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First Majestic Silver

TSX:FR
Snowflake Description

High growth potential and slightly overvalued.

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

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. The last earnings update was 53 days ago. More info.


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FR Share Price and Events
7 Day Returns
-3.1%
TSX:FR
-2.2%
CA Metals and Mining
1.2%
CA Market
1 Year Returns
-5.7%
TSX:FR
-9.2%
CA Metals and Mining
4.1%
CA Market
FR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Majestic Silver (FR) -3.1% -11.5% 18.6% -5.7% -28.2% -23.2%
CA Metals and Mining -2.2% -1.5% 8.7% -9.2% -5.4% -19.4%
CA Market 1.2% 2.4% 7.9% 4.1% 15.3% 7.4%
1 Year Return vs Industry and Market
  • FR outperformed the Metals and Mining industry which returned -9.2% over the past year.
  • FR underperformed the Market in Canada which returned 4.1% over the past year.
Price Volatility
FR
Industry
5yr Volatility vs Market

Value

 Is First Majestic Silver 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 Majestic Silver 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 Majestic Silver.

TSX:FR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.2%
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:FR
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 1.21
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.207 (1 + (1- 26.5%) (12.86%))
1.215
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.215 * 5.96%)
9.19%

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

The calculations below outline how an intrinsic value for First Majestic Silver 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:FR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.19%)
2019 -23.84 Analyst x2 -21.83
2020 61.98 Analyst x2 51.99
2021 133.10 Analyst x1 102.24
2022 201.85 Est @ 51.66% 142.00
2023 276.02 Est @ 36.74% 177.83
2024 348.63 Est @ 26.3% 205.71
2025 414.86 Est @ 19% 224.18
2026 472.45 Est @ 13.88% 233.81
2027 521.12 Est @ 10.3% 236.19
2028 561.74 Est @ 7.8% 233.17
Present value of next 10 years cash flows $1,585.29
TSX:FR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $561.74 × (1 + 1.95%) ÷ (9.19% – 1.95%)
$7,905.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $7,905.81 ÷ (1 + 9.19%)10
$3,281.60
TSX:FR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,585.29 + $3,281.60
$4,866.89
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,866.89 / 199.41
$24.41
TSX:FR Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:FR)
1.339
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $24.41 x 1.339
CA$32.68
Value per share (CAD) From above. CA$32.68
Current discount Discount to share price of CA$8.11
= -1 x (CA$8.11 - CA$32.68) / CA$32.68
75.2%

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

Current Discount
Amount off the current price First Majestic Silver is available for.
Intrinsic value
>50%
Share price is CA$8.11 vs Future cash flow value of CA$32.68
Current Discount Checks
For First Majestic Silver to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • First Majestic Silver's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • First Majestic Silver's share price is below the future cash flow value, and 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 Majestic Silver's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Majestic Silver's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:FR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-1.11
TSX:FR Share Price ** TSX (2019-04-18) in CAD CA$8.11
TSX:FR Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.747 $6.06
Canada Metals and Mining Industry PE Ratio Median Figure of 113 Publicly-Listed Metals and Mining Companies 13.54x
Canada Market PE Ratio Median Figure of 556 Publicly-Listed Companies 15.29x

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

** Primary Listing of First Majestic Silver.

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

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

= 6.06 ÷ -1.11

-5.45x

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

  • First Majestic Silver is loss making, we can't compare its value to the CA Metals and Mining industry average.
  • First Majestic Silver is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does First Majestic Silver's expected growth come at a high price?
Raw Data
TSX:FR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -5.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
117.4%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 35 Publicly-Listed Metals and Mining Companies 0.73x
Canada Market PEG Ratio Median Figure of 257 Publicly-Listed Companies 1.21x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for First Majestic Silver, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on First Majestic Silver's assets?
Raw Data
TSX:FR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $3.07
TSX:FR Share Price * TSX (2019-04-18) in CAD CA$8.11
TSX:FR Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.747 $6.06
Canada Metals and Mining Industry PB Ratio Median Figure of 1,085 Publicly-Listed Metals and Mining Companies 1.32x
Canada Market PB Ratio Median Figure of 2,375 Publicly-Listed Companies 1.52x
TSX:FR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 6.06 ÷ 3.07

1.97x

* Primary Listing of First Majestic Silver.

