20:37:55 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Pan American Silver Corp
Symbol PAA
Shares Issued 151,500,294
Close 2014-03-18 C$ 16.24
Market Cap C$ 2,460,364,775
Recent Sedar Documents

Globe says Pan American Silver shines for Esterhuizen

2014-03-19 07:38 ET - In the News

The Globe and Mail reports in its Wednesday, March 19, edition that CIBC World Markets analyst Leon Esterhuizen upgraded Pan American Silver to "sector performer" from "sector underperformer." The Globe's Darcy Keith and Jody White write in the Eye On Equities column that Mr. Esterhuizen hiked his target on Pan American Silver to $15.25 (U.S.) from $10 (U.S.). Mr. Esterhuizen notes that silver prices are up 10 per cent so far this year, and silver equities have surged between 25 per cent and 60 per cent. Some of this may be explained by the underperformance of the silver price relative to gold and the belief that silver's leveraged relationship will push the metal price higher in the not-too-distant future. The gold/silver ratio is 65 times, above the 12-year average of 60 times, suggesting silver may be undervalued relative to gold. Mr. Esterhuizen notes Pan American Silver has made good progress in adapting its operations to the lower silver price environment and should see improved costs and cash flows going forward as it focuses on growth opportunities. He now values Pan American at a one-year forward price-to-cash flow multiple of 13 times -- which matches with its peers -- up from 10 times.

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