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First Quantum Minerals

TSX:FM
Snowflake Description

Undervalued with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FM
TSX
CA$8B
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. The last earnings update was 55 days ago. More info.


Add to Portfolio Compare Print
  • First Quantum Minerals has significant price volatility in the past 3 months.
FM Share Price and Events
7 Day Returns
7.2%
TSX:FM
5.7%
CA Metals and Mining
1.2%
CA Market
1 Year Returns
-41.2%
TSX:FM
-3.8%
CA Metals and Mining
-2.6%
CA Market
FM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Quantum Minerals (FM) 7.2% 21.7% -15.2% -41.2% 35% -46.9%
CA Metals and Mining 5.7% 15.9% 2.5% -3.8% -13.6% -17.2%
CA Market 1.2% 1.3% 1% -2.6% 12.8% 2.2%
1 Year Return vs Industry and Market
  • FM underperformed the Metals and Mining industry which returned -3.8% over the past year.
  • FM underperformed the Market in Canada which returned -2.6% over the past year.
Price Volatility
FM
Industry
5yr Volatility vs Market

Value

 Is First Quantum Minerals undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First Quantum Minerals to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Quantum Minerals.

TSX:FM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.7%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:FM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.035 (1 + (1- 26.5%) (152.32%))
1.8
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.8 * 5.96%)
12.68%

Discounted Cash Flow Calculation for TSX:FM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for First Quantum Minerals is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:FM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.68%)
2019 -119.28 Analyst x9 -105.86
2020 1,265.97 Analyst x7 997.12
2021 1,387.45 Analyst x6 969.85
2022 2,158.68 Analyst x5 1,339.18
2023 1,483.00 Analyst x1 816.49
2024 1,106.19 Est @ -25.41% 540.51
2025 915.90 Est @ -17.2% 397.18
2026 810.96 Est @ -11.46% 312.10
2027 750.66 Est @ -7.44% 256.39
2028 715.97 Est @ -4.62% 217.03
Present value of next 10 years cash flows $5,740.00
TSX:FM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $715.97 × (1 + 1.95%) ÷ (12.68% – 1.95%)
$6,802.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,802.13 ÷ (1 + 12.68%)10
$2,061.91
TSX:FM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,740.00 + $2,061.91
$7,801.91
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $7,801.91 / 685.24
$11.39
TSX:FM Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:FM)
1.321
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $11.39 x 1.321
CA$15.05
Value per share (CAD) From above. CA$15.05
Current discount Discount to share price of CA$11.95
= -1 x (CA$11.95 - CA$15.05) / CA$15.05
20.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price First Quantum Minerals is available for.
Intrinsic value
21%
Share price is CA$11.95 vs Future cash flow value of CA$15.05
Current Discount Checks
For First Quantum Minerals to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • First Quantum Minerals's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • First Quantum Minerals's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First Quantum Minerals's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Quantum Minerals's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:FM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.65
TSX:FM Share Price ** TSX (2019-06-21) in CAD CA$11.95
TSX:FM Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.757 $9.04
Canada Metals and Mining Industry PE Ratio Median Figure of 111 Publicly-Listed Metals and Mining Companies 14.78x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 15.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First Quantum Minerals.

TSX:FM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:FM Share Price ÷ EPS (both in USD)

= 9.04 ÷ 0.65

13.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Quantum Minerals is good value based on earnings compared to the CA Metals and Mining industry average.
  • First Quantum Minerals is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does First Quantum Minerals's expected growth come at a high price?
Raw Data
TSX:FM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
31.5%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 36 Publicly-Listed Metals and Mining Companies 0.79x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

TSX:FM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.9x ÷ 31.5%

0.44x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Quantum Minerals is good value based on expected growth next year.
Price based on value of assets
What value do investors place on First Quantum Minerals's assets?
Raw Data
TSX:FM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $13.87
TSX:FM Share Price * TSX (2019-06-21) in CAD CA$11.95
TSX:FM Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.757 $9.04
Canada Metals and Mining Industry PB Ratio Median Figure of 1,092 Publicly-Listed Metals and Mining Companies 1.38x
Canada Market PB Ratio Median Figure of 2,425 Publicly-Listed Companies 1.43x
TSX:FM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:FM Share Price ÷ Book Value per Share (both in USD)