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

  • First Majestic Silver is overvalued based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess First Majestic Silver'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 Majestic Silver has a total score of 2/6, 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 Majestic Silver expected to perform in the next 1 to 3 years based on estimates from 4 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
117.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Majestic Silver expected to grow at an attractive rate?
  • First Majestic Silver's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • First Majestic Silver's earnings growth is expected to exceed the Canada market average.
  • First Majestic Silver's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:FR Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:FR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 117.4%
TSX:FR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 20.6%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 36.2%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 18.2%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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:FR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:FR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 583 56 1
2020-12-31 479 184 72 4
2019-12-31 400 96 -26 4
TSX:FR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 301 33 -204
2018-09-30 288 36 -96
2018-06-30 261 52 -103
2018-03-31 242 62 -62
2017-12-31 252 70 -53
2017-09-30 257 87 5
2017-06-30 275 99 14
2017-03-31 281 96 19
2016-12-31 278 100 9
2016-09-30 278 81 -96
2016-06-30 243 65 -106
2016-03-31 231 72 -115

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Majestic Silver's earnings are expected to grow significantly at over 20% yearly.
  • First Majestic Silver's revenue is expected to grow significantly at over 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:FR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from First Majestic Silver Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.73 0.73 0.73 1.00
2022-12-31 0.39 0.39 0.39 1.00
2021-12-31 0.27 0.27 0.27 1.00
2020-12-31 0.29 0.52 0.16 3.00
2019-12-31 0.12 0.19 0.06 2.00
TSX:FR Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -1.11
2018-09-30 -0.54
2018-06-30 -0.61
2018-03-31 -0.37
2017-12-31 -0.32
2017-09-30 0.03
2017-06-30 0.09
2017-03-31 0.11
2016-12-31 0.05
2016-09-30 -0.61
2016-06-30 -0.72
2016-03-31 -0.83

*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 Majestic Silver is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess First Majestic Silver'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 Majestic Silver has a total score of 5/6, 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 Majestic Silver 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 Majestic Silver'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 Majestic Silver does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare First Majestic Silver's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare First Majestic Silver's 1-year growth to the CA Metals and Mining industry average as it is not currently profitable.
Earnings and Revenue History
First Majestic Silver'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 Majestic Silver Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 300.93 -204.16 28.80
2018-09-30 287.97 -95.81 27.72
2018-06-30 261.35 -103.03 27.14
2018-03-31 241.78 -61.58 26.34
2017-12-31 252.29 -53.27 25.79
2017-09-30 257.29 4.63 25.93
2017-06-30 274.72 14.06 25.05
2017-03-31 280.67 18.75 23.96
2016-12-31 278.08 8.60 22.15
2016-09-30 277.92 -96.17 21.54
2016-06-30 243.27 -106.07 20.79
2016-03-31 231.38 -114.75 21.00
2015-12-31 219.44 -108.42 21.93
2015-09-30 225.91 -70.03 21.56
2015-06-30 222.01 -78.70 23.20
2015-03-31 234.75 -68.53 25.04
2014-12-31 245.47 -61.45 26.71
2014-09-30 231.98 -78.11 31.05
2014-06-30 268.09 -51.34 32.88
2014-03-31 249.54 -58.77 35.29
2013-12-31 251.31 -38.23 39.37
2013-09-30 263.33 65.35 40.17
2013-06-30 250.03 73.90 39.41
2013-03-31 256.43 89.06 36.89
2012-12-31 247.18 88.90 32.42
2012-09-30 236.97 87.89 28.89
2012-06-30 234.80 90.79 25.94

*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.
  • It is difficult to establish if First Majestic Silver has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if First Majestic Silver has efficiently used its assets last year compared to the CA Metals and Mining industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if First Majestic Silver improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess First Majestic Silver'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 Majestic Silver has a total score of 0/6, 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 Majestic Silver'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 Majestic Silver's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • First Majestic Silver is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • First Majestic Silver's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of First Majestic Silver'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 covered by short term assets, assets are 1.1x 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 Majestic Silver Company Filings, last reported 3 months ago.

