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Famur S.A. manufactures and sells mining machinery and equipment in Poland. The last earnings update was 102 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Famur (FMF) | -3.7% | -1.8% | -9.6% | -18.5% | 192.4% | 2.5% |
PL Machinery | -1.5% | 2.3% | -1.2% | -22.1% | 19.5% | -26.5% |
PL Market | -0.6% | 0.4% | 8% | -6.8% | 18.7% | -6.4% |
Is Famur undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for Famur.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 6 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 9% |
Perpetual Growth Rate | 10-Year PL Government Bond Rate | 2.9% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year PL Govt Bond Rate | 2.9% |
Equity Risk Premium | S&P Global | 7.2% |
Machinery Unlevered Beta | Simply Wall St/ S&P Global | 0.75 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.749 (1 + (1- 19%) (17.74%)) |
0.857 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.86 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.857 * 7.15%) |
8.98% |
Discounted Cash Flow Calculation for WSE:FMF using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Famur is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (PLN, Millions) | 342.30 | 304.68 | 236.47 | 258.97 | 271.47 |
Source | Analyst x5 | Analyst x5 | Analyst x3 | Analyst x3 | Analyst x3 |
Present Value Discounted (@ 8.98%) |
314.10 | 256.54 | 182.70 | 183.60 | 176.61 |
Present value of next 5 years cash flows | PLN1,113.55 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= PLN271.47 × (1 + 2.85%) ÷ (8.98% – 2.85%) |
PLN4,555.63 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= PLN4,555.63 ÷ (1 + 8.98%)5 |
PLN2,963.73 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= PLN1,113.55 + PLN2,963.73 |
PLN4,077.28 |
Equity Value per Share (PLN) |
= Total value / Shares Outstanding
= PLN4,077.28 / 574.76 |
PLN7.09 |
Calculation | Result | |
---|---|---|
Value per share (PLN) | From above. | PLN7.09 |
Current discount | Discount to share price of
PLN4.97
= -1 x (PLN4.97 - PLN7.09) / PLN7.09 |
29.9% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in PLN | PLN0.25 |
WSE:FMF Share Price ** | WSE (2019-02-15) in PLN | PLN4.97 |
Poland Machinery Industry PE Ratio | Median Figure of 16 Publicly-Listed Machinery Companies | 8.6x |
Poland Market PE Ratio | Median Figure of 451 Publicly-Listed Companies | 10.52x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Famur.
Calculation | Outcome | |
---|---|---|
PE Ratio | = WSE:FMF Share Price ÷ EPS (both in PLN) = 4.97 ÷ 0.25 |
20x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | 20x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts |
7.9%per year |
Europe Machinery Industry PEG Ratio | Median Figure of 120 Publicly-Listed Machinery Companies | 1.46x |
Poland Market PEG Ratio | Median Figure of 100 Publicly-Listed Companies | 1.12x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 20x ÷ 7.9% |
2.54x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in PLN | PLN2.73 |
WSE:FMF Share Price * | WSE (2019-02-15) in PLN | PLN4.97 |
Poland Machinery Industry PB Ratio | Median Figure of 29 Publicly-Listed Machinery Companies | 0.7x |
Poland Market PB Ratio | Median Figure of 691 Publicly-Listed Companies | 1.02x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = WSE:FMF Share Price ÷ Book Value per Share (both in PLN) = 4.97 ÷ 2.73 |
1.82x |
* Primary Listing of Famur.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Famur expected to perform in the next 1 to 3 years based on estimates from 6 analysts?
Data Point | Source | Value (per year) |
---|---|---|
WSE:FMF Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts | 7.9% |
WSE:FMF Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts | -0% |
Poland Machinery Industry Earnings Growth Rate | Market Cap Weighted Average | 7.7% |
Poland Machinery Industry Revenue Growth Rate | Market Cap Weighted Average | 3.2% |
Poland Market Earnings Growth Rate | Market Cap Weighted Average | 10.1% |
Poland Market Revenue Growth Rate | Market Cap Weighted Average | 6.4% |
*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.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2023-12-31 | 2,288 | 3 | ||
2022-12-31 | 2,242 | 487 | 311 | 3 |
2021-12-31 | 2,270 | 443 | 261 | 4 |
2020-12-31 | 2,124 | 461 | 248 | 6 |
2019-12-31 | 2,190 | 430 | 252 | 6 |
2018-12-31 | 2,317 | 298 | 233 | 6 |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 2,216 | 282 | 143 |
2018-06-30 | 1,996 | 252 | 88 |
2018-03-31 | 1,735 | 210 | 46 |
2017-12-31 | 1,460 | 192 | 48 |
2017-09-30 | 1,271 | 301 | 87 |
2017-06-30 | 1,067 | 309 | 95 |
2017-03-31 | 1,042 | 301 | 103 |
2016-12-31 | 1,030 | 314 | 94 |
2016-09-30 | 911 | 142 | 75 |
2016-06-30 | 864 | 86 | 68 |
2016-03-31 | 739 | 256 | 51 |
2015-12-31 | 801 | 115 | 52 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
All data from Famur Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in PLN Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2023-12-31 | ||||
2022-12-31 | 0.54 | 0.54 | 0.54 | 1.00 |
2021-12-31 | 0.49 | 0.49 | 0.49 | 1.00 |
2020-12-31 | 0.46 | 0.49 | 0.41 | 3.00 |
2019-12-31 | 0.42 | 0.45 | 0.40 | 3.00 |
2018-12-31 | 0.39 | 0.39 | 0.39 | 1.00 |
Date (Data in PLN Millions) | EPS * |
---|---|
2018-09-30 | 0.25 |
2018-06-30 | 0.16 |
2018-03-31 | 0.08 |
2017-12-31 | 0.09 |
2017-09-30 | 0.17 |
2017-06-30 | 0.19 |
2017-03-31 | 0.21 |
2016-12-31 | 0.19 |
2016-09-30 | 0.16 |
2016-06-30 | 0.14 |
2016-03-31 | 0.10 |
2015-12-31 | 0.11 |
*GAAP earnings excluding extraordinary items.