= 9.04 ÷ 13.87

0.65x

* Primary Listing of First Quantum Minerals.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Quantum Minerals is good value based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess First Quantum Minerals's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. First Quantum Minerals has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is First Quantum Minerals expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
31.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Quantum Minerals expected to grow at an attractive rate?
  • First Quantum Minerals's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • First Quantum Minerals's earnings growth is expected to exceed the Canada market average.
  • First Quantum Minerals's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:FM Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:FM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 31.5%
TSX:FM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 13.4%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 28.5%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:FM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:FM Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 7,402 2,638 1,665 4
2022-12-31 6,969 2,768 1,779 10
2021-12-31 5,987 2,271 1,128 17
2020-12-31 5,836 2,158 971 20
2019-12-31 4,332 1,548 501 18
TSX:FM Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,938 1,343 447
2018-12-31 3,966 1,980 441
2018-09-30 3,797 1,845 128
2018-06-30 3,696 1,673 15
2018-03-31 3,429 1,471 -155
2017-12-31 3,310 914 -316
2017-09-30 3,114 804 -189
2017-06-30 2,842 800 -101
2017-03-31 2,719 921 59
2016-12-31 2,673 923 222
2016-09-30 2,703 1,595 321
2016-06-30 2,730 1,502 -145

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Quantum Minerals's earnings are expected to grow significantly at over 20% yearly.
  • First Quantum Minerals's revenue is expected to grow by 13.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:FM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from First Quantum Minerals Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FM Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.41 3.08 1.73 2.00
2022-12-31 2.57 3.96 1.90 5.00
2021-12-31 1.39 3.32 0.54 12.00
2020-12-31 1.41 2.20 1.05 8.00
2019-12-31 0.71 1.07 0.36 10.00
TSX:FM Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.65
2018-12-31 0.64
2018-09-30 0.19
2018-06-30 0.02
2018-03-31 -0.23
2017-12-31 -0.46
2017-09-30 -0.28
2017-06-30 -0.15
2017-03-31 0.09
2016-12-31 0.32
2016-09-30 0.47
2016-06-30 -0.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • First Quantum Minerals is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess First Quantum Minerals's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First Quantum Minerals has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has First Quantum Minerals performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First Quantum Minerals's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First Quantum Minerals's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • First Quantum Minerals has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • First Quantum Minerals has become profitable in the last year making it difficult to compare the CA Metals and Mining industry average.
Earnings and Revenue History
First Quantum Minerals's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First Quantum Minerals Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FM Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,938.00 447.00 97.00
2018-12-31 3,966.00 441.00 100.00
2018-09-30 3,797.00 128.00 101.00
2018-06-30 3,696.00 15.00 99.00
2018-03-31 3,429.00 -155.00 97.00
2017-12-31 3,310.00 -316.00 92.00
2017-09-30 3,114.00 -189.00 90.00
2017-06-30 2,842.00 -101.00 87.00
2017-03-31 2,719.00 59.00 86.00
2016-12-31 2,673.00 222.00 86.00
2016-09-30 2,703.00 321.00 83.00
2016-06-30 2,730.00 -145.00 91.00
2016-03-31 2,629.00 -374.00 101.00
2015-12-31 2,511.00 -501.00 113.00
2015-09-30 2,613.00 -159.00 138.00
2015-06-30 2,866.00 392.00 156.00
2015-03-31 3,253.00 630.00 168.00
2014-12-31 3,542.00 835.00 176.00
2014-09-30 3,618.00 513.30 179.50
2014-06-30 3,618.40 535.30 182.00
2014-03-31 3,542.70 473.20 178.90
2013-12-31 3,552.90 458.60 174.30
2013-09-30 3,430.50 514.00 157.60
2013-06-30 3,269.90 478.30 136.90
2013-03-31 3,122.90 548.40 130.80
2012-12-31 2,950.40 1,772.90 125.70
2012-09-30 2,743.10 1,662.20 127.40
2012-06-30 2,669.30 1,645.80 141.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First Quantum Minerals has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First Quantum Minerals used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • First Quantum Minerals has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess First Quantum Minerals's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First Quantum Minerals has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is First Quantum Minerals's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up First Quantum Minerals's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • First Quantum Minerals is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • First Quantum Minerals's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of First Quantum Minerals's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First Quantum Minerals Company Filings, last reported 2 months ago.