TSX:FR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 594.57 155.36 63.43
2018-09-30 756.37 152.95 79.67
2018-06-30 747.61 154.16 118.06
2018-03-31 597.62 163.50 257.93
2017-12-31 582.49 41.07 129.47
2017-09-30 635.89 43.40 132.74
2017-06-30 633.15 45.42 138.48
2017-03-31 629.11 46.97 141.02
2016-12-31 621.70 52.12 142.74
2016-09-30 620.86 57.48 139.39
2016-06-30 598.03 63.40 120.80
2016-03-31 540.30 65.53 68.69
2015-12-31 544.72 63.19 56.72
2015-09-30 542.64 53.80 28.37
2015-06-30 542.97 65.00 40.21
2015-03-31 521.04 73.66 24.97
2014-12-31 520.53 82.86 42.81
2014-09-30 584.06 97.44 37.52
2014-06-30 592.99 103.55 70.12
2014-03-31 582.77 72.29 45.05
2013-12-31 570.75 80.51 58.14
2013-09-30 649.04 74.63 71.50
2013-06-30 626.39 73.88 82.76
2013-03-31 624.97 71.88 115.87
2012-12-31 593.53 73.88 118.83
2012-09-30 565.71 19.85 80.70
2012-06-30 397.21 20.88 81.80
  • First Majestic Silver's level of debt (26.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (14.1% vs 26.1% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • First Majestic Silver has less than a year of cash runway based on current free cash flow.
  • First Majestic Silver has less than a year of cash runway if free cash flow continues to grow at historical rates of 104.5% each year.
X
Financial health checks
We assess First Majestic Silver'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 Majestic Silver 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 Majestic Silver'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%
Current annual income from First Majestic Silver dividends.
If you bought CA$2,000 of First Majestic Silver shares you are expected to receive CA$0 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?
  • Unable to evaluate First Majestic Silver's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate First Majestic Silver's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:FR 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 4 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 331 Stocks 3.4%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

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

TSX:FR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31

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

  • Unable to perform a dividend volatility check as First Majestic Silver has not reported any payouts.
  • Unable to verify if First Majestic Silver's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of First Majestic Silver's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as First Majestic Silver has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess First Majestic Silver's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Majestic Silver afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First Majestic Silver 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 Majestic Silver'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
Keith Neumeyer
COMPENSATION $1,870,780
AGE 58
TENURE AS CEO 17.4 years
CEO Bio

Mr. Keith N. Neumeyer Founded First Majestic Silver Corp. in 2002 (formerly, First Majestic Resources Corp.) and has been its Chief Executive Officer and President since November 3, 2001. Mr. Neumeyer has been the President and Chief Executive Officer of First Silver Reserve Inc. since June 19, 2006. He has an extensive experience dealing with the financial, regulatory, legal and accounting issues. Mr. Neumeyer has also listed a number of companies on the Toronto Stock Exchange and as such has extensive experience dealing with the financial, regulatory, legal and accounting issues that are relevant in the investment community. He served in the investment community for 28 years beginning his career at a number of Canadian national brokerage firms and continued on with McLeod Young Weir (now Scotia McLeod), then Richardson Greenshields and then Walwyn Stogell McCuthchen (which became Midland Walwyn). Mr. Neumeyer moved on to work with several publically traded companies in the resource and high technology sectors. His roles have included senior management positions and directorships responsible in areas of finance, business development, strategic planning and corporate restructuring. He was a co-founder and President of First Quantum Minerals Ltd. (T-FM). Mr. Neumeyer is the Founder of First Mining Finance Corp. and has been its Chairman of the Board since March 2013. He served as Chairman at Albion Petroleum Ltd. He has been a Director of KCP Minerals Inc.(Formerly Sundance Minerals Ltd.) since September 2014 and First Silver Reserve Inc. since June 19, 2006. He has been a Director of First Majestic Silver Corp. since December 5, 1998. He has been the Chairman and Director at First Mining Gold Corp. since March 31, 2015. He has been a Director of First Mining Finance Corp. since March 30, 2015. Mr. Neumeyer served as a Director of Dundarave Resources Inc. (formerly, Jaba Exploration Inc.) from November 3, 2003 to July 31, 2006.

