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Lean, Mean Silver Machine

While the well-timed acquisition of Tahoe Resources in 2019 boosted exposure to gold, given the quality and the calibre of its key silver assets, Pan American Silver Corp. (PAAS) remains predominantly a silver play. Although the COVID-19 pandemic and current geopolitical tensions have supported investment demand and driven commodity prices, in the longer term, normalising economic conditions and monetary policy signal a gradual shift to physical demand. With ongoing expansion in renewables, which could intensify due to energy security concerns, Edison Group expects solar photovoltaics (PV) and general emobility to become the main areas of growth for silver. Edison’s discounted cash flow to equity (DCFE) valuation of PAAS is US$26.2/share, including Escobal at c US$7/share with a current price of US$27.3. Pan American Silver is one of the world largest primary silver producers, with key operations in the Americas.

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