Famur (WSE:FMF) - Share price, News & Analysis

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

FMF (PLN2.73) is trading below our estimate of [[fair value]] (PLN3.02)

FMF fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	1/6
Past Performance	5/6
Financial Health	6/6
Dividends	0/6

FMF Stock Overview

Rewards

Trading at 9.6% below our estimate of its fair value

Revenue is forecast to grow 7.84% per year

Earnings grew by 103.1% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 7.2% per year for the next 3 years

Famur Competitors

Newag

WSE:NWG

zł823.5m

Wielton

WSE:WLT

zł358.0m

Rafako

WSE:RFK

zł263.8m

Mangata Holding

WSE:MGT

zł471.4m

Price History & Performance

Summary of all time highs, changes and price drops for Famur
Historical stock prices
Current Share Price	zł2.73
52 Week High	zł3.69
52 Week Low	zł2.10
Beta	0.51
1 Month Change	-4.15%
3 Month Change	-10.56%
1 Year Change	19.65%
3 Year Change	-47.34%
5 Year Change	-52.47%
Change since IPO	-13.90%

Recent News & Updates

Jun 11

New Forecasts: Here's What Analysts Think The Future Holds For Famur S.A. (WSE:FMF)

Celebrations may be in order for Famur S.A. ( WSE:FMF ) shareholders, with the analysts delivering a significant...

Jun 10

Famur (WSE:FMF) Has Some Way To Go To Become A Multi-Bagger

There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a...

Shareholder Returns

	FMF	PL Machinery	PL Market
7D	-2.6%	-0.8%	-0.9%
1Y	19.6%	-11.0%	-22.7%

Return vs Industry: FMF exceeded the Polish Machinery industry which returned -9.6% over the past year.

Return vs Market: FMF exceeded the Polish Market which returned -22.4% over the past year.

Price Volatility

Is FMF's price volatile compared to industry and market?
FMF volatility
FMF Average Weekly Movement	6.4%
Machinery Industry Average Movement	6.2%
Market Average Movement	6.3%
10% most volatile stocks in PL Market	11.2%
10% least volatile stocks in PL Market	4.3%

Stable Share Price: FMF is not significantly more volatile than the rest of Polish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: FMF's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2002	2,497	Miroslaw Bendzera	https://www.famur.com

Famur S.A. manufactures and sells machinery and equipment for mining, transport, handling, and power industries in Poland, Russia and CIS, European Union, rest of Europe, the United States, Asia, Africa, and Australia. The company offers underground mining machinery and equipment, such as automated longwall systems, road heading systems, and transport and reloading systems; open-pit mining machinery and equipment, which include bucket-wheel and chain-and-bucket excavators, stackers, caterpillar transport vehicles, and conveyors; electrical mining and industrial equipment, including flameproof and power supply devices, control and automation systems, visualizations and data transmission products, distribution boards, and transformer stations. It also provides continuous transport systems and equipment comprising belt conveyors and transport systems, and port cranes; industrial systems, including control and monitoring systems, industrial electrical engineering systems, industrial gearboxes, cleaning filters, durachrome products, and sealings; and technologies and services.

Famur Fundamentals Summary

How do Famur's earnings and revenue compare to its market cap?
FMF fundamental statistics
Market Cap	zł1.57b
Earnings (TTM)	zł132.00m
Revenue (TTM)	zł1.07b

11.9x

P/E Ratio

1.5x

P/S Ratio

Is FMF overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
FMF income statement (TTM)
Revenue	zł1.07b
Cost of Revenue	zł806.00m
Gross Profit	zł268.00m
Other Expenses	zł136.00m
Earnings	zł132.00m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

Aug 29, 2022

Earnings per share (EPS)	0.23
Gross Margin	24.95%
Net Profit Margin	12.29%
Debt/Equity Ratio	25.0%

How did FMF perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for FMF. This is calculated by dividing FMF's market cap by their current preferred multiple.
What is FMF's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	zł1.57b

FMF 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	1.2x
Enterprise Value/EBITDA	3.8x
PEG Ratio	-1.7x

Price to Earnings Ratio vs Peers

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

FMF PE Ratio vs Peers

The above table shows the PE ratio for FMF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	6.9x
NWG Newag	4.5x	n/a	zł823.5m
WLT Wielton	9.6x	n/a	zł358.0m
RFK Rafako	7.6x	n/a	zł263.8m
MGT Mangata Holding	6x	-15.2%	zł471.4m
FMF Famur	11.9x	-7.2%	zł1.6b

Forward PE

Price-To-Earnings vs Peers: FMF is expensive based on its Price-To-Earnings Ratio (11.9x) compared to the peer average (6.9x).