How has Famur performed over the past 5 years?
All data from Famur Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in PLN Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 2,216.44 | 142.58 | 196.81 | |
2018-06-30 | 1,996.00 | 88.18 | 208.50 | |
2018-03-31 | 1,734.87 | 45.79 | 185.00 | |
2017-12-31 | 1,459.60 | 48.22 | 161.28 | |
2017-09-30 | 1,271.22 | 86.89 | 138.28 | |
2017-06-30 | 1,066.60 | 95.31 | 89.20 | |
2017-03-31 | 1,042.32 | 103.05 | 88.49 | |
2016-12-31 | 1,029.74 | 93.82 | 86.96 | |
2016-09-30 | 910.71 | 74.87 | 93.96 | |
2016-06-30 | 863.61 | 68.35 | 103.46 | |
2016-03-31 | 738.54 | 50.53 | 95.26 | |
2015-12-31 | 800.98 | 51.96 | 130.99 | |
2015-09-30 | 873.54 | 74.37 | 150.12 | |
2015-06-30 | 832.26 | 87.16 | 149.38 | |
2015-03-31 | 810.17 | 100.25 | 149.03 | |
2014-12-31 | 708.77 | 100.25 | 121.87 | |
2014-09-30 | 694.29 | 133.10 | 112.27 | |
2014-06-30 | 841.21 | 157.21 | 115.40 | |
2014-03-31 | 1,021.17 | 191.60 | 123.51 | |
2013-12-31 | 1,176.42 | 207.63 | 127.92 | |
2013-09-30 | 1,259.21 | 196.61 | 150.82 | |
2013-06-30 | 1,396.58 | 236.97 | 143.82 | |
2013-03-31 | 1,479.96 | 263.54 | 133.18 | |
2012-12-31 | 1,471.51 | 271.81 | 125.81 | |
2012-09-30 | 1,452.64 | 249.09 | 94.31 | |
2012-06-30 | 1,243.23 | 174.35 | 96.03 | |
2012-03-31 | 1,044.02 | 122.76 | 95.40 |
*GAAP earnings excluding extraordinary items.
How is Famur's financial health and their level of debt?
All data from Famur Company Filings, last reported 4 months ago.
Date (Data in PLN Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 1,530.83 | 506.76 | 364.74 |
2018-06-30 | 1,467.43 | 504.87 | 579.34 |
2018-03-31 | 1,586.30 | 510.89 | 622.07 |
2017-12-31 | 1,549.98 | 650.86 | 725.26 |
2017-09-30 | 1,552.28 | 728.35 | 768.58 |
2017-06-30 | 1,543.56 | 726.32 | 780.07 |
2017-03-31 | 1,030.39 | 264.78 | 533.17 |
2016-12-31 | 993.21 | 190.26 | 434.12 |
2016-09-30 | 967.04 | 368.88 | 451.37 |
2016-06-30 | 949.48 | 362.19 | 403.42 |
2016-03-31 | 927.16 | 337.21 | 401.83 |
2015-12-31 | 890.23 | 91.55 | 18.70 |
2015-09-30 | 883.01 | 85.13 | 27.23 |
2015-06-30 | 872.98 | 76.00 | 31.06 |
2015-03-31 | 867.84 | 214.69 | 17.27 |
2014-12-31 | 840.02 | 83.67 | 67.99 |
2014-09-30 | 808.60 | 42.24 | 27.47 |
2014-06-30 | 786.05 | 49.51 | 385.95 |
2014-03-31 | 1,172.81 | 58.49 | 296.07 |
2013-12-31 | 1,142.70 | 65.85 | 206.81 |
2013-09-30 | 1,084.01 | 74.23 | 177.44 |
2013-06-30 | 1,035.49 | 83.42 | 128.86 |
2013-03-31 | 978.95 | 146.53 | 220.13 |
2012-12-31 | 929.76 | 161.36 | 203.34 |
2012-09-30 | 874.29 | 173.76 | 114.46 |
2012-06-30 | 782.03 | 250.03 | 60.03 |
2012-03-31 | 697.99 | 225.66 | 45.07 |
What is Famur's current dividend yield, its reliability and sustainability?
