Financials Pan American Silver Corp.

Equities

PAAS

CA6979001089

Non-Gold Precious Metals & Minerals

Delayed Toronto S.E. Other stock markets 12:02:22 2024-09-17 pm EDT			5-day change	1st Jan Change
28.64 ^CAD	-0.83%		+11.13%	+32.45%

Sep. 12	Pan American Silver Up 6.4% as It Updates on Its Mineral Reserves, Resources	MT
Sep. 12	Pan American Silver Updates Mineral Reserves, Resources as of June 30	MT

Projected Income Statement: Pan American Silver Corp.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,351	1,339	1,633	1,495	2,316	2,766	2,948	2,729
Change	-	-0.88%	21.96%	-8.45%	54.95%	19.43%	6.57%	-7.41%
EBITDA ¹	446.1	530.7	593.2	317.1	622.8	982.3	1,259	1,136
Change	-	18.96%	11.77%	-46.55%	96.41%	57.73%	28.17%	-9.74%
EBIT ¹	192.7	276.3	290.2	-44.07	138.6	474.1	782.5	690
Change	-	43.37%	5.06%	-	-	242.05%	65.06%	-11.82%
Interest Paid ¹	-29.28	-20.1	-16.2	-22.46	-91.4	-97.1	-89.2	-48
Earnings before Tax (EBT) ¹	182.5	252	245	-300.9	-58.8	367.1	809	1,040
Change	-	38.08%	-2.79%	-	-80.46%	-	120.4%	28.61%
Net income ¹	110.7	177.9	97.43	-341.7	-104.9	121.3	496.7	523.3
Change	-	60.63%	-45.23%	-	-69.3%	-	309.6%	5.35%
Announcement Date	2/19/20	2/17/21	2/23/22	2/22/23	2/22/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	352.2	404.4	358.4	249.5	300.4	430.5	368.1	382.1	460.3	422.2	439.9	340.5	338.9	375.5	390.3	639.9	616.3	669.6	601.4	686.3	682.3	799
Change	-	14.82%	-11.36%	-30.39%	20.4%	43.29%	-14.49%	3.81%	20.47%	-8.29%	4.2%	-22.6%	-0.46%	10.79%	3.95%	63.95%	-3.69%	8.65%	-10.19%	14.12%	-0.59%	17.11%
EBITDA ¹	109.9	146.7	120.1	94.64	148.9	184.4	140.8	151.9	186.5	114	149	87.06	46.55	102.8	79.5	168.2	168.8	177	161.5	209.6	228.8	317.9
Change	-	33.58%	-18.16%	-21.19%	57.33%	23.85%	-23.65%	7.92%	22.73%	-38.89%	30.76%	-41.58%	-46.53%	120.77%	-22.64%	111.57%	0.36%	4.86%	-8.76%	29.78%	9.15%	38.97%
EBIT ¹	36.32	78.5	41.94	33.31	94.59	106.9	65.7	83.4	103.3	37.83	64.5	12.73	-	13.01	6.4	22.1	19.5	-	37.1	81.2	99.38	273.5
Change	-	116.11%	-46.57%	-20.57%	183.95%	13.06%	-38.57%	26.95%	23.86%	-63.38%	70.51%	-80.27%	-100%	-	-50.8%	245.31%	-11.76%	-100%	-	118.87%	22.39%	175.19%
Charge d'intérêts	-8.256	-8.327	-6.391	-	-	-4.483	-3.841	-3.579	-5.294	-3.484	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	66.81	77.66	-24.52	24.14	92.89	159.5	30.42	100.8	70.6	43.14	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	16.24%	-	-	284.87%	71.71%	-80.93%	231.54%	-29.98%	-38.91%	-100%	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	37.72	51.93	-76.81	20.06	65.26	168.9	-7.562	70.94	20.25	13.8	76.52	-174	-71.53	-172.8	16.5	-46.8	-22.7	-67.8	-30.8	-21.9	63.47	181.9