TSX:FM Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 10,757.00 9,439.00 1,345.00
2018-12-31 10,722.00 8,698.00 1,255.00
2018-09-30 10,527.00 7,341.00 1,225.00
2018-06-30 10,452.00 7,323.00 1,458.00
2018-03-31 10,263.00 7,079.00 1,504.00
2017-12-31 10,128.00 7,796.00 1,296.00
2017-09-30 10,203.00 6,466.00 1,407.00
2017-06-30 10,250.00 6,178.00 1,407.00
2017-03-31 10,170.00 6,072.00 1,411.00
2016-12-31 10,285.00 6,440.00 1,463.00
2016-09-30 10,500.00 4,998.00 810.00
2016-06-30 10,498.00 5,018.00 895.00
2016-03-31 10,364.00 5,064.00 269.00
2015-12-31 10,633.00 5,874.00 1,178.00
2015-09-30 10,487.00 5,691.00 276.00
2015-06-30 11,016.00 5,601.00 289.00
2015-03-31 9,976.00 6,330.00 302.00
2014-12-31 10,088.00 5,729.00 357.00
2014-09-30 9,522.60 5,603.10 451.60
2014-06-30 9,237.80 5,152.40 682.20
2014-03-31 9,225.50 4,599.20 747.20
2013-12-31 9,088.60 4,113.10 694.50
2013-09-30 9,069.40 3,419.20 720.00
2013-06-30 8,995.50 2,698.40 800.90
2013-03-31 9,288.20 4,704.80 3,831.10
2012-12-31 5,881.40 424.00 309.00
2012-09-30 5,671.40 55.40 374.90
2012-06-30 5,622.10 39.70 856.70
  • First Quantum Minerals's level of debt (87.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (49.9% vs 87.7% today).
  • Debt is not well covered by operating cash flow (14.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 859x coverage).
X
Financial health checks
We assess First Quantum Minerals's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First Quantum Minerals has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is First Quantum Minerals's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.08%
Current annual income from First Quantum Minerals dividends. Estimated to be 0.29% next year.
If you bought CA$2,000 of First Quantum Minerals shares you are expected to receive CA$2 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First Quantum Minerals's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.11%).
  • First Quantum Minerals's dividend is below the markets top 25% of dividend payers in Canada (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:FM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 1.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:FM Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.02 1.00
2022-12-31 0.09 6.00
2021-12-31 0.03 11.00
2020-12-31 0.01 13.00
2019-12-31 0.01 13.00
TSX:FM Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-14 0.007 0.076
2018-10-29 0.007 0.082
2018-07-30 0.008 0.065
2018-02-12 0.008 0.051
2017-10-27 0.008 0.060
2017-07-27 0.008 0.071
2017-02-16 0.007 0.079
2016-10-27 0.007 0.067
2016-07-27 0.007 0.091
2016-02-18 0.014 0.254
2015-11-09 0.045 1.654
2015-07-29 0.049 0.922
2015-02-20 0.076 0.625
2014-07-30 0.113 0.807
2014-02-20 0.135 0.692
2013-07-31 0.155 0.926
2013-03-05 0.165 0.993
2012-08-01 0.183 0.905
2012-03-06 0.174 0.960
2011-08-08 0.621 3.319
2011-03-15 0.161 0.625
2010-08-10 0.074 0.438
2010-03-16 0.113 0.865
2009-11-11 0.030 0.192
2009-11-10 0.030 0.211
2009-08-10 0.029 0.227

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Quantum Minerals is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • First Quantum Minerals is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of First Quantum Minerals's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of First Quantum Minerals's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • No need to calculate the sustainability of First Quantum Minerals's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess First Quantum Minerals's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First Quantum Minerals afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First Quantum Minerals has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of First Quantum Minerals's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Philip Kelvin Pascall
COMPENSATION $4,602,602
AGE 70
TENURE AS CEO 22.6 years
CEO Bio

