AIM:FCRM

Stock Analysis Report

Fulcrum Utility Services

Executive Summary

Fulcrum Utility Services Limited provides multi-utility infrastructure and related services in the United Kingdom.

Snowflake

Fundamentals

Excellent balance sheet average dividend payer.

Risks

  • Fulcrum Utility Services has significant price volatility in the past 3 months.
  • Fulcrum Utility Services's last earnings update was 197 days ago.
  • Fulcrum Utility Services is covered by less than 3 analysts.

Share Price & News

How has Fulcrum Utility Services's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

19.1%

AIM:FCRM

19.1%

GB Gas Utilities

0.1%

GB Market


1 Year Return

-64.6%

AIM:FCRM

-64.6%

GB Gas Utilities

-3.1%

GB Market

FCRM underperformed the Gas Utilities industry which returned 11.5% over the past year.

FCRM underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -2.2% over the past year.


Share holder returns

FCRMIndustryMarket
7 Day19.1%19.1%0.1%
30 Day9.3%9.3%1.2%
90 Day-23.7%-23.7%0.8%
1 Year-63.2%-64.6%-63.2%-64.6%1.3%-3.1%
3 Year-25.7%-32.9%-25.7%-32.9%31.3%15.2%
5 Year291.7%241.9%291.7%241.9%32.6%5.4%

Price Volatility Vs. Market

How volatile is Fulcrum Utility Services's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fulcrum Utility Services undervalued based on future cash flows and its price relative to the stock market?

6.18x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Fulcrum Utility Services's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Fulcrum Utility Services's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Fulcrum Utility Services is good value based on earnings compared to the Europe Gas Utilities industry average.

Fulcrum Utility Services is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.


Price Based on Expected Growth

Fulcrum Utility Services earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

Fulcrum Utility Services is overvalued based on assets compared to the Europe Gas Utilities industry average.


Next Steps

Future Growth

How is Fulcrum Utility Services expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

-5.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Fulcrum Utility Services's revenue is expected to grow by 8% yearly, however this is not considered high growth (20% yearly).

Fulcrum Utility Services's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

Fulcrum Utility Services's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.

Fulcrum Utility Services's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.

Fulcrum Utility Services's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Fulcrum Utility Services will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Fulcrum Utility Services performed over the past 5 years?

50.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Fulcrum Utility Services has delivered over 20% year on year earnings growth in the past 5 years.

Fulcrum Utility Services's 1-year earnings growth is less than its 5-year average (34.7% vs 50.8%)

Fulcrum Utility Services's earnings growth has exceeded the Europe Gas Utilities industry average in the past year (34.7% vs -4.3%).


Return on Equity

Fulcrum Utility Services has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Fulcrum Utility Services used its assets more efficiently than the Europe Gas Utilities industry average last year based on Return on Assets.


Return on Capital Employed

Fulcrum Utility Services's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Fulcrum Utility Services's financial position?


Financial Position Analysis

Fulcrum Utility Services's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Fulcrum Utility Services's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Fulcrum Utility Services has no debt.

Fulcrum Utility Services currently has no debt however we can't compare to 5 years ago as we have no data for that period.

Fulcrum Utility Services has no debt, it does not need to be covered by operating cash flow.

Fulcrum Utility Services has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet

High level of physical assets or inventory.

Fulcrum Utility Services has no debt, it does not need to be covered by short term assets.


Next Steps

Dividend

What is Fulcrum Utility Services's current dividend yield, its reliability and sustainability?

8.62%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Fulcrum Utility Services's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.99%).

Fulcrum Utility Services's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.43%).

Whilst dividend payments have been stable, Fulcrum Utility Services has been paying a dividend for less than 10 years.

Dividend payments have increased, but Fulcrum Utility Services only paid a dividend in the past 4 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (2x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.6x coverage).


Next Steps

Management

What is the CEO of Fulcrum Utility Services's salary, the management and board of directors tenure and is there insider trading?

