The Investment Doctor
Long/short equity, value, debt, base metals

Pan American Silver: Hands-On Approach Management Wanted

Introduction

I have been keeping an eye on Pan American Silver (NASDAQ:PAAS) just in case I want to add a senior silver producer to my mining portfolio, which mainly consists of smaller companies. I will try to derive a fair value for the company based on its different projects.

(click to enlarge)

Source: company presentation

Even though this is officially a Canadian company, the US listing provides plenty of liquidity with an average dollar volume of $16M per day. As its financial statements are also provided in US Dollars, I don't need to convert CAD into USD, so even though it's a Canadian company, it behaves very much like an American one.

As always, the calculations in this...

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