Change	-	37.67%	-	-	225.28%	158.79%	-	-	-71.45%	-31.86%	454.47%	-	-58.89%	141.53%	-	-	-51.5%	198.68%	-54.57%	-28.9%	-	186.52%
Announcement Date	11/6/19	2/19/20	5/6/20	8/5/20	11/4/20	2/17/21	5/12/21	8/10/21	11/9/21	2/23/22	5/11/22	8/10/22	11/10/22	2/22/23	5/10/23	8/9/23	11/7/23	2/22/24	5/8/24	8/7/24	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Pan American Silver Corp.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	77.9	-245	-289	84.5	361	-29	-444	-1,163
Change	-	-414.51%	-217.96%	-70.76%	327.22%	-108.04%	-1,631.03%	-361.94%
Announcement Date	2/19/20	2/17/21	2/23/22	2/22/23	2/22/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Pan American Silver Corp.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	207.4	178.6	243.5	274.7	379	371.8	352.1	311.7
Change	-	-13.89%	36.36%	12.82%	37.97%	-1.91%	-5.28%	-11.48%
Free Cash Flow (FCF) ¹	74.68	283.8	148.6	-242.8	71.2	456.9	599.5	336.4
Change	-	279.99%	-47.62%	-263.34%	-129.33%	541.69%	31.22%	-43.9%
Announcement Date	2/19/20	2/17/21	2/23/22	2/22/23	2/22/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Pan American Silver Corp.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	33.03%	39.64%	36.33%	21.21%	26.89%	35.51%	42.71%	41.63%
EBIT Margin (%)	14.27%	20.64%	17.78%	-2.95%	5.98%	17.14%	26.54%	25.28%
EBT Margin (%)	13.51%	18.82%	15%	-20.13%	-2.54%	13.27%	27.44%	38.12%
Net margin (%)	8.2%	13.29%	5.97%	-22.86%	-4.53%	4.38%	16.85%	19.17%
FCF margin (%)	5.53%	21.19%	9.1%	-16.24%	3.07%	16.52%	20.34%	12.32%
FCF / Net Income (%)	67.43%	159.52%	152.55%	71.04%	-67.87%	376.76%	120.7%	64.28%
Profitability
ROA	5.83%	7.06%	4.65%	-	-	-	-	-
ROE	7.93%	9.61%	6.18%	0.74%	1.13%	5.01%	9.5%	9.3%
Financial Health
Leverage (Debt/EBITDA)	0.17x	-	-	0.27x	0.58x	-	-	-
Debt / Free cash flow	1.04x	-	-	-0.35x	5.07x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	15.35%	13.34%	14.91%	18.38%	16.36%	13.44%	11.94%	11.42%
CAPEX / EBITDA (%)	46.48%	33.64%	41.05%	86.63%	60.85%	37.84%	27.97%	27.43%
CAPEX / FCF (%)	277.67%	62.93%	163.81%	-113.14%	532.3%	81.37%	58.73%	92.67%
Items per share
Cash flow per share ¹	1.399	2.173	2.201	0.3512	1.168	2.24	2.947	2.695
Change	-	55.29%	1.3%	-84.04%	232.44%	91.82%	31.56%	-8.54%
Dividend per Share ¹	0.14	0.22	0.34	0.45	0.4	0.4	0.4	-
Change	-	57.14%	54.55%	32.35%	-11.11%	0%	0%	-
Book Value Per Share ¹	12.23	12.38	-	-	-	-	-	-
Change	-	1.23%	-	-	-	-	-	-
EPS ¹	0.55	0.85	0.46	-1.62	-0.32	0.365	1.46	1.835
Change	-	54.55%	-45.88%	-452.17%	-80.25%	-214.06%	300%	25.68%
Nbr of stocks (in thousands)	209,610	210,174	210,313	210,688	364,439	363,001	363,001	363,001
Announcement Date	2/19/20	2/17/21	2/23/22	2/22/23	2/22/24	-	-	-