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Fortuna Silver Mines

TSX:FVI
Snowflake Description

High growth potential with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FVI
TSX
CA$785M
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

Fortuna Silver Mines Inc. engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The last earnings update was 68 days ago. More info.


Add to Portfolio Compare Print
  • Fortuna Silver Mines has significant price volatility in the past 3 months.
FVI Share Price and Events
7 Day Returns
35%
TSX:FVI
5.9%
CA Metals and Mining
-0.1%
CA Market
1 Year Returns
-32%
TSX:FVI
7.8%
CA Metals and Mining
-2.3%
CA Market
FVI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fortuna Silver Mines (FVI) 35% 26.6% 20.7% -32% -53.8% -18.6%
CA Metals and Mining 5.9% 10.3% 14.6% 7.8% -13.3% -14.9%
CA Market -0.1% -0.5% -2.3% -2.3% 7.4% -0.2%
1 Year Return vs Industry and Market
  • FVI underperformed the Metals and Mining industry which returned 7.8% over the past year.
  • FVI underperformed the Market in Canada which returned -2.3% over the past year.
Price Volatility
FVI
Industry
5yr Volatility vs Market

Value

 Is Fortuna Silver Mines 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 Fortuna Silver Mines 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 Fortuna Silver Mines.

TSX:FVI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
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:FVI
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 1.06
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.062 (1 + (1- 26.5%) (14.27%))
1.116
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.116 * 5.96%)
8.6%

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

The calculations below outline how an intrinsic value for Fortuna Silver Mines 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:FVI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.6%)
2020 116.98 Analyst x5 107.72
2021 145.35 Analyst x4 123.24
2022 168.22 Est @ 15.73% 131.34
2023 187.73 Est @ 11.6% 134.96
2024 204.07 Est @ 8.7% 135.09
2025 217.69 Est @ 6.68% 132.69
2026 229.14 Est @ 5.26% 128.61
2027 238.91 Est @ 4.26% 123.48
2028 247.44 Est @ 3.57% 117.75
2029 255.06 Est @ 3.08% 111.77
Present value of next 10 years cash flows $1,246.65
TSX:FVI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $255.06 × (1 + 1.95%) ÷ (8.6% – 1.95%)
$3,908.18
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,908.18 ÷ (1 + 8.6%)10
$1,712.60
TSX:FVI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,246.65 + $1,712.60
$2,959.25
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,959.25 / 160.29
$18.46
TSX:FVI Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:FVI)
1.308
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $18.46 x 1.308
CA$24.14
Value per share (CAD) From above. CA$24.14
Current discount Discount to share price of CA$4.90
= -1 x (CA$4.90 - CA$24.14) / CA$24.14
79.7%

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

Current Discount
Amount off the current price Fortuna Silver Mines is available for.
Intrinsic value
>50%
Share price is CA$4.9 vs Future cash flow value of CA$24.14
Current Discount Checks
For Fortuna Silver Mines to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fortuna Silver Mines's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Fortuna Silver Mines'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 Fortuna Silver Mines's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fortuna Silver Mines's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:FVI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.14
TSX:FVI Share Price ** TSX (2019-07-19) in CAD CA$4.9
TSX:FVI Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.765 $3.75
Canada Metals and Mining Industry PE Ratio Median Figure of 107 Publicly-Listed Metals and Mining Companies 16.41x
Canada Market PE Ratio Median Figure of 538 Publicly-Listed Companies 15.38x

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

** Primary Listing of Fortuna Silver Mines.

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

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

= 3.75 ÷ 0.14

26.65x

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

  • Fortuna Silver Mines is overvalued based on earnings compared to the CA Metals and Mining industry average.
  • Fortuna Silver Mines is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Fortuna Silver Mines's expected growth come at a high price?
Raw Data
TSX:FVI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 26.65x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
29.8%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 35 Publicly-Listed Metals and Mining Companies 0.9x
Canada Market PEG Ratio Median Figure of 249 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 26.65x ÷ 29.8%

0.89x

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

  • Fortuna Silver Mines is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Fortuna Silver Mines's assets?
Raw Data
TSX:FVI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $3.78
TSX:FVI Share Price * TSX (2019-07-19) in CAD CA$4.9
TSX:FVI Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.765 $3.75
Canada Metals and Mining Industry PB Ratio Median Figure of 1,102 Publicly-Listed Metals and Mining Companies 1.42x
Canada Market PB Ratio Median Figure of 2,442 Publicly-Listed Companies 1.46x
TSX:FVI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 3.75 ÷ 3.78

0.99x

* Primary Listing of Fortuna Silver Mines.

