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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Pan American Silver (PAAS) reported an encouraging set of Q4/FY22 results, with Q4 EBITDA of US$92.3m exceeding consensus expectations by c 21% and FY22 EBITDA coming in at US$272m, c 6% above consensus. The bottom line was negatively affected by US$157.3m of one-off costs relating to the Yamana transaction, which is expected to be completed in Q123. Our valuation and forecasts remain under review.</p>

Pan American Silver (PAAS) reported an encouraging set of Q4/FY22 results, with Q4 EBITDA of US$92.3m exceeding consensus expectations by c 21% and FY22 EBITDA coming in at US$272m, c 6% above consensus. The bottom line was negatively affected by US$157.3m of one-off costs relating to the Yamana transaction, which is expected to be completed in Q123. Our valuation and forecasts remain under review.

Pan American Silver - FY22 results beat consensus expectations