company background image
FVI

Fortuna Silver Mines TSX:FVI Stock Report

Last Price

CA$4.21

Market Cap

CA$1.2b

7D

29.5%

1Y

-18.1%

Updated

06 Oct, 2022

Data

Company Financials +
FVI fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance1/6
Financial Health4/6
Dividends0/6

FVI Stock Overview

Fortuna Silver Mines Inc. engages in the acquisition, exploration, and mining of precious and base metal deposits in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire.

Fortuna Silver Mines Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Fortuna Silver Mines
Historical stock prices
Current Share PriceCA$4.21
52 Week HighCA$6.95
52 Week LowCA$2.82
Beta1.21
1 Month Change43.69%
3 Month Change19.94%
1 Year Change-18.09%
3 Year Change-0.47%
5 Year Change-27.29%
Change since IPO-10.24%

Recent News & Updates

Sep 26
An Intrinsic Calculation For Fortuna Silver Mines Inc. (TSE:FVI) Suggests It's 48% Undervalued

An Intrinsic Calculation For Fortuna Silver Mines Inc. (TSE:FVI) Suggests It's 48% Undervalued

Today we will run through one way of estimating the intrinsic value of Fortuna Silver Mines Inc. ( TSE:FVI ) by taking...

Shareholder Returns

FVICA Metals and MiningCA Market
7D29.5%7.2%3.2%
1Y-18.1%-6.1%-3.0%

Return vs Industry: FVI underperformed the Canadian Metals and Mining industry which returned -6.1% over the past year.

Return vs Market: FVI underperformed the Canadian Market which returned -3% over the past year.

Price Volatility

Is FVI's price volatile compared to industry and market?
FVI volatility
FVI Average Weekly Movement8.4%
Metals and Mining Industry Average Movement11.9%
Market Average Movement10.1%
10% most volatile stocks in CA Market18.3%
10% least volatile stocks in CA Market3.8%

Stable Share Price: FVI is not significantly more volatile than the rest of Canadian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: FVI's weekly volatility (8%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1990n/aJorge A. Ganoza Duranthttps://www.fortunasilver.com

Fortuna Silver Mines Inc. engages in the acquisition, exploration, and mining of precious and base metal deposits in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It holds interest in the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver and gold mine situated in southern Mexico; the Lindero gold project located in Argentina; Yaramoko gold mine situated in south western Burkina Faso; and Séguéla gold mine located in south western Côte d’Ivoire. The company was formerly known as Fortuna Ventures Inc. and changed its name to Fortuna Silver Mines Inc. in June 2005.

Fortuna Silver Mines Fundamentals Summary

How do Fortuna Silver Mines's earnings and revenue compare to its market cap?
FVI fundamental statistics
Market CapCA$1.23b
Earnings (TTM)CA$59.95m
Revenue (TTM)CA$976.64m

20.5x

P/E Ratio

1.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FVI income statement (TTM)
RevenueUS$711.71m
Cost of RevenueUS$509.96m
Gross ProfitUS$201.74m
Other ExpensesUS$158.05m
EarningsUS$43.69m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.15
Gross Margin28.35%
Net Profit Margin6.14%
Debt/Equity Ratio15.1%

How did FVI perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is FVI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FVI?

Other financial metrics that can be useful for relative valuation.

FVI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.5x
Enterprise Value/EBITDA3.7x
PEG Ratio1.5x

Price to Earnings Ratio vs Peers

How does FVI's PE Ratio compare to its peers?

FVI PE Ratio vs Peers
The above table shows the PE ratio for FVI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average35.5x
SVM Silvercorp Metals
16.3x41.6%CA$635.4m
MAG MAG Silver
79.4x116.7%CA$1.8b
ALS Altius Minerals
29.4x-9.4%CA$970.3m
ORA Aura Minerals
13.4x9.8%CA$670.9m
FVI Fortuna Silver Mines
18.3x13.6%CA$1.1b

Price-To-Earnings vs Peers: FVI is good value based on its Price-To-Earnings Ratio (20.5x) compared to the peer average (34.5x).


Price to Earnings Ratio vs Industry

How does FVI's PE Ratio compare vs other companies in the CA Metals and Mining Industry?

Price-To-Earnings vs Industry: FVI is expensive based on its Price-To-Earnings Ratio (20.5x) compared to the Canadian Metals and Mining industry average (9.4x)


Price to Earnings Ratio vs Fair Ratio

What is FVI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FVI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.5x
Fair PE Ratio13x

Price-To-Earnings vs Fair Ratio: FVI is expensive based on its Price-To-Earnings Ratio (20.5x) compared to the estimated Fair Price-To-Earnings Ratio (12.9x).