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

  • Fortuna Silver Mines is good value based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess Fortuna Silver Mines'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. Fortuna Silver Mines has a total score of 4/6, 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 Fortuna Silver Mines expected to perform in the next 1 to 3 years based on estimates from 3 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
29.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fortuna Silver Mines expected to grow at an attractive rate?
  • Fortuna Silver Mines's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Fortuna Silver Mines's earnings growth is expected to exceed the Canada market average.
  • Fortuna Silver Mines's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:FVI Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:FVI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 29.8%
TSX:FVI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 21.2%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 29.3%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.8%

*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:FVI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:FVI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 383 128 47 2
2020-12-31 431 138 52 3
2019-12-31 253 65 24 3
TSX:FVI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 252 67 22
2018-12-31 263 83 34
2018-09-30 279 93 66
2018-06-30 283 92 69
2018-03-31 274 81 67
2017-12-31 268 70 66
2017-09-30 251 67 39
2017-06-30 252 76 39
2017-03-31 232 62 28
2016-12-31 210 53 18
2016-09-30 189 50 -6
2016-06-30 163 39 -14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fortuna Silver Mines's earnings are expected to grow significantly at over 20% yearly.
  • Fortuna Silver Mines'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:FVI 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 3 Analyst Estimates (S&P Global) See Below

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

TSX:FVI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
TSX:FVI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.14
2018-12-31 0.21
2018-09-30 0.41
2018-06-30 0.43
2018-03-31 0.42
2017-12-31 0.42
2017-09-30 0.25
2017-06-30 0.26
2017-03-31 0.20
2016-12-31 0.13
2016-09-30 -0.04
2016-06-30 -0.10

*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.
  • Fortuna Silver Mines is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Fortuna Silver Mines'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.
Fortuna Silver Mines 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 Fortuna Silver Mines 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 Fortuna Silver Mines'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.
  • Fortuna Silver Mines has delivered over 20% year on year earnings growth in the past 5 years.
  • Fortuna Silver Mines's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Fortuna Silver Mines's 1-year earnings growth is negative, it can't be compared to the CA Metals and Mining industry average.
Earnings and Revenue History
Fortuna Silver Mines'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 Fortuna Silver Mines Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FVI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 251.85 22.48 26.66
2018-12-31 263.30 33.99 26.91
2018-09-30 279.06 65.90 30.46
2018-06-30 283.47 69.31 30.38
2018-03-31 273.72 67.06 27.98
2017-12-31 268.11 66.31 26.45
2017-09-30 250.62 38.68 18.40
2017-06-30 251.82 38.57 20.48
2017-03-31 232.40 28.28 26.93
2016-12-31 210.26 17.86 31.29
2016-09-30 189.40 -5.95 34.07
2016-06-30 163.23 -13.51 29.23
2016-03-31 157.62 -11.88 22.45
2015-12-31 154.73 -10.61 18.18
2015-09-30 155.54 6.74 18.60
2015-06-30 162.88 11.97 19.99
2015-03-31 168.33 14.60 23.02
2014-12-31 174.01 15.60 25.43
2014-09-30 172.56 0.62 23.84
2014-06-30 156.38 -7.47 25.22
2014-03-31 142.16 -20.91 22.38
2013-12-31 137.39 -19.10 20.20
2013-09-30 138.91 4.30 21.93
2013-06-30 152.54 12.59 23.82
2013-03-31 161.13 27.02 22.88
2012-12-31 161.02 31.46 21.32
2012-09-30 154.17 21.24 22.50

*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.
  • Fortuna Silver Mines has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fortuna Silver Mines used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • Fortuna Silver Mines has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fortuna Silver Mines'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.
Fortuna Silver Mines has a total score of 2/6, 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 Fortuna Silver Mines'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 Fortuna Silver Mines's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fortuna Silver Mines is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fortuna Silver Mines's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fortuna Silver Mines'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 2.5x 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 Fortuna Silver Mines Company Filings, last reported 3 months ago.

