Fulcrum Utility Services (AIM:FCRM) - Share price, News & Analysis

FCRM fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

FCRM Stock Overview

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

Risk Analysis

Earnings have declined by 70.5% per year over past 5 years

Shareholders have been substantially diluted in the past year

Volatile share price over the past 3 months

Does not have a meaningful market cap (£23M)

Fulcrum Utility Services Competitors

Yü Group

AIM:YU.

UK£28.2m

Good Energy Group

AIM:GOOD

UK£39.5m

OPG Power Ventures

AIM:OPG

UK£27.9m

EverGen Infrastructure

TSXV:EVGN

CA$39.2m

Price History & Performance

Summary of all time highs, changes and price drops for Fulcrum Utility Services
Historical stock prices
Current Share Price	UK£0.057
52 Week High	UK£0.25
52 Week Low	UK£0.046
Beta	0.68
1 Month Change	10.78%
3 Month Change	-42.64%
1 Year Change	-77.62%
3 Year Change	-79.07%
5 Year Change	-89.13%
Change since IPO	-54.80%

Recent News & Updates

Aug 03

Is Fulcrum Utility Services (LON:FCRM) In A Good Position To Invest In Growth?

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...

Shareholder Returns

	FCRM	GB Gas Utilities	GB Market
7D	9.7%	-3.2%	0.5%
1Y	-77.6%	4.4%	-6.8%

Return vs Industry: FCRM underperformed the UK Gas Utilities industry which returned 4.4% over the past year.

Return vs Market: FCRM underperformed the UK Market which returned -5.8% over the past year.

Price Volatility

Is FCRM's price volatile compared to industry and market?
FCRM volatility
FCRM Average Weekly Movement	9.6%
Gas Utilities Industry Average Movement	4.2%
Market Average Movement	5.4%
10% most volatile stocks in GB Market	10.7%
10% least volatile stocks in GB Market	2.7%

Stable Share Price: FCRM is more volatile than 75% of UK stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: FCRM's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of UK stocks.

About the Company

Founded	Employees	CEO	Website
2008	343	Antony Collins	https://www.fulcrum.co.uk

Fulcrum Utility Services Limited provides multi-utility infrastructure services and solutions in the United Kingdom. The company operates through two segments, Infrastructure: Design and Build, and Utility assets: Own and Operate. It engages in the designing, installing, and coordinating new electricity, gas, water, and fiber connections for homebuilders, and industrial and commercial (I&C) developers; provision of advice and support services; and design and delivers electric vehicle charging connections, high voltage electrical infrastructure, and specialist gas infrastructure, as well as connections to solar farms, wind farms, and battery storage sites.

Fulcrum Utility Services Fundamentals Summary

How do Fulcrum Utility Services's earnings and revenue compare to its market cap?
FCRM fundamental statistics
Market Cap	UK£22.56m
Earnings (TTM)	-UK£13.42m
Revenue (TTM)	UK£61.85m

0.4x

P/S Ratio

-1.7x

P/E Ratio

Is FCRM overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
FCRM income statement (TTM)
Revenue	UK£61.85m
Cost of Revenue	UK£50.15m
Gross Profit	UK£11.70m
Other Expenses	UK£25.12m
Earnings	-UK£13.42m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.034
Gross Margin	18.91%
Net Profit Margin	-21.70%
Debt/Equity Ratio	0%

How did FCRM perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales 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 FCRM?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for FCRM. This is calculated by dividing FCRM's market cap by their current preferred multiple.
What is FCRM's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	UK£22.56m

FCRM 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/Revenue	0.2x
Enterprise Value/EBITDA	-15.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does FCRM's PS Ratio compare to its peers?

FCRM PS Ratio vs Peers

The above table shows the PS ratio for FCRM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	1.2x
YU. Yü Group	0.2x	15.3%	UK£28.2m
GOOD Good Energy Group	0.3x	5.7%	UK£39.5m
OPG OPG Power Ventures	0.2x	n/a	UK£27.9m
EVGN EverGen Infrastructure	4.2x	56.3%	CA$39.2m
FCRM Fulcrum Utility Services	0.4x	n/a	UK£22.6m

Price-To-Sales vs Peers: FCRM is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (1.2x).

Price to Earnings Ratio vs Industry

How does FCRM's PE Ratio compare vs other companies in the Global Gas Utilities Industry?

Price-To-Sales vs Industry: FCRM is good value based on its Price-To-Sales Ratio (0.4x) compared to the European Gas Utilities industry average (0.9x)

Price to Sales Ratio vs Fair Ratio

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

FCRM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate FCRM's Price-To-Sales Fair Ratio for valuation analysis.

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate FCRM's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate FCRM's fair value for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Fulcrum Utility Services forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

1.1%

Forecasted Utilities industry annual growth in earnings

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if FCRM's forecast earnings growth is above the savings rate (0.9%).

Earnings vs Market: Insufficient data to determine if FCRM's earnings are forecast to grow faster than the UK market

High Growth Earnings: Insufficient data to determine if FCRM's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if FCRM's revenue is forecast to grow faster than the UK market.

High Growth Revenue: Insufficient data to determine if FCRM's revenue is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if FCRM's Return on Equity is forecast to be high in 3 years time

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Past Performance

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

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-70.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FCRM is currently unprofitable.

Growing Profit Margin: FCRM is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: FCRM is unprofitable, and losses have increased over the past 5 years at a rate of 70.5% per year.

Accelerating Growth: Unable to compare FCRM's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: FCRM is unprofitable, making it difficult to compare its past year earnings growth to the Gas Utilities industry (7.4%).

Return on Equity

High ROE: FCRM has a negative Return on Equity (-29.26%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Fulcrum Utility Services's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: FCRM's short term assets (£41.4M) do not cover its short term liabilities (£44.9M).

Long Term Liabilities: FCRM's short term assets (£41.4M) exceed its long term liabilities (£9.2M).

Debt to Equity History and Analysis

Debt Level: FCRM is debt free.

Reducing Debt: FCRM had no debt 5 years ago.

Debt Coverage: FCRM has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: FCRM has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Fulcrum Utility Services'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

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

High Dividend: Unable to evaluate FCRM'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 FCRM's dividends per share have been stable in the past.

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

Earnings Payout to Shareholders

Earnings Coverage: FCRM is not paying a notable dividend for the UK market.

Cash Payout to Shareholders

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

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Management

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

0.6yrs

Average management tenure

CEO

Antony Collins

0.58

Tenure

Mr. Antony Collins is Interim Chief Executive Officer of Fulcrum Utility Services Limited from January 24, 2022. He served as Group Chief Executive and Director of Carclo plc since October 01, 2019 until O...

Leadership Team

Experienced Management: FCRM's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.

Board Members

Experienced Board: FCRM's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.

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

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 79.8%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/06 00:00
End of Day Share Price	2022/08/05 00:00
Earnings	2022/03/31
Annual Earnings	2022/03/31