Intrinsic value of First Quantum Minerals Ltd. - FM

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$13.34

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.34

 
Intrinsic value

$4.40

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.42
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,611
  3,683
  3,768
  3,865
  3,973
  4,094
  4,226
  4,370
  4,526
  4,694
  4,874
  5,067
  5,272
  5,491
  5,724
  5,971
  6,232
  6,509
  6,802
  7,112
  7,438
  7,783
  8,147
  8,530
  8,934
  9,359
  9,807
  10,278
  10,774
  11,296
  11,845
Variable operating expenses, $m
 
  3,793
  3,880
  3,978
  4,089
  4,212
  4,347
  4,494
  4,654
  4,825
  5,009
  5,174
  5,384
  5,607
  5,845
  6,097
  6,364
  6,647
  6,946
  7,262
  7,596
  7,948
  8,319
  8,710
  9,123
  9,557
  10,014
  10,496
  11,002
  11,535
  12,095
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,233
  3,793
  3,880
  3,978
  4,089
  4,212
  4,347
  4,494
  4,654
  4,825
  5,009
  5,174
  5,384
  5,607
  5,845
  6,097
  6,364
  6,647
  6,946
  7,262
  7,596
  7,948
  8,319
  8,710
  9,123
  9,557
  10,014
  10,496
  11,002
  11,535
  12,095
Operating income, $m
  378
  -110
  -112
  -114
  -116
  -119
  -121
  -124
  -128
  -131
  -135
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -165
  -172
  -180
  -189
  -198
  -207
  -217
  -228
  -239
  -250
EBITDA, $m
  1,305
  853
  872
  895
  920
  948
  978
  1,012
  1,048
  1,087
  1,128
  1,173
  1,221
  1,271
  1,325
  1,382
  1,443
  1,507
  1,575
  1,646
  1,722
  1,802
  1,886
  1,975
  2,068
  2,167
  2,270
  2,379
  2,494
  2,615
  2,742
Interest expense (income), $m
  481
  376
  393
  410
  430
  453
  477
  505
  534
  566
  601
  638
  678
  720
  765
  813
  864
  918
  975
  1,036
  1,099
  1,167
  1,238
  1,313
  1,392
  1,475
  1,562
  1,655
  1,752
  1,854
  1,962
Earnings before tax, $m
  361
  -486
  -504
  -524
  -546
  -571
  -599
  -629
  -662
  -698
  -736
  -745
  -789
  -836
  -886
  -939
  -996
  -1,056
  -1,119
  -1,186
  -1,257
  -1,331
  -1,410
  -1,493
  -1,580
  -1,673
  -1,770
  -1,872
  -1,980
  -2,093
  -2,212
Tax expense, $m
  26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -61
  -486
  -504
  -524
  -546
  -571
  -599
  -629
  -662
  -698
  -736
  -745
  -789
  -836
  -886
  -939
  -996
  -1,056
  -1,119
  -1,186
  -1,257
  -1,331
  -1,410
  -1,493
  -1,580
  -1,673
  -1,770
  -1,872
  -1,980
  -2,093
  -2,212