TSX:FVI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 605.94 69.82 112.94
2018-12-31 602.80 69.53 163.33
2018-09-30 599.90 39.64 177.04
2018-06-30 591.16 39.60 198.45
2018-03-31 577.86 39.76 217.74
2017-12-31 563.58 39.87 213.27
2017-09-30 529.01 39.85 196.86
2017-06-30 517.08 39.88 189.10
2017-03-31 508.03 39.89 191.20
2016-12-31 423.15 40.02 125.16
2016-09-30 406.04 40.40 105.28
2016-06-30 269.23 40.61 90.80
2016-03-31 268.19 40.46 95.87
2015-12-31 264.17 39.84 108.25
2015-09-30 280.57 40.28 109.88
2015-06-30 278.08 39.86 110.01
2015-03-31 276.96 0.00 77.19
2014-12-31 272.71 0.00 77.26
2014-09-30 267.87 0.00 72.29
2014-06-30 259.12 0.00 60.17
2014-03-31 252.67 0.00 62.12
2013-12-31 247.66 0.00 49.12
2013-09-30 262.84 0.00 41.82
2013-06-30 261.71 0.00 48.44
2013-03-31 271.80 0.00 67.90
2012-12-31 264.49 0.00 64.74
2012-09-30 254.70 0.00 62.75
  • Fortuna Silver Mines's level of debt (11.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.1% vs 11.5% today).
  • Debt is well covered by operating cash flow (96.4%, greater than 20% of total debt).
  • Fortuna Silver Mines earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Fortuna Silver Mines'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. Fortuna Silver Mines has a total score of 5/6, 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 Fortuna Silver Mines'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 Fortuna Silver Mines dividends. Estimated to be 0% next year.
If you bought CA$2,000 of Fortuna Silver Mines 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 Fortuna Silver Mines's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Fortuna Silver Mines'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:FVI 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 3 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 29 Stocks 1.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 337 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:FVI 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 0.00 1.00

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

  • Unable to perform a dividend volatility check as Fortuna Silver Mines has not reported any payouts.
  • Unable to verify if Fortuna Silver Mines's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Fortuna Silver Mines's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Fortuna Silver Mines has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Fortuna Silver Mines's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Fortuna Silver Mines'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 Fortuna Silver Mines afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fortuna Silver Mines 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 Fortuna Silver Mines'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
Jorge Ganoza Durant
COMPENSATION $5,527,843
AGE 49
TENURE AS CEO 10.9 years
CEO Bio

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 Inc. since August 13, 2008 and since January 23, 2006 respectively. He is a Geological Engineer with over 18 years of experience in mineral exploration, mining and business development throughout Latin America. He is a fourth generation miner from a Peruvian family that has owned and operated underground gold, silver and polymetallic mines in Peru and Panama. Prior to 2004, he was involved in business development at senior levels for several private and public Canadian junior mining companies working in Central and South America. He served as the Vice President of Business Development at Fortuna Ventures, Inc. from January 25, 2005 to January 23, 2006. He served as the Non-Executive Chairman of Atico Mining Corporation from April 15, 2010 to March 24, 2017. He has been a Director at Fortuna Silver Mines Inc. since December 2, 2004. He is a graduate from the New Mexico Institute of Mining and Technology.

CEO Compensation
  • Jorge's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Jorge's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Fortuna Silver Mines management team in years:

2.9
Average Tenure
56
Average Age
  • The tenure for the Fortuna Silver Mines management team is about average.
Management Team

Simon T. Ridgway

TITLE
Chairman of the Board
COMPENSATION
$297K
AGE
70

Jorge Ganoza Durant

TITLE
President
COMPENSATION
$6M
AGE
49
TENURE
10.9 yrs

Mario Szotlender

TITLE
Co-Founder & Director
COMPENSATION
$225K
AGE
58

Luis Ganoza Durant

TITLE
Chief Financial Officer
COMPENSATION
$3M
AGE
48
TENURE
13.1 yrs

Manuel Carlos

TITLE
Vice President of Operations
COMPENSATION
$2M
TENURE
7.9 yrs

Eric Chapman

TITLE
Vice President of Technical Services
COMPENSATION
$856K
TENURE
2.5 yrs

Gordon Jang

TITLE
Vice President of Finance & Accounting
AGE
54
TENURE
2.3 yrs

Carlos Baca

TITLE
Investor Relations Manager

Linda Desaulniers

TITLE
Legal Counsel
TENURE
0.8 yrs

David Volkert

TITLE
Vice President of Exploration
COMPENSATION
$753K
AGE
66
TENURE
2.9 yrs
Board of Directors Tenure

Average tenure and age of the Fortuna Silver Mines board of directors in years:

7
Average Tenure
52
Average Age
  • The tenure for the Fortuna Silver Mines board of directors is about average.
Board of Directors

Simon T. Ridgway

TITLE
Chairman of the Board
COMPENSATION
$297K
AGE
70
TENURE
13.1 yrs

Jorge Ganoza Durant

TITLE
President
COMPENSATION
$6M
AGE
49
TENURE
14.6 yrs

Mario Szotlender

TITLE
Co-Founder & Director
COMPENSATION
$225K
AGE
58
TENURE
11.1 yrs

David Farrell

TITLE
Lead Director
COMPENSATION
$192K
AGE
50

Kylie Dickson

TITLE
Director
COMPENSATION
$167K
AGE
38
TENURE
1.9 yrs

David Laing

TITLE
Director
COMPENSATION
$158K
AGE
63
TENURE
2.8 yrs

Alfredo Sillau Valdez

TITLE
Director
COMPENSATION
$161K
AGE
52
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Fortuna Silver Mines individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
27. Jun 19 Buy Alfredo Sillau Valdez Individual 25. Jun 19 25. Jun 19 16,502 CA$3.91 CA$64,528
21. Jun 19 Buy Jorge Ganoza Durant Individual 20. Jun 19 20. Jun 19 77,000 CA$3.92 CA$281,128
17. May 19 Buy Jorge Ganoza Durant Individual 16. May 19 16. May 19 170,000 CA$3.55 CA$588,896
X
Management checks
We assess Fortuna Silver Mines'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. Fortuna Silver Mines 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

How Much Are Fortuna Silver Mines Inc. (TSE:FVI) Insiders Spending On Buying Shares?