Share Price vs Fair Value

What is the Fair Price of FVI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FVI (CA$4.21) is trading below our estimate of fair value (CA$5.74)

Significantly Below Fair Value: FVI is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Future Growth

How is Fortuna Silver Mines forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


13.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FVI's forecast earnings growth (13.7% per year) is above the savings rate (1.6%).

Earnings vs Market: FVI's earnings (13.7% per year) are forecast to grow faster than the Canadian market (7% per year).

High Growth Earnings: FVI's earnings are forecast to grow, but not significantly.

Revenue vs Market: FVI's revenue is expected to decline over the next 3 years (-1.5% per year).

High Growth Revenue: FVI's revenue is forecast to decline over the next 3 years (-1.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FVI's Return on Equity is forecast to be low in 3 years time (4%).


Discover growth companies

Past Performance

How has Fortuna Silver Mines performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-0.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FVI has high quality earnings.

Growing Profit Margin: FVI's current net profit margins (6.1%) are lower than last year (17.5%).


Past Earnings Growth Analysis

Earnings Trend: FVI's earnings have declined by 0.1% per year over the past 5 years.

Accelerating Growth: FVI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FVI had negative earnings growth (-41.2%) over the past year, making it difficult to compare to the Metals and Mining industry average (-7.3%).


Return on Equity

High ROE: FVI's Return on Equity (3.1%) is considered low.


Discover strong past performing companies

Financial Health

How is Fortuna Silver Mines's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: FVI's short term assets ($287.8M) exceed its short term liabilities ($127.2M).

Long Term Liabilities: FVI's short term assets ($287.8M) do not cover its long term liabilities ($480.6M).


Debt to Equity History and Analysis

Debt Level: FVI's net debt to equity ratio (7%) is considered satisfactory.

Reducing Debt: FVI's debt to equity ratio has increased from 7.5% to 15.1% over the past 5 years.

Debt Coverage: FVI's debt is well covered by operating cash flow (80.7%).

Interest Coverage: FVI's interest payments on its debt are well covered by EBIT (12.5x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Fortuna Silver Mines's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Fortuna Silver Mines Dividend Yield vs Market
How does Fortuna Silver Mines dividend yield compare to the market?
SegmentDividend Yield
Company (Fortuna Silver Mines)n/a
Market Bottom 25% (CA)1.9%
Market Top 25% (CA)5.9%
Industry Average (Metals and Mining)2.6%
Analyst forecast in 3 Years (Fortuna Silver Mines)0%

Notable Dividend: Unable to evaluate FVI's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FVI's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FVI's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FVI's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as FVI has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure


CEO

Jorge A. Ganoza Durant (52 yo)

17.83yrs

Tenure

US$5,280,312

Compensation

Mr. Jorge A. Ganoza Durant, B.Sc. Eng, co-founded Fortuna Silver Mines Inc. (formerly Fortuna Ventures Inc.) in 2004. Mr. Durant has been the Chief Executive Officer and President of Fortuna Silver Mines I...


CEO Compensation Analysis

Jorge A. Ganoza Durant's Compensation vs Fortuna Silver Mines Earnings
How has Jorge A. Ganoza Durant's remuneration changed compared to Fortuna Silver Mines's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$44m

Mar 31 2022n/an/a

US$58m

Dec 31 2021US$5mUS$637k

US$58m

Sep 30 2021n/an/a

US$61m

Jun 30 2021n/an/a

US$74m

Mar 31 2021n/an/a

US$52m

Dec 31 2020US$3mUS$618k

US$22m

Sep 30 2020n/an/a

US$22m

Jun 30 2020n/an/a

US$1m

Mar 31 2020n/an/a

US$17m

Dec 31 2019US$3mUS$618k

US$24m

Sep 30 2019n/an/a

US$7m

Jun 30 2019n/an/a

US$22m

Mar 31 2019n/an/a

US$22m

Dec 31 2018US$6mUS$600k

US$34m

Sep 30 2018n/an/a

US$66m

Jun 30 2018n/an/a

US$69m

Mar 31 2018n/an/a

US$67m

Dec 31 2017US$2mUS$600k

US$66m

Sep 30 2017n/an/a

US$39m

Jun 30 2017n/an/a

US$39m

Mar 31 2017n/an/a

US$28m

Dec 31 2016US$3mUS$600k

US$18m

Sep 30 2016n/an/a

-US$6m

Jun 30 2016n/an/a

-US$14m

Mar 31 2016n/an/a

-US$12m

Dec 31 2015US$4mUS$600k

-US$11m

Compensation vs Market: Jorge A.'s total compensation ($USD5.28M) is above average for companies of similar size in the Canadian market ($USD1.60M).

Compensation vs Earnings: Jorge A.'s compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: FVI's management team is considered experienced (2.2 years average tenure).