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,977
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  26,323
  24,887
  25,459
  26,113
  26,848
  27,662
  28,555
  29,527
  30,580
  31,714
  32,931
  34,233
  35,623
  37,102
  38,674
  40,343
  42,110
  43,982
  45,961
  48,052
  50,260
  52,590
  55,046
  57,636
  60,365
  63,238
  66,264
  69,449
  72,800
  76,326
  80,034
Adjusted assets (=assets-cash), $m
  24,346
  24,887
  25,459
  26,113
  26,848
  27,662
  28,555
  29,527
  30,580
  31,714
  32,931
  34,233
  35,623
  37,102
  38,674
  40,343
  42,110
  43,982
  45,961
  48,052
  50,260
  52,590
  55,046
  57,636
  60,365
  63,238
  66,264
  69,449
  72,800
  76,326
  80,034
Revenue / Adjusted assets
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
Average production assets, $m
  21,438
  21,867
  22,370
  22,945
  23,591
  24,306
  25,091
  25,945
  26,870
  27,866
  28,936
  30,080
  31,301
  32,601
  33,982
  35,448
  37,001
  38,646
  40,385
  42,222
  44,162
  46,209
  48,368
  50,643
  53,041
  55,566
  58,225
  61,023
  63,968
  67,066
  70,324
Working capital, $m
  1,147
  921
  942
  966
  993
  1,023
  1,057
  1,093
  1,131
  1,173
  1,218
  1,267
  1,318
  1,373
  1,431
  1,493
  1,558
  1,627
  1,701
  1,778
  1,860
  1,946
  2,037
  2,133
  2,233
  2,340
  2,452
  2,570
  2,694
  2,824
  2,961
Total debt, $m
  7,896
  6,438
  6,725
  7,052
  7,419
  7,826
  8,272
  8,759
  9,285
  9,852
  10,461
  11,112
  11,806
  12,546
  13,332
  14,166
  15,050
  15,986
  16,975
  18,021
  19,125
  20,290
  21,518
  22,813
  24,177
  25,614
  27,127
  28,719
  30,395
  32,158
  34,012
Total liabilities, $m
  13,901
  12,443
  12,730
  13,057
  13,424
  13,831
  14,277
  14,764
  15,290
  15,857
  16,466
  17,117
  17,811
  18,551
  19,337
  20,171
  21,055
  21,991
  22,980
  24,026
  25,130
  26,295
  27,523
  28,818
  30,182
  31,619
  33,132
  34,724
  36,400
  38,163
  40,017
Total equity, $m
  12,422
  12,443
  12,730
  13,057
  13,424
  13,831
  14,277
  14,764
  15,290
  15,857
  16,466
  17,117
  17,811
  18,551
  19,337
  20,171
  21,055
  21,991
  22,980
  24,026
  25,130
  26,295
  27,523
  28,818
  30,182
  31,619
  33,132
  34,724
  36,400
  38,163
  40,017
Total liabilities and equity, $m
  26,323
  24,886
  25,460
  26,114
  26,848
  27,662
  28,554
  29,528
  30,580
  31,714
  32,932
  34,234
  35,622
  37,102
  38,674
  40,342
  42,110
  43,982
  45,960
  48,052
  50,260
  52,590
  55,046
  57,636
  60,364
  63,238
  66,264
  69,448
  72,800
  76,326
  80,034
Debt-to-equity ratio
  0.636
  0.520
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
Adjusted equity ratio
  0.479
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -61
  -486
  -504
  -524
  -546
  -571
  -599
  -629
  -662
  -698
  -736
  -745
  -789
  -836
  -886
  -939
  -996
  -1,056
  -1,119
  -1,186
  -1,257
  -1,331
  -1,410
  -1,493
  -1,580
  -1,673
  -1,770
  -1,872
  -1,980
  -2,093
  -2,212
Depreciation, amort., depletion, $m
  927
  963
  984
  1,008
  1,036
  1,066
  1,100
  1,136
  1,175
  1,218
  1,263
  1,280
  1,332
  1,387
  1,446
  1,508
  1,575
  1,645
  1,719
  1,797
  1,879
  1,966
  2,058
  2,155
  2,257
  2,365
  2,478
  2,597
  2,722
  2,854
  2,993
Funds from operations, $m
  1,028
  477
  480
  484
  490
  495
  501
  507
  513
  520
  527
  535
  543
  551
  560
  569
  579
  589
  600
  611
  623
  635
  648
  662
  677
  692
  708
  725
  742
  761
  781
Change in working capital, $m
  -219
  18
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  65
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
Cash from operations, $m
  1,247
  383
  458
  460
  463
  465
  468
  471
  475
  478
  482
  487
  491
  496
  502
  507
  513
  520
  526
  533
  541
  549
  557
  566
  576
  586
  596
  607
  618
  631
  643
Maintenance CAPEX, $m
  0
  -912
  -931
  -952
  -976
  -1,004
  -1,034
  -1,068
  -1,104
  -1,143
  -1,186
  -1,231
  -1,280
  -1,332
  -1,387
  -1,446
  -1,508
  -1,575
  -1,645
  -1,719
  -1,797
  -1,879
  -1,966
  -2,058
  -2,155
  -2,257
  -2,365
  -2,478
  -2,597
  -2,722
  -2,854
New CAPEX, $m
  -1,542
  -430
  -503
  -575
  -645
  -715
  -785
  -855
  -925
  -996
  -1,069
  -1,144
  -1,221
  -1,300
  -1,381
  -1,466
  -1,553
  -1,644
  -1,739
  -1,837
  -1,940
  -2,047
  -2,159
  -2,276
  -2,398
  -2,525
  -2,659
  -2,798
  -2,945
  -3,098
  -3,259
Cash from investing activities, $m
  -962
  -1,342
  -1,434
  -1,527
  -1,621
  -1,719
  -1,819
  -1,923
  -2,029
  -2,139
  -2,255
  -2,375
  -2,501
  -2,632
  -2,768
  -2,912
  -3,061
  -3,219
  -3,384
  -3,556
  -3,737
  -3,926
  -4,125
  -4,334
  -4,553
  -4,782
  -5,024
  -5,276
  -5,542
  -5,820
  -6,113
Free cash flow, $m
  285
  -959
  -975
  -1,067
  -1,159
  -1,254
  -1,351
  -1,451
  -1,555
  -1,662
  -1,773
  -1,889
  -2,010
  -2,136
  -2,267
  -2,405
  -2,549
  -2,699
  -2,857
  -3,022
  -3,196
  -3,377
  -3,568
  -3,767
  -3,977
  -4,197
  -4,427
  -4,669
  -4,923
  -5,189
  -5,469
Issuance/(repayment) of debt, $m
  30
  275
  286
  327
  367
  407
  447
  486
  526
  567
  609
  651
  695
  740
  786
  834
  884
  936
  990
  1,046
  1,104
  1,165
  1,228
  1,295
  1,364
  1,437
  1,513
  1,592
  1,676
  1,763
  1,854
Issuance/(repurchase) of shares, $m
  0
  705
  975
  1,067
  1,159
  1,254
  1,351
  1,451
  1,555
  1,662
  1,773
  1,889
  2,010
  2,136
  2,267
  2,405
  2,549
  2,699
  2,857
  3,022
  3,196
  3,377
  3,568
  3,767
  3,977
  4,197
  4,427
  4,669
  4,923
  5,189
  5,469
Cash from financing (excl. dividends), $m  
  16
  980
  1,261
  1,394
  1,526
  1,661
  1,798
  1,937
  2,081
  2,229
  2,382
  2,540
  2,705
  2,876
  3,053
  3,239
  3,433
  3,635
  3,847
  4,068
  4,300
  4,542
  4,796
  5,062
  5,341
  5,634
  5,940
  6,261
  6,599
  6,952
  7,323
Total cash flow (excl. dividends), $m
  279
  -684
  -689
  -739
  -792
  -847
  -905
  -965
  -1,028
  -1,095
  -1,164
  -1,238
  -1,315
  -1,396
  -1,481
  -1,571
  -1,665
  -1,764
  -1,868
  -1,977
  -2,092
  -2,212
  -2,339
  -2,473
  -2,613
  -2,760
  -2,914
  -3,077
  -3,247
  -3,427
  -3,615
Retained Cash Flow (-), $m
  505
  -265
  -286
  -327
  -367
  -407
  -447
  -486
  -526
  -567
  -609
  -651
  -695
  -740
  -786
  -834
  -884
  -936
  -990
  -1,046
  -1,104
  -1,165
  -1,228
  -1,295
  -1,364
  -1,437
  -1,513
  -1,592
  -1,676
  -1,763
  -1,854
Prev. year cash balance distribution, $m
 
