WallStSmart

Franco-Nevada Corporation (FNV)vsPan American Silver Corp. (PAAS)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Pan American Silver Corp. generates 92% more annual revenue ($4.00B vs $2.09B). FNV leads profitability with a 65.7% profit margin vs 31.7%. PAAS appears more attractively valued with a PEG of 7.02. PAAS earns a higher WallStSmart Score of 76/100 (B+).

FNV

Strong Buy

71

out of 100

Grade: B

Growth: 9.3Profit: 9.0Value: 3.3Quality: 7.8
Piotroski: 4/9Altman Z: 8.71

PAAS

Strong Buy

76

out of 100

Grade: B+

Growth: 10.0Profit: 9.0Value: 5.0Quality: 8.0
Piotroski: 4/9Altman Z: 2.45
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FNVSignificantly Overvalued (-36.5%)

Margin of Safety

-36.5%

Fair Value

$188.83

Current Price

$220.73

$31.90 premium

UndervaluedFair: $188.83Overvalued

Intrinsic value data unavailable for PAAS.

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FNV5 strengths · Avg: 10.0/10
Profit MarginProfitability
65.7%10/10

Keeps 66 of every $100 in revenue as profit

Operating MarginProfitability
79.3%10/10

Strong operational efficiency at 79.3%

Revenue GrowthGrowth
77.7%10/10

Revenue surging 77.7% year-over-year

EPS GrowthGrowth
123.1%10/10

Earnings expanding 123.1% YoY

Altman Z-ScoreHealth
8.7110/10

Safe zone — low bankruptcy risk

PAAS6 strengths · Avg: 9.5/10
Profit MarginProfitability
31.7%10/10

Keeps 32 of every $100 in revenue as profit

Operating MarginProfitability
48.1%10/10

Strong operational efficiency at 48.1%

Revenue GrowthGrowth
49.3%10/10

Revenue surging 49.3% year-over-year

EPS GrowthGrowth
131.6%10/10

Earnings expanding 131.6% YoY

Debt/EquityHealth
0.119/10

Conservative balance sheet, low leverage

P/E RatioValuation
16.1x8/10

Attractively priced relative to earnings

Areas to Watch

FNV2 concerns · Avg: 3.0/10
P/E RatioValuation
29.5x4/10

Moderate valuation

PEG RatioValuation
11.812/10

Expensive relative to growth rate

PAAS1 concerns · Avg: 2.0/10
PEG RatioValuation
7.022/10

Expensive relative to growth rate

Comparative Analysis Report

WallStSmart Research

Bull Case : FNV

The strongest argument for FNV centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 65.7% and operating margin at 79.3%. Revenue growth of 77.7% demonstrates continued momentum.

Bull Case : PAAS

The strongest argument for PAAS centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 31.7% and operating margin at 48.1%. Revenue growth of 49.3% demonstrates continued momentum.

Bear Case : FNV

The primary concerns for FNV are P/E Ratio, PEG Ratio.

Bear Case : PAAS

The primary concerns for PAAS are PEG Ratio.

Key Dynamics to Monitor

PAAS carries more volatility with a beta of 1.50 — expect wider price swings.

FNV is growing revenue faster at 77.7% — sustainability is the question.

PAAS generates stronger free cash flow (400M), providing more financial flexibility.

Monitor GOLD industry trends, competitive dynamics, and regulatory changes.

Bottom Line

PAAS scores higher overall (76/100 vs 71/100), backed by strong 31.7% margins and 49.3% revenue growth. Both earn "Strong Buy" and "Strong Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Franco-Nevada Corporation

BASIC MATERIALS · GOLD · USA

Franco-Nevada Corporation is a gold-focused royalty and flow company in the United States, Latin America, Canada, Australia, Europe and Africa, and internationally. The company is headquartered in Toronto, Canada.

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Pan American Silver Corp.

BASIC MATERIALS · GOLD · USA

Pan American Silver Corp. The company is headquartered in Vancouver, Canada.

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