CEO Compensation
  • Keith's compensation has been consistent with company performance over the past year.
  • Keith's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the First Majestic Silver management team in years:

11.7
Average Tenure
  • The average tenure for the First Majestic Silver management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Keith Neumeyer

TITLE
President
COMPENSATION
$2M
AGE
58
TENURE
17.4 yrs

Raymond Polman

TITLE
Chief Financial Officer
COMPENSATION
$801K
AGE
58
TENURE
12.2 yrs

Dustin VanDoorselaere

TITLE
Chief Operating Officer
COMPENSATION
$747K
TENURE
2.1 yrs

Ramon Mendoza Reyes

TITLE
Vice President of Technical Services
TENURE
5 yrs

Arturo Diaz

TITLE
Vice President of Administration

Jill Arias

TITLE
Vice President of Marketing
TENURE
14.5 yrs

Todd Anthony

TITLE
Vice President of Corporate Development

Greg Kulla

TITLE
Vice President of Exploration
TENURE
0.8 yrs

Connie Lillico

TITLE
Corporate Secretary
COMPENSATION
$694K
TENURE
11.7 yrs

Karen Liu

TITLE
VP of Treasury & Corporate Controller
Board of Directors Tenure

Average tenure and age of the First Majestic Silver board of directors in years:

13.3
Average Tenure
66
Average Age
  • The average tenure for the First Majestic Silver board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Douglas Penrose

