cash flow generation strengthening financial position, enhancing silver growth profile and key business risks, a ‘Buy’ recommendation has been given on the stock at the last closing price of CAD 74.31, as on February 12, 2026.
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 February 13, 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.
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