Price to Earnings Ratio vs Industry

How does FMF's PE Ratio compare vs other companies in the European Machinery Industry?

Price-To-Earnings vs Industry: FMF is expensive based on its Price-To-Earnings Ratio (11.9x) compared to the Polish Machinery industry average (10.5x)

Price to Earnings Ratio vs Fair Ratio

What is FMF'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.

FMF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.9x
Fair PE Ratio	9.6x

Price-To-Earnings vs Fair Ratio: FMF is expensive based on its Price-To-Earnings Ratio (11.9x) compared to the estimated Fair Price-To-Earnings Ratio (9.6x).

Share Price vs Fair Value

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

Below Fair Value: FMF (PLN2.73) is trading below our estimate of fair value (PLN3.02)

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

Price to Earnings Growth Ratio

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

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Future Growth

How is Famur forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

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

-7.2%

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 (-7.2% per year).

Earnings vs Market: FMF's earnings are forecast to decline over the next 3 years (-7.2% per year).

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

Revenue vs Market: FMF's revenue (7.8% per year) is forecast to grow faster than the Polish market (5.4% per year).

High Growth Revenue: FMF's revenue (7.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FMF's Return on Equity is forecast to be low in 3 years time (6.9%).

Discover growth companies

Past Performance

How has Famur performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

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

13.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FMF has high quality earnings.

Growing Profit Margin: FMF's current net profit margins (12.3%) are higher than last year (4.8%).

Past Earnings Growth Analysis

Earnings Trend: FMF's earnings have grown by 13.7% per year over the past 5 years.

Accelerating Growth: FMF's earnings growth over the past year (103.1%) exceeds its 5-year average (13.7% per year).

Earnings vs Industry: FMF earnings growth over the past year (103.1%) exceeded the Machinery industry 21.9%.

Return on Equity

High ROE: FMF's Return on Equity (7.3%) is considered low.

Discover strong past performing companies

Financial Health

How is Famur's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

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

Financial Position Analysis

Short Term Liabilities: FMF's short term assets (PLN1.9B) exceed its short term liabilities (PLN521.0M).

Long Term Liabilities: FMF's short term assets (PLN1.9B) exceed its long term liabilities (PLN289.0M).

Debt to Equity History and Analysis

Debt Level: FMF has more cash than its total debt.

Reducing Debt: FMF's debt to equity ratio has reduced from 37.4% to 25% over the past 5 years.

Debt Coverage: FMF's debt is well covered by operating cash flow (52.5%).

Interest Coverage: FMF earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Famur 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

3.45%

Forecast Dividend Yield

Dividend Yield vs Market

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

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

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

Earnings Payout to Shareholders

Earnings Coverage: FMF is not paying a notable dividend for the Polish market.

Cash Payout to Shareholders

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

Discover strong dividend paying companies

Management

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

6.5yrs

Average management tenure

CEO

Miroslaw Bendzera

7.75yrs

Tenure

zł643,000

Compensation

Mr. Miroslaw Bendzera serves as Member of the Supervisory Board at Famur FAMAK S.A. He serves as the Chairman of Management Board at Pioma Odlewnia Sp. z o.o.Mr. Bendzera has been President of the Managem...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Miroslaw's total compensation is reasonable compared to companies of similar size in the Polish market.

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

Leadership Team

Experienced Management: FMF's management team is seasoned and experienced (6.5 years average tenure).

Board Members

Experienced Board: FMF's board of directors are considered experienced (4.3 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.

Ownership Breakdown

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

Data	Last Updated (UTC time)
Company Analysis	2022/07/04 00:00
End of Day Share Price	2022/07/04 00:00
Earnings	2021/09/30
Annual Earnings	2020/12/31