TITLE
Chairman of the Board
COMPENSATION
$335K
AGE
70
TENURE
7.3 yrs

Keith Neumeyer

TITLE
President
COMPENSATION
$2M
AGE
58
TENURE
20.3 yrs

David Shaw

TITLE
Director
COMPENSATION
$218K
AGE
66
TENURE
14.3 yrs

Robert McCallum

TITLE
Independent Director
COMPENSATION
$231K
AGE
81
TENURE
13.3 yrs

Marjorie Co

TITLE
Director
COMPENSATION
$188K
AGE
49
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • First Majestic Silver insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
31. Mar 19 Sell David Shaw Individual 04. Dec 18 04. Dec 18 -10,000 CA$6.61 CA$-66,100
28. Mar 19 Buy Raymond Polman Individual 28. Mar 19 28. Mar 19 2,000 CA$8.91 CA$17,820
25. Mar 19 Sell Raymond Polman Individual 20. Mar 19 20. Mar 19 -31,250 CA$9.17 CA$-286,563
22. Mar 19 Sell Robert McCallum Individual 22. Mar 19 22. Mar 19 -20,000 CA$9.35 CA$-187,000
11. Mar 19 Sell Todd Anthony Individual 07. Mar 19 07. Mar 19 -10,000 CA$8.71 CA$-87,100
07. Feb 19 Buy Todd Anthony Individual 22. Jan 19 07. Feb 19 15,000 CA$7.77 CA$106,930
06. Feb 19 Buy Todd Anthony Individual 06. Feb 19 06. Feb 19 5,000 CA$8.08 CA$40,400
30. Jan 19 Buy Todd Anthony Individual 30. Jan 19 30. Jan 19 5,000 CA$7.64 CA$38,200
24. Jan 19 Buy Todd Anthony Individual 24. Jan 19 24. Jan 19 5,000 CA$7.00 CA$35,000
16. Jan 19 Buy Todd Anthony Individual 16. Jan 19 16. Jan 19 15,000 CA$7.15 CA$105,650
16. Jan 19 Buy Keith Neumeyer Individual 16. Jan 19 16. Jan 19 4,250 CA$7.05 CA$29,963
04. Dec 18 Sell David Shaw Individual 03. Dec 18 03. Dec 18 -10,000 CA$6.47 CA$-64,650
25. Oct 18 Sell Todd Anthony Individual 25. Oct 18 25. Oct 18 -15,000 CA$7.66 CA$-114,900
22. Oct 18 Sell Todd Anthony Individual 22. Oct 18 22. Oct 18 -20,000 CA$8.15 CA$-163,000
16. Oct 18 Sell Todd Anthony Individual 16. Oct 18 16. Oct 18 -40,000 CA$8.30 CA$-330,500
18. Sep 18 Sell Robert McCallum Individual 18. Sep 18 18. Sep 18 -13,000 CA$7.50 CA$-97,500
23. Aug 18 Buy Todd Anthony Individual 23. Aug 18 23. Aug 18 2,500 CA$6.90 CA$17,250
21. Aug 18 Buy Dustin VanDoorselaere Individual 21. Aug 18 21. Aug 18 1,400 CA$7.19 CA$10,066
21. Aug 18 Sell Robert McCallum Individual 20. Aug 18 21. Aug 18 -4,000 CA$6.94 CA$-27,723
20. Aug 18 Buy Marjorie Co Individual 17. Aug 18 17. Aug 18 5,926 CA$6.75 CA$40,000
15. Aug 18 Buy Todd Anthony Individual 15. Aug 18 15. Aug 18 5,000 CA$6.75 CA$33,750
14. Aug 18 Buy Todd Anthony Individual 13. Aug 18 13. Aug 18 10,000 CA$7.75 CA$75,750
24. Jul 18 Buy Todd Anthony Individual 24. Jul 18 24. Jul 18 2,500 CA$8.56 CA$21,400
24. Jul 18 Buy Dustin VanDoorselaere Individual 24. Jul 18 24. Jul 18 1,000 CA$8.56 CA$8,560
23. Jul 18 Buy Marjorie Co Individual 23. Jul 18 23. Jul 18 2,351 CA$8.50 CA$19,983
20. Jul 18 Buy Todd Anthony Individual 20. Jul 18 20. Jul 18 2,500 CA$8.90 CA$22,250
19. Jul 18 Buy Dustin VanDoorselaere Individual 19. Jul 18 19. Jul 18 1,000 CA$8.90 CA$8,900
18. Jul 18 Buy Todd Anthony Individual 18. Jul 18 18. Jul 18 4,250 CA$8.98 CA$38,060
17. Jul 18 Sell Robert McCallum Individual 17. Jul 18 17. Jul 18 -5,000 CA$9.09 CA$-45,450
25. Jun 18 Sell Adam McEniry Individual 25. Jun 18 25. Jun 18 -5,000 CA$10.18 CA$-50,857
14. Jun 18 Sell Raymond Polman Individual 13. Jun 18 13. Jun 18 -125,000 CA$10.04 CA$-1,254,538
16. May 18 Buy Todd Anthony Individual 10. May 18 10. May 18 33,250 CA$8.80 CA$292,600
17. May 18 Buy Andrew Poon Individual 10. May 18 10. May 18 199 CA$8.80 CA$1,751
11. May 18 Buy Wheaton Precious Metals Corp. Company 10. May 18 10. May 18 20,914,590 CA$9.02 CA$188,689,340
X
Management checks
We assess First Majestic Silver'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 Majestic Silver 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

First Majestic Silver (TSE:FR) Shareholders Booked A 16% Gain In The Last Year

Given that First Majestic Silver didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. … When a company doesn't make profits, we'd generally expect to see good revenue growth. … First Majestic Silver grew its revenue by 19% last year.

Simply Wall St -

Is First Majestic Silver Corp (TSE:FR) A Financially Sound Company?

While small-cap stocks, such as First Majestic Silver Corp (TSE:FR) with its market cap of US$1.65b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … the current state of its operations and pathway to profitability.

Simply Wall St -

Who Really Owns First Majestic Silver Corp (TSE:FR)?

In this article, I'm going to take a look at First Majestic Silver Corp’s (TSE:FR) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Although this is an important factor for long-term investors, many investors can also be impacted by institutional presence and their high-volume trading. … Check out our latest analysis for First Majestic Silver

Simply Wall St -

Breaking Down First Majestic Silver Corp's (TSE:FR) Ownership Structure

View our latest analysis for First Majestic Silver TSX:FR Ownership_summary May 15th 18 Institutional Ownership In FR's case, institutional ownership stands at 27.42%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … This size of ownership gives retail investors collective power in deciding on major policy decisions such as executive compensation, appointment of directors and acquisitions of businesses. … Thus, investors should dig deeper into FR's business relations with these companies and how it can affect shareholder returns in the long-term.Next Steps: FR's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

Is First Majestic Silver Corp (TSE:FR) A Financially Sound Company?