Mr. Philip Kelvin Rodda Pascall has been Chairman and Chief Executive Officer of First Quantum Minerals Limited since 1996. Mr. Pascall is a Co-Founder of First Quantum Minerals Limited. He worked in general management positions in South Africa from 1973, and in the mining industry there from 1977 with RTZ, and E.L. Bateman, and from 1981, in Australia. He was the Project Manager of the Argyle Diamond project and then Executive Chairman and part owner of Nedpac Engineering between 1982 and 1990. During this time, Mr. Pascall was involved in a wide variety of mineral projects in Australia, New Zealand, S.E. Asia, Chile, the United States and Zimbabwe. In 1990, Mr. Pascall was a consultant in the mining industry, including a period with Rio Tinto’s Hamersley Iron, and with various projects in Zimbabwe and Zambia. He graduated from Sussex University in England with an honours degree in Control Engineering, and later completed an MBA at the University of Cape Town.

CEO Compensation
  • Philip Kelvin's compensation has increased in line with First Quantum Minerals recently becoming profitable.
  • Philip Kelvin's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the First Quantum Minerals management team in years:

9.7
Average Tenure
68
Average Age
  • The average tenure for the First Quantum Minerals management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Philip Kelvin Pascall

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
70
TENURE
22.6 yrs

Geoffrey Newall

TITLE
President & Director
COMPENSATION
$1M
AGE
68
TENURE
23.4 yrs

Hannes Meyer

TITLE
Chief Financial Officer
COMPENSATION
$1M
AGE
48
TENURE
7.3 yrs

Wyatt Buck

TITLE
Director of Opeerations
COMPENSATION
$907K
TENURE
8.4 yrs

Sharon Loung

TITLE
Director of Investor Relations
TENURE
11 yrs

Sarah E. Robertson

TITLE
Corporate Secretary
TENURE
2 yrs
Board of Directors Tenure

Average tenure and age of the First Quantum Minerals board of directors in years:

10.2
Average Tenure
64
Average Age
  • The average tenure for the First Quantum Minerals board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Philip Kelvin Pascall

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
70
TENURE
22.6 yrs

Geoffrey Newall

TITLE
President & Director
COMPENSATION
$1M
AGE
68
TENURE
23.1 yrs

Andrew Adams

TITLE
Independent Director
COMPENSATION
$200K
AGE
61
TENURE
14 yrs

Paul Brunner

TITLE
Independent Director
COMPENSATION
$200K
AGE
67
TENURE
10.2 yrs

Bob Harding

TITLE
Lead Independent Director
COMPENSATION
$240K
AGE
60
TENURE
2.1 yrs

Peter St George

TITLE
Independent Director
COMPENSATION
$200K
AGE
71
TENURE
15.7 yrs

Kathy Hogenson

TITLE
Independent Director
COMPENSATION
$185K
AGE
57
TENURE
2.1 yrs

Simon Scott

TITLE
Independent Director
COMPENSATION
$126K
AGE
60
TENURE
1.1 yrs

Jo Warner

TITLE
Independent Director
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess First Quantum Minerals's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. First Quantum Minerals has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Investors Should Know About First Quantum Minerals Ltd.'s (TSE:FM) Financial Strength

With this growth in debt, FM's cash and short-term investments stands at US$1.3b to keep the business going. … On top of this, FM has generated US$1.3b in operating cash flow over the same time period, resulting in an operating cash to total debt ratio of 14%, signalling that FM’s operating cash is less than its debt. … Next Steps: Although FM’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet obligations which means its debt is being efficiently utilised.

Simply Wall St -

How Much Of First Quantum Minerals Ltd. (TSE:FM) Do Institutions Own?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership. … institutions are noticeable on the share registry.

Simply Wall St -

An Intrinsic Calculation For First Quantum Minerals Ltd. (TSE:FM) Shows It's 25.54% Undervalued

by taking the foreast future cash flows of the company and discounting them back to today's value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Do Directors Own First Quantum Minerals Ltd. (TSE:FM) Shares?

The big shareholder groups in First Quantum Minerals Ltd. … Generally speaking, as a company grows, institutions will increase their ownership. … First Quantum Minerals is a pretty big company.

Simply Wall St -

Is First Quantum Minerals Ltd's (TSE:FM) Balance Sheet Strong Enough To Weather A Storm?