1.8yrs

Average management tenure


CEO

Martin Harrison (48yo)

1.8yrs

Tenure

UK£293,000

Compensation

Mr. Martin John Harrison has been the Chief Executive Officer of Fulcrum Utility Services Limited since August 1, 2017 and serves as its Executive Director. Mr. Harrison has been the Group Chief Financial  ...


CEO Compensation Analysis

Martin's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.

Martin's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

1.8yrs

Average Tenure

48yo

Average Age

The average tenure for the Fulcrum Utility Services management team is less than 2 years, this suggests a new team.


Board Age and Tenure

1.7yrs

Average Tenure

53yo

Average Age

The average tenure for the Fulcrum Utility Services board of directors is less than 3 years, this suggests a new board.


Insider Trading

More shares have been bought than sold by Fulcrum Utility Services insiders in the past 3 months, but not in substantial volumes.


Recent Insider Transactions

BuyUK£10,23802 Apr 19
Stephen Gutteridge
EntityIndividual
Role
Member of the Board of Directors
Shares30,000
Max PriceUK£0.34
BuyUK£17,11002 Apr 19
Philip Holder
EntityIndividual
Role
Chairman of the Board
Shares50,000
Max PriceUK£0.34
BuyUK£19,98802 Apr 19
Martin Harrison
EntityIndividual
Role
CEO & executive Director
Member of the Board of Directors
Shares56,543
Max PriceUK£0.35
BuyUK£26,04010 Dec 18
Philip Holder
EntityIndividual
Role
Chairman of the Board
Shares50,000
Max PriceUK£0.52
BuyUK£44,88710 Dec 18
Martin Harrison
EntityIndividual
Role
CEO & executive Director
Member of the Board of Directors
Shares88,014
Max PriceUK£0.51
BuyUK£20,00010 Dec 18
Hazel Griffiths
EntityIndividual
Role
CFO & Executive Director
Member of the Board of Directors
Shares38,182
Max PriceUK£0.52

Ownership Breakdown


Management Team

  • Richard Jupp (54yo)

    Chief Operations Officer of Dunamis

  • Martin Harrison (48yo)

    CEO & executive Director

    • Tenure: 1.8yrs
    • Compensation: £293.00k
  • Ian Foster (51yo)

    COO & Executive Director

    • Tenure: 1.9yrs
    • Compensation: £16.26m
  • Hazel Griffiths (36yo)

    CFO & Executive Director

    • Tenure: 1.4yrs
    • Compensation: £111.00k
  • Craig Baugh (35yo)

    Head of Marketing & Customer Engagement


Board Members

  • Phil Holder (69yo)

    Non-Executive Chairman

    • Compensation: £76.00k
  • Steve Gutteridge (63yo)

    Non-Executive Director

    • Tenure: 8.9yrs
    • Compensation: £40.00k
  • Wayne Hayes (55yo)

    Non-Executive Director

    • Tenure: 1.3yrs
    • Compensation: £7.00k
  • Martin Harrison (48yo)

    CEO & executive Director

    • Compensation: £293.00k
  • Ian Foster (51yo)

    COO & Executive Director

    • Tenure: 1.9yrs
    • Compensation: £16.26m
  • Hazel Griffiths (36yo)

    CFO & Executive Director

    • Tenure: 1.4yrs
    • Compensation: £111.00k

Company Information

Fulcrum Utility Services Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fulcrum Utility Services Limited
  • Ticker: FCRM
  • Exchange: AIM
  • Founded: 2008
  • Industry: gas utilities
  • Sector: utilities
  • Market Cap: UK£58.730m
  • Shares outstanding: 221.62m
  • Website: Click here

Number of Employees


Location

  • Fulcrum Utility Services Limited
  • Sheffield Business Park
  • 2 Europa View
  • Sheffield
  • South Yorkshire
  • S9 1XH
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FCRMAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPDec 2009

Biography

Fulcrum Utility Services Limited provides multi-utility infrastructure and related services in the United Kingdom. The company operates through three segments: Infrastructure Services, Gas Transportation,  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/06/19 21:19
End of Day Share Price2019/06/19 00:00
Earnings2018/09/30
Annual Earnings2018/03/31


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.