Additionally, FR has produced US$70.45M in operating cash flow over the same time period, resulting in an operating cash to total debt ratio of 171.52%, meaning that FR’s debt is appropriately covered by operating cash. … FR’s level of debt is low relative to its total equity, at 7.05%. … Investors' risk associated with debt is virtually non-existent with FR, and the company has plenty of headroom and ability to raise debt should it need to in the future.Next Steps: FR has demonstrated its ability to generate sufficient levels of cash flow, while its debt hovers at a safe level.

Simply Wall St -

Is It Too Late To Buy First Majestic Silver Corp (TSE:FR)?

And if you believe First Majestic Silver should be trading in this range, then there isn’t really any room for the share price grow beyond what it’s currently trading. … Since First Majestic Silver’s share price is quite volatile, we could potentially see it sink lower (or rise higher) in the future, giving us another chance to buy. … FR’s optimistic future growth appears to have been factored into the current share price, with shares trading around its fair value.

Simply Wall St -

When Can We Expect A Profit From First Majestic Silver Corp (TSE:FR)?

The CA$1.22B market-cap company announced a latest loss of -US$53.27M on 31 December 2017 for its most recent financial year result. … Many investors are wondering the rate at which FR will turn a profit, with the big question being “when will the company breakeven?” In this article, I will touch on the expectations for FR’s growth and when analysts expect the company to become profitable. … They expect the company to post a final loss in 2017, before turning a profit of US$17.84M in 2018.

Simply Wall St -

Value-Adding Growth Stocks To Buy Now

(TSX:FR) First Majestic Silver Corp. … Profit growth, coupled with top-line expansion, is a positive indication. … TSX:FR Future Profit Dec 23rd 17 Endeavour Silver Corp.

Simply Wall St -

Is First Majestic Silver Corp (TSE:FR) Undervalued After Accounting For Its Future Growth?

First Majestic Silver Corp (TSX:FR) is considered a high growth stock, but some investors are starting to doubt its last closing price of CA$9.72 can be still justified by the high growth potential. … First Majestic Silver is available at price-to-earnings ratio of 269.48x, showing us it is overvalued based on current earnings compared to the metals and mining industry average of 11.62x , and overvalued compared to the CA market average ratio of 16.83x. … Based on First Majestic Silver's predicted 751.47% growth in earnings next year and PE ratio of 269.48x we see that First Majestic Silver has a quite high PEG ratio of 4.15x.

Simply Wall St -

Company Info

Description

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the San Dimas Silver/Gold Mine covering an area of 71,867 hectares located in Durango; the Santa Elena Silver/Gold Mine covering an area of 101,772 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco, as well as 1,296 hectares of surface land; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; and Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas in Mexico. The company was formerly known as First Majestic Resource Corp. and changed its name to First Majestic Silver Corp. in November 2006. First Majestic Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

Details
Name: First Majestic Silver Corp.
FR
Exchange: TSX
Founded: 1979
CA$1,617,252,706
199,414,637
Website: http://www.firstmajestic.com
Address: First Majestic Silver Corp.
925 West Georgia Street,
Suite 1800,
Vancouver,
British Columbia, V6C 3L2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FR Common Shares The Toronto Stock Exchange CA CAD 30. Sep 1982
NYSE AG Common Shares New York Stock Exchange US USD 30. Sep 1982
DB FMV Common Shares Deutsche Boerse AG DE EUR 30. Sep 1982
XTRA FMV Common Shares XETRA Trading Platform DE EUR 30. Sep 1982
LSE 0QYC Common Shares London Stock Exchange GB CAD 30. Sep 1982
Number of employees
Current staff
Staff numbers
5,131
First Majestic Silver employees.
Industry
Silver
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 23:57
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/02/25
Last earnings reported: 2018/12/31
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.