Screened 2026-09-02 · the tape above runs as of 13:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Pan American Silver Corp holds its Markup at $51.54. Consolidating, no directional conviction, held for 7 days.
As held on the ledger · 2026-09-02
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 7 days
Price at the screen
$51.54
Valuation
15.25 trailing · 10.95 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.55
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
8.75%
Below 33%
Interest-bearing debt is just 8.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.07%
Below 33%
Cash held in interest-bearing accounts and securities is 1.1% of assets, under the one-third limit.
Pass
Receivables
14.85%
Below 49%
Money owed to the company is 14.9% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-02 screen. The gold marker is the market price at the same screen. A 1.7% margin of safety to the base estimate.
Third-party analyst targets: 8 covering, consensus Buy. The average target sits +26% from the screen price.
Reading the gap · Our more conservative model reads it as roughly fairly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Silver miner shows classic cyclical trap
Picture a miner chasing silver prices that spike then crash without warning. Pan American Silver sits right in that cycle, digging across Latin America with narrow protection against the swings.
Revenue jumped 49 percent and margins hit 32 percent with a 21 percent return on equity, yet the 8.6 times forward multiple flashes a warning rather than a bargain. Peak earnings often look cheapest just before the downturn hits, which explains why we see no real opportunity here despite the 27 percent gap to our fair value.
Analysts still target 65 dollars and the ethical screen clears, but commodity cycles punish those who buy low multiples at the wrong point. Currency moves and metal prices can wipe out the apparent discount fast.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PAAS trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-09Markup$51.54+19.2%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 19.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 9% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it buy, with a mean price target of $71.
2026-08-08Markup$43.23-10.2%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 10.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 9% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it buy, with a mean price target of $71.
2026-07-18Markup$48.14+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 9% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it buy, with a mean price target of $71.
2026-07-03Markup$48.14+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$48.14Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