TSX:FVI Recent Insider Trading, July 13th 2019 Insiders at Fortuna Silver Mines Have Bought Stock Recently Over the last quarter, Fortuna Silver Mines insiders have spent a meaningful amount on shares. … Insider Ownership of Fortuna Silver Mines I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. … While the overall levels of insider ownership are below what we'd like to see, the history of transactions imply that Fortuna Silver Mines insiders are reasonably well aligned, and optimistic for the future.

Simply Wall St -

Is Fortuna Silver Mines (TSE:FVI) Using Too Much Debt?

TSX:FVI Historical Debt, July 1st 2019 How Healthy Is Fortuna Silver Mines's Balance Sheet? … Fortuna Silver Mines boasts net cash, so it's fair to say it does not have a heavy debt load! … While Fortuna Silver Mines has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance.

Simply Wall St -

Here's What Fortuna Silver Mines Inc.'s (TSE:FVI) P/E Is Telling Us

Fortuna Silver Mines has a price to earnings ratio of 18.36, based on the last twelve months. … See our latest analysis for Fortuna Silver Mines How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) Or for Fortuna Silver Mines: P/E of 18.36 = $2.58 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $0.14 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good?

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For Fortuna Silver Mines Inc. (TSE:FVI)?

Given that it has a beta of 1.64, we can surmise that the Fortuna Silver Mines share price has been fairly sensitive to market volatility (over the last 5 years). … Because it takes less capital to move the share price of a small company like this, when a stock this size is actively traded it is quite often more sensitive to market volatility than similar large companies. … What this means for you: Beta only tells us that the Fortuna Silver Mines share price is sensitive to broader market movements.

Simply Wall St -

A Close Look At Fortuna Silver Mines Inc.’s (TSE:FVI) 9.3% ROCE

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

How Should Investors Feel About Fortuna Silver Mines Inc.'s (TSE:FVI) CEO Pay?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Jorge Ganoza Durant's Compensation Compare With Similar Sized Companies. … is worth CA$718m, and total annual CEO compensation is US$2.4m.

Simply Wall St -

You Might Like Fortuna Silver Mines Inc. (TSE:FVI) But Do You Like Its Debt?

(TSE:FVI) with its market cap of CA$694m, 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 following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

Volatility 101: Should Fortuna Silver Mines (TSE:FVI) Shares Have Dropped 21%?

(TSE:FVI) share price has gained 11% in the last three months. … View our latest analysis for Fortuna Silver Mines. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

Simply Wall St -

Fortuna Silver Mines Inc. (TSE:FVI): Commentary On Fundamentals

(TSE:FVI) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of FVI, it

Simply Wall St -

Before You Buy Fortuna Silver Mines Inc. (TSE:FVI), Consider Its Volatility

(TSE:FVI), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Company Info

Description

Fortuna Silver Mines Inc. engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The company explores for silver, gold, lead, and zinc deposits. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver-gold mine located in southern Mexico; and the Lindero gold project located in Argentina. The company was formerly known as Fortuna Ventures Inc. and changed its name to Fortuna Silver Mines Inc. in June 2005. Fortuna Silver Mines Inc. was incorporated in 1990 and is based in Vancouver, Canada.

Details
Name: Fortuna Silver Mines Inc.
FVI
Exchange: TSX
Founded: 1990
CA$785,423,812
160,290,574
Website: http://www.fortunasilver.com
Address: Fortuna Silver Mines Inc.
200 Burrard Street,
Suite 650,
Vancouver,
British Columbia, V6C 3L6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FVI Common Shares The Toronto Stock Exchange CA CAD 27. Feb 1992
NYSE FSM Common Shares New York Stock Exchange US USD 27. Feb 1992
DB F4S Common Shares Deutsche Boerse AG DE EUR 27. Feb 1992
LSE 0QYM Common Shares London Stock Exchange GB CAD 27. Feb 1992
BMV FVI N Common Shares Bolsa Mexicana de Valores MX MXN 27. Feb 1992
Number of employees
Current staff
Staff numbers
1,023
Fortuna Silver Mines employees.
Industry
Silver
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/21 00:06
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/14
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.