WSE:FMF

Stock Analysis Report

Executive Summary

Famur S.A. manufactures and sells mining machinery and equipment in Poland.

Snowflake

Fundamentals

Outstanding track record with excellent balance sheet and pays a dividend.


Similar Companies

Share Price & News

How has Famur's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.8%

FMF

-1.3%

PL Machinery

1.2%

PL Market


1 Year Return

-37.9%

FMF

-20.3%

PL Machinery

-3.7%

PL Market

Return vs Industry: FMF underperformed the Polish Machinery industry which returned -20.3% over the past year.

Return vs Market: FMF underperformed the Polish Market which returned -3.7% over the past year.


Shareholder returns

FMFIndustryMarket
7 Day-1.8%-1.3%1.2%
30 Day-11.5%-5.5%-2.9%
90 Day-20.7%-13.3%-6.8%
1 Year-30.8%-37.9%-14.4%-20.3%-0.8%-3.7%
3 Year-2.1%-19.4%-15.5%-25.4%11.5%3.5%
5 Year29.5%6.6%-9.1%-20.2%-0.9%-12.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Famur undervalued compared to its fair value and its price relative to the market?

14.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: FMF (PLN3.47) is trading below our estimate of fair value (PLN4.04)

Significantly Undervalued: FMF is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FMF is good value based on its PE Ratio (4.9x) compared to the Machinery industry average (8.3x).

PE vs Market: FMF is good value based on its PE Ratio (4.9x) compared to the Polish market (9.9x).


Price to Earnings Growth Ratio

Low PEG Ratio: FMF's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: FMF is overvalued based on its PB Ratio (1.2x) compared to the PL Machinery industry average (0.8x).


Next Steps

Future Growth

How is Famur forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-11.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FMF's earnings are forecast to decline over the next 3 years (-11% per year).

Earnings vs Market: FMF's earnings are forecast to decline over the next 3 years (-11% per year).

High Growth Earnings: FMF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: FMF's revenue is expected to decline over the next 3 years (-0.8% per year).

High Growth Revenue: FMF's revenue is forecast to decline over the next 3 years (-0.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: FMF's Return on Equity is forecast to be low in 3 years time (13.4%).


Next Steps

Past Performance

How has Famur performed over the past 5 years?

20.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: FMF's earnings have grown significantly by 20.7% per year over the past 5 years.

Accelerating Growth: FMF's earnings growth over the past year (359.2%) exceeds its 5-year average (20.7% per year).

Earnings vs Industry: FMF earnings growth over the past year (359.2%) exceeded the Machinery industry 52.5%.


Return on Equity

High ROE: FMF's Return on Equity (26.4%) is considered high.


Return on Assets

ROA vs Industry: FMF has a higher Return on Assets than the Machinery industry average last year.


Return on Capital Employed

ROCE Improving: FMF has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Famur's financial position?


Financial Position Analysis

Short Term Liabilities: FMF's short term assets (PLN2.1B) exceeds its short term liabilities (PLN1.1B)

Long Term Liabilities: FMF's short term assets (2.1B) exceeds its long term liabilities (506.6M)


Debt to Equity History and Analysis

Debt Level: FMF's debt to equity ratio (34.5%) is considered satisfactory

Reducing Debt: FMF's debt to equity ratio has increased from 3.3% to 34.5% over the past 5 years.

Debt Coverage: FMF's debt is well covered by operating cash flow (93.2%).

Interest Coverage: FMF's interest payments on its debt are well covered by EBIT (48.5x coverage).


Balance Sheet

Inventory Level: FMF has a high level of physical assets or inventory.

Debt Coverage by Assets: FMF's debt is covered by short term assets (assets are 3.930040x debt).


Next Steps

Dividend

What is Famur's current dividend yield, its reliability and sustainability?

10.39%

Current Dividend Yield


Dividend Yield vs Market

company10.4%marketbottom25%2.6%markettop25%7.2%industryaverage7.3%forecastin3Years10.9%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: FMF's dividend (10.39%) is higher than the bottom 25% of dividend payers in the Polish market (2.56%).

High Dividend: FMF's dividend (10.39%) is in the top 25% of dividend payers in the Polish market (7.2%)

Stable Dividend: FMF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: FMF has only been paying a dividend for 5 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (51.1%), FMF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FMF's dividends in 3 years are forecast to be covered by earnings (77.2% payout ratio).


Next Steps

Management

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

1.1yrs

Average management tenure


CEO

Miroslaw Bendzera 0

0yrs

Tenure

0

Mr. Miroslaw Bendzera serves as the Chairman of Management Board at Pioma Odlewnia Sp. z o.o. Mr. Bendzera has been President of the Management Board at Famur S.A. since October 2014 and serves as its Memb ...


CEO Compensation Analysis

Compensation vs. Market: Miroslaw's total compensation ($USD0.00) is too low to compare against companies of similar size in the Polish market ($USD0.00).

Compensation vs Earnings: Miroslaw's compensation has been consistent with company performance over the past year.


Management Age and Tenure

1.1yrs

Average Tenure

Experienced Management: FMF's management team is not considered experienced ( 1.1 years average tenure), which suggests a new team.


Board Age and Tenure

2.0yrs

Average Tenure

Experienced Board: FMF's board of directors are not considered experienced ( 2 years average tenure), which suggests a new board.


Insider Trading

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


Ownership Breakdown


Management Team

  • Dawid Gruszczyk

    VP of Domestic Sales

    • Tenure: 3.8yrs
  • Tomasz Jakubowski

    VP of Underground Segment

    • Tenure: 1.1yrs
  • Beata Zawiszowska

    CFO & Vice President of the Management Board

    • Tenure: 1.1yrs
  • Waldemar Laski

    VP of Surface Segment & Member of Management Board

    • Tenure: 1.1yrs
  • Miroslaw Bendzera

    President of the Management Board & CEO

    • Tenure: 0yrs
  • Adam Toborek

    VP of Export Sales

    • Tenure: 1.8yrs

Board Members

  • Magdalena Zajaczkowska-Ejsymont

    Member of Supervisory Board

    • Tenure: 0yrs
  • Tomasz Domogala

    Chairman of the Supervisory Board

    • Tenure: 9.8yrs
  • Czeslaw Kisiel

    Vice Chairman of the Supervisory Board

    • Tenure: 0yrs
  • Jacek Leonkiewicz

    Member of Supervisory Board

    • Tenure: 0yrs
  • Dorota Wyjadlowska

    Member of Supervisory Board

    • Tenure: 2yrs
  • Michal Nowak

    Member of Supervisory Board

    • Tenure: 2yrs
  • Tomasz Kruk

    Member of the Supervisory Board

    • Tenure: 1yrs

Company Information

Famur S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Famur S.A.
  • Ticker: FMF
  • Exchange: WSE
  • Founded: 2002
  • Industry: Construction Machinery and Heavy Trucks
  • Sector: Capital Goods
  • Market Cap: zł1.992b
  • Shares outstanding: 574.76m
  • Website: https://www.famur.com

Location

  • Famur S.A.
  • ul. Armii Krajowej 51
  • Katowice
  • 40-698
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FMFWSE (Warsaw Stock Exchange)YesCommon Bearer SharesPLPLNAug 2006
8MFBST (Boerse-Stuttgart)YesCommon Bearer SharesDEEURAug 2006

Biography

Famur S.A. manufactures and sells mining machinery and equipment in Poland. It operates through Underground, Surface, Electrical Equipment, and Mining Industry Services segments. The Underground segment of ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/16 20:54
End of Day Share Price2019/10/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.