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 6 Analyst Estimates (S&P Global) | See Below |
Poland Machinery Industry Average Dividend Yield | Market Cap Weighted Average of 7 Stocks | 7.8% |
Poland Market Average Dividend Yield | Market Cap Weighted Average of 209 Stocks | 3.3% |
Poland Minimum Threshold Dividend Yield | 10th Percentile | 1.4% |
Poland Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
Poland Top 25% Dividend Yield | 75th Percentile | 7.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in PLN) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2023-12-31 | 0.45 | 1.00 |
2022-12-31 | 0.40 | 2.00 |
2021-12-31 | 0.36 | 3.00 |
2020-12-31 | 0.31 | 6.00 |
2019-12-31 | 0.29 | 6.00 |
2018-12-31 | 0.39 | 6.00 |
Date (Data in PLN) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2018-09-26 | 0.440 | 8.174 |
2018-04-27 | 0.440 | 8.119 |
2018-04-20 | 0.440 | 7.347 |
2016-02-26 | 0.000 | 0.000 |
2015-04-30 | 0.000 | 0.000 |
2014-11-14 | 0.840 | 26.552 |
2014-08-29 | 0.840 | 23.698 |
2014-05-15 | 0.840 | 20.557 |
2014-04-25 | 0.840 | 19.366 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
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 Member of Management Board and Chief Executive Officer. Mr. Bendzera served as the Chairman of the Management Board at Polska Grupa Odlewnicza Spolka Akcyjna since 2009 and served as its Member of the Management Board. He serves as the President of the Board at Odlewnia Zeliwa Srem S.A. He serves as Member of the Supervisory Board at Kopex S.A. He graduated from the Cracow University of Economics in the field of Management and Marketing.
Average tenure of the Famur management team in years:
Average tenure of the Famur board of directors in years:
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Famur has a price to earnings ratio of 20.77, based on the last twelve months. … How Do I Calculate A Price To Earnings Ratio
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Simply Wall St - – Full articleBased on Famur S.A.'s (WSE:FMF) earnings update in September 2018, … analyst consensus outlook appear vastly optimistic, … as a 70% rise in profits is expected in the upcoming year,
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Simply Wall St - – Full articleThis article is for those who would like to learn about Return On Equity (ROE). … Our data shows Famur has a return on equity of 10% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleFamur SA (WSE:FMF) closed yesterday at PLN5.5, which left some investors asking whether the high earnings potential can still be justified at this price. … What can we expect from Famur in the future. … According to the analysts covering the company, the following few years should bring about good growth prospects for Famur
Simply Wall St - – Full articleToday I will assess FMF's recent performance announced on 30 June 2018 and compare these figures to its historical trend and industry movements. … FMF's trailing twelve-month earnings (from 30 June 2018) of zł88m has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -26%, indicating the rate at which FMF is growing has slowed down
Simply Wall St - – Full articlesaw a double-digit share price rise of over 10% in the past couple of months on the WSE. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on Famur’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full article
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 offers longwall systems, road headers, gallery systems, and transport and handling systems. The Surface segment engages in the underground operations involving assembly of machines and equipment; delivery and construction of mine shaft hoists; and manufacture of loading and hoisting equipment and provision of related services, as well as offers design, construction, and engineering services for the general mining industry. The Electrical Equipment segment designs and manufactures power supply and switchgear equipment, and electronic components; develops and deploys IT solutions and technical systems and devices; integrates power and automation systems; and implements industrial automation systems. The Mining Industry Services segment offers mining construction services, including shaft and sub-shaft sinking; deepening existing shafts and sub-shafts; installing shaft reinforcement, shaft equipment, pipelines, and cables; modernizing shaft hoists; constructing storage facilities for excavated material and reservoirs; repairing shaft supports and entries, shafts outfitting, and storage facilities; and stone and stone/coal excavating. It also provides design services for mining construction, such as conceptual and project design documentation; drilling services comprising surface and underground drilling; and coal trading services. The company also exports its products to Russia and CIS, European Union, rest of Europe, and internationally. The company was founded in 2002 and is based in Katowice, Poland. Famur S.A. is a subsidiary of TDJ Equity I sp. z o.o.
Name: | Famur S.A. |
FMF | |
Exchange: | WSE |
Founded: | 2002 |
PLN2,856,550,222 | |
574,758,596 | |
Website: | http://www.famur.com |
Address: |
Famur S.A. ul. Armii Krajowej 51, Katowice, 40-698, Poland |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
WSE | FMF | Common Bearer Shares | Warsaw Stock Exchange | PL | PLN | 04. Aug 2006 | |
BST | 8MF | Common Bearer Shares | Boerse-Stuttgart | DE | EUR | 04. Aug 2006 | |
LSE | 0OI8 | Common Bearer Shares | London Stock Exchange | GB | PLN | 04. Aug 2006 |
Construction Machinery and Heavy Trucks | |
Capital Goods |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/16 21:16 |
End of day share price update: | 2019/02/15 00:00 |
Last estimates confirmation: | 2019/02/04 |
Last earnings filing: | 2018/11/06 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2017/12/31 |
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.