  244
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.7
  83.8
  75.3
  67.2
  59.7
  52.7
  46.3
  40.6
  35.4
  30.7
  26.6
  22.9
  19.7
  16.9
  14.5
  12.4
  10.5
  9.0
  7.6
  6.5
  5.5
  4.6
  3.9
  3.3
  2.8
  2.3
  1.9
  1.6
  1.4
  1.1

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. The company primarily explores for copper, nickel, gold, zinc, and platinum-group elements, as well as acid. It is operating mines located in Zambia, Australia, Finland, Turkey, Spain, and Mauritania; and developing the Trident project in Zambia, the Cobre Panama copper project in Panama, and the Taca Taca copper-gold-molybdenum deposit in Argentina, as well as exploring the Haquira copper deposit in Peru. The company was formerly known as First Quantum Ventures Ltd. and changed its name to First Quantum Minerals Ltd. in July 1996. First Quantum Minerals Ltd. was founded in 1983 and is based in Vancouver, Canada.

FINANCIAL RATIOS  of  First Quantum Minerals Ltd. (FM)

Valuation Ratios
P/E Ratio -150.8
Price to Sales 2.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow -31.2
Growth Rates
Sales Growth Rate 6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.3%
Cap. Spend. - 3 Yr. Gr. Rate -15.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 49.6%
Total Debt to Equity 63.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital -0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity -0.5%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 12.7%
Gross Margin - 3 Yr. Avg. 17.4%
EBITDA Margin 49%
EBITDA Margin - 3 Yr. Avg. 42%
Operating Margin 10.5%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin 10%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin -1.7%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate 7.2%
Eff/ Tax Rate - 3 Yr. Avg. -214.9%
Payout Ratio -14.8%

FM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FM stock intrinsic value calculation we used $3611 million for the last fiscal year's total revenue generated by First Quantum Minerals Ltd.. The default revenue input number comes from 2016 income statement of First Quantum Minerals Ltd.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.1%, whose default value for FM is calculated based on our internal credit rating of First Quantum Minerals Ltd., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of First Quantum Minerals Ltd..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FM stock the variable cost ratio is equal to 103%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.1% for First Quantum Minerals Ltd..

Corporate tax rate of 27% is the nominal tax rate for First Quantum Minerals Ltd.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FM are equal to 593.7%.

Life of production assets of 23.5 years is the average useful life of capital assets used in First Quantum Minerals Ltd. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FM is equal to 25%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $12422 million for First Quantum Minerals Ltd. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 687.943 million for First Quantum Minerals Ltd. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of First Quantum Minerals Ltd. at the current share price and the inputted number of shares is $9.2 billion.


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Stock chart of FM Financial statements of FM
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