Mid-caps stocks, like First Quantum Minerals Ltd (TSE:FM) with a market capitalization of CA$8.2b, aren’t the focus of most investors who prefer to direct their investments towards either large-cap or small-cap stocks. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself. … Check out our latest analysis for First Quantum Minerals

Simply Wall St -

Does First Quantum Minerals Ltd's (TSE:FM) CEO Pay Compare Well With Peers?

Philip Kelvin Pascall became the CEO of First Quantum Minerals Ltd (TSE:FM) in 1996. … How Does Philip Kelvin Pascall's Compensation Compare With Similar Sized Companies. … According to our data, First Quantum Minerals Ltd has a market capitalization of CA$8.1b, and pays its CEO total annual compensation worth US$4m.

Simply Wall St -

How Did First Quantum Minerals Ltd's (TSE:FM) 0.9% ROE Fare Against The Industry?

Our data shows First Quantum Minerals has a return on equity of 0.9% for the last year. … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.0091 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Does First Quantum Minerals Ltd's (TSE:FM) Ownership Structure Look Like?

In this article, I'm going to take a look at First Quantum Minerals Ltd’s (TSE:FM) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … The impact of a company's ownership structure affects both its short- and long-term performance. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment.

Simply Wall St -

Is First Quantum Minerals Ltd (TSE:FM) A Financially Sound Company?

Investors pursuing a solid, dependable stock investment can often be led to First Quantum Minerals Ltd (TSE:FM), a large-cap worth CA$14.01b. … Let’s take a look at First Quantum Minerals’s leverage and assess its financial strength to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself

Simply Wall St -

A Look At The Intrinsic Value Of First Quantum Minerals Ltd (TSE:FM)

5-year cash flow forecast 2018 2019 2020 2021 2022 Levered FCF ($, Millions) $261.43 $970.42 $1,747.00 $2,263.00 $2,277.25 Source Analyst x9 Analyst x11 Analyst x12 Analyst x6 Analyst x4 Present Value Discounted @ 17.87% $221.80 $698.48 $1,066.80 $1,172.39 $1,000.91 Present Value of 5-year Cash Flow (PVCF)= $4,160 The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = $2,277 × (1 + 2.1%) ÷ (17.9% – 2.1%) = $14,776 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = $14,776 / ( 1 + 17.9%)5 = $6,494 The total value is the sum of cash flows for the next five years and the discounted terminal value, which results in the Total Equity Value, which in this case is CA$10,655. … TSX:FM Intrinsic Value May 1st 18 The assumptions I'd like to point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

Company Info

Description

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, gold, and zinc ores, as well as produces acid. The company operates seven mines, including the Ravensthorpe nickel mine in Australia; the Kansanshi copper-gold mine and copper smelter in Zambia; the Sentinel copper operation in North Western Province of Zambia; the Guelb Moghrein copper-gold mine in Mauritania; the Çayeli copper-zinc mine in Turkey; the Las Cruces copper mine in Spain; and the Pyhäsalmi copper-zinc mine in Finland. It also has interests in copper and nickel projects at various stages of development located in Panama, Argentina, Peru, and Zambia. The company was formerly known as First Quantum Ventures Ltd. and changed its name to First Quantum Minerals Ltd. in July 1996. First Quantum Minerals Ltd. was founded in 1983 and is based in Vancouver, Canada.

Details
Name: First Quantum Minerals Ltd.
FM
Exchange: TSX
Founded: 1983
CA$8,188,588,901
685,237,565
Website: http://www.first-quantum.com
Address: First Quantum Minerals Ltd.
543 Granville Street,
14th Floor,
Vancouver,
British Columbia, V6C 1X8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FM Common Shares The Toronto Stock Exchange CA CAD 16. Sep 1988
OTCPK FQVL.F Common Shares Pink Sheets LLC US USD 16. Sep 1988
DB IZ1 Common Shares Deutsche Boerse AG DE EUR 16. Sep 1988
LUSE FQMZ ZAMBIAN DEPOSITARY RECEIPTS 1/28 ORD SHS Lusaka Stock Exchange ZM ZMW 09. Dec 2011
Number of employees
Current staff
Staff numbers
21,300
First Quantum Minerals employees.
Industry
Copper
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 23:38
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/06/20
Last earnings filing: 2019/04/29
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.