Board Members

Experienced Board: FVI's board of directors are considered experienced (6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

TSX:FVI Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
06 Jul 22BuyCA$132,208Jorge A. Ganoza DurantIndividual40,000CA$3.31
29 Jun 22BuyCA$1,918Cesar VelascoIndividual500CA$3.87
10 Jun 22BuyCA$21,396Cesar VelascoIndividual5,000CA$4.35
06 Jun 22BuyCA$22,010Cesar VelascoIndividual5,000CA$4.40
13 May 22BuyCA$156,175Jorge A. Ganoza DurantIndividual40,000CA$3.90
12 May 22BuyCA$585,334Jorge A. Ganoza DurantIndividual155,674CA$3.76
20 Dec 21BuyCA$196,400David LaingIndividual40,000CA$4.91
20 Dec 21BuyCA$95,809Alfredo Arturo Sillau ValdezIndividual20,000CA$4.79
03 Dec 21BuyCA$62,275Manuel CarlosIndividual15,000CA$4.18

Ownership Breakdown

What is the ownership structure of FVI?
Owner TypeNumber of SharesOwnership Percentage
Private Companies15,0000.005%
Individual Insiders3,788,0311.3%
Institutions101,223,85534.7%
General Public186,431,68964.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 29.1% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
10.65%
Van Eck Associates Corporation
31,027,346$130.6m1.1%0.17%
2.6%
Mirae Asset Global Investments Co., Ltd
7,580,911$31.9m16.3%0.03%
1.26%
Universal-Investment-Gesellschaft Mit BeschrÄNkter Haftung
3,685,421$15.5m0%0.08%
1.21%
Citadel Advisors LLC
3,514,263$14.8m307.37%0.01%
1.19%
Euro Pacific Asset Management, LLC
3,464,326$14.6m-8.91%1.59%
1.16%
PKO Towarzystwo Funduszy Inwestycyjnych SA
3,383,943$14.2m14.06%0.54%
1.02%
Sprott Asset Management LP
2,980,024$12.5m1.05%0.39%
0.99%
Dimensional Fund Advisors LP
2,873,268$12.1m34.48%no data
0.97%
Ruffer LLP
2,818,940$11.9m-23.73%0.08%
0.94%
ETF Managers Group LLC
2,740,247$11.5m-12.42%0.2%
0.71%
Konwave AG
2,081,300$8.8m5.01%0.66%
0.71%
Skagen AS
2,075,195$8.7m9.25%0.09%
0.71%
Jorge A. Ganoza Durant
2,068,131$8.7m1.97%no data
0.64%
Renaissance Technologies LLC
1,854,900$7.8m446.2%0.01%
0.53%
AMG Fondsverwaltungs AG
1,550,000$6.5m0%0.73%
0.47%
Ninepoint Partners LP
1,382,600$5.8m0%0.23%
0.47%
Susquehanna International Group, LLP, Asset Management Arm
1,361,065$5.7m-14.38%0.01%
0.46%
Morgan Stanley, Investment Banking and Brokerage Investments
1,336,866$5.6m-27.8%no data
0.44%
Schroder Investment Management Limited
1,295,052$5.5m16.24%no data
0.41%
American Century Investment Management Inc
1,194,485$5.0m26.75%no data
0.37%
Wells Fargo & Company, Securities and Brokerage Investments
1,080,165$4.5m64.03%no data
0.33%
Sicart Associates, LLC
975,488$4.1m-0.53%0.86%
0.3%
BMO Asset Management Corp.
866,525$3.6m-1.32%no data
0.28%
Millennium Management LLC
824,782$3.5m-48.89%no data
0.28%
Amati Global Investors Ltd.
812,000$3.4m0%0.23%

Company Information

Fortuna Silver Mines Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Fortuna Silver Mines Inc.
  • Ticker: FVI
  • Exchange: TSX
  • Founded: 1990
  • Industry: Silver
  • Sector: Materials
  • Implied Market Cap: CA$1.227b
  • Shares outstanding: 291.46m
  • Website: https://www.fortunasilver.com

Number of Employees


Location

  • Fortuna Silver Mines Inc.
  • 200 Burrard Street
  • Suite 650
  • Vancouver
  • British Columbia
  • V6C 3L6
  • Canada


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FVITSX (The Toronto Stock Exchange)YesCommon SharesCACADFeb 1992
F4SDB (Deutsche Boerse AG)YesCommon SharesDEEURFeb 1992
FVI NBMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNFeb 1992
FSMNYSE (New York Stock Exchange)YesCommon SharesUSUSDFeb 1992
0QYMLSE (London Stock Exchange)YesCommon SharesGBCADFeb 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/06 00:00
End of Day Share Price2022/10/06 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.