Intrinsic value of Fortuna Silver Mines Inc. - FVI

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$6.73

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$6.73

 
Intrinsic value

$0.55

 
Up/down potential

-92%

 
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 FVI 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 2015), $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 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2015(a)
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.06
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  209
  334
  517
  773
  1,121
  1,582
  2,174
  2,919
  3,832
  4,931
  6,229
  7,735
  9,457
  11,398
  13,562
  15,946
  18,549
  21,367
  24,395
  27,629
  31,063
  34,694
  38,516
  42,528
  46,728
  51,114
  55,688
  60,451
  65,407
  70,560
  75,916
Variable operating expenses, $m
 
  271
  418
  625
  907
  1,280
  1,759
  2,361
  3,100
  3,990
  5,039
  6,257
  7,650
  9,221
  10,971
  12,900
  15,006
  17,286
  19,736
  22,352
  25,130
  28,067
  31,160
  34,405
  37,803
  41,351
  45,051
  48,905
  52,914
  57,083
  61,416
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
  212
  271
  418
  625
  907
  1,280
  1,759
  2,361
  3,100
  3,990
  5,039
  6,257
  7,650
  9,221
  10,971
  12,900
  15,006
  17,286
  19,736
  22,352
  25,130
  28,067
  31,160
  34,405
  37,803
  41,351
  45,051
  48,905
  52,914
  57,083
  61,416
Operating income, $m
  -2
  64
  99
  148
  214
  302
  415
  557
  732
  942
  1,190
  1,477
  1,806
  2,177
  2,590
  3,046
  3,543
  4,081
  4,660
  5,277
  5,933
  6,626
  7,357
  8,123
  8,925
  9,763
  10,636
  11,546
  12,493
  13,477
  14,500
EBITDA, $m
  33
  120
  185
  277
  401
  566
  778
  1,045
  1,372
  1,765
  2,230
  2,769
  3,385
  4,080
  4,855
  5,708
  6,640
  7,649
  8,732
  9,890
  11,119
  12,419
  13,787
  15,223
  16,726
  18,297
  19,934
  21,639
  23,413
  25,257
  27,175
Interest expense (income), $m
  1
  2
  6
  11
  18
  28
  41
  58
  79
  105
  136
  173
  216
  264
  320
  381
  449
  523
  603
  689
  780
  878
  981
  1,089
  1,203
  1,322
  1,447
  1,577
  1,712
  1,853
  1,999
Earnings before tax, $m
  -4
  62
  93
  137
  196
  274
  374
  500
  653
  837
  1,054
  1,304
  1,591
  1,913
  2,271
  2,665
  3,094
  3,559
  4,057
  4,589
  5,153
  5,749
  6,376
  7,034
  7,722
  8,440
  9,190
  9,969
  10,781
  11,624
  12,501
Tax expense, $m
  10
  17
  25
  37
  53
  74
  101
  135
  176
  226
  284
  352
  429
  516
  613
  719
  835
  961
  1,095
  1,239
  1,391
  1,552
  1,721
  1,899
  2,085
  2,279
  2,481
  2,692
  2,911
  3,139
  3,375
Net income, $m
  -14
  45
  68
  100
  143
  200
  273
  365
  477
  611
  769
  952
  1,161
  1,396
  1,658
  1,945
  2,259
  2,598
  2,962
  3,350
  3,762
  4,197
  4,654
  5,134
  5,637
  6,161
  6,708
  7,278
  7,870
  8,486
  9,126

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  146
  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
  513
  588
  908
  1,358
  1,970
  2,780
  3,821
  5,130
  6,735
  8,667
  10,947
  13,594
  16,620
  20,032
  23,834
  28,025
  32,600
  37,552
  42,874
  48,557
  54,593
  60,973
  67,691
  74,742
  82,122
  89,831
  97,870
  106,241
  114,951
  124,007
  133,420
Adjusted assets (=assets-cash), $m
  367
  588
  908
  1,358
  1,970
  2,780
  3,821
  5,130
  6,735
  8,667
  10,947
  13,594
  16,620
  20,032
  23,834
  28,025
  32,600
  37,552
  42,874
  48,557
  54,593
  60,973
  67,691
  74,742
  82,122
  89,831
  97,870
  106,241
  114,951
  124,007
  133,420
Revenue / Adjusted assets
  0.569
  0.568
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
Average production assets, $m
  321
  514
  794
  1,187
  1,722
  2,429
  3,340
  4,483
  5,887
  7,575
  9,567
  11,881
  14,525
  17,508
  20,831
  24,493
  28,492
  32,820
  37,471
  42,438
  47,713
  53,289
  59,161
  65,323
  71,773
  78,511
  85,536
  92,853
  100,465
  108,380
  116,607
Working capital, $m
  127
  -30
  -47
  -70
  -102
  -144
  -198
  -266
  -349
  -449
  -567
  -704
  -861
  -1,037
  -1,234
  -1,451
  -1,688
  -1,944
  -2,220
  -2,514
  -2,827
  -3,157
  -3,505
  -3,870
  -4,252
  -4,651
  -5,068
  -5,501
  -5,952
  -6,421
  -6,908
Total debt, $m
  53
  147
  283
  474
  734
  1,078
  1,521
  2,077
  2,760
  3,580
  4,549
  5,674
  6,960
  8,411
  10,027
  11,808
  13,752
  15,857
  18,119
  20,534
  23,099
  25,810
  28,666
  31,662
  34,799
  38,075
  41,492
  45,049
  48,751
  52,600
  56,600
Total liabilities, $m
  156
  250
  386
  577
  837
  1,181
  1,624
  2,180
  2,863
  3,683
  4,652
  5,777
  7,063
  8,514
  10,130
  11,911
  13,855
  15,960
  18,222
  20,637
  23,202
  25,913
  28,769
  31,765
  34,902
  38,178
  41,595
  45,152
  48,854
  52,703
  56,703
Total equity, $m
  357
  338
  522
  781
  1,133
  1,598
  2,197
  2,950
  3,873
  4,983
  6,295
  7,816
  9,556
  11,518
  13,705
  16,114
  18,745
  21,592
  24,653
  27,920
  31,391
  35,059
  38,922
  42,976
  47,220
  51,653
  56,275
  61,089
  66,097
  71,304
  76,716
Total liabilities and equity, $m
  513
  588
  908
  1,358
  1,970
  2,779
  3,821
  5,130
  6,736
  8,666
  10,947
  13,593
  16,619
  20,032
  23,835
  28,025
  32,600
  37,552
  42,875
  48,557
  54,593
  60,972
  67,691
  74,741
  82,122
  89,831
  97,870
  106,241
  114,951
  124,007
  133,419
Debt-to-equity ratio
  0.148
  0.430
  0.540
  0.610
  0.650
  0.670
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
Adjusted equity ratio
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -14
  45
  68
  100
  143
  200
  273
  365
  477
  611
  769
  952
  1,161
  1,396
  1,658
  1,945
  2,259
  2,598
  2,962
  3,350
  3,762
  4,197
  4,654
  5,134
  5,637
  6,161
  6,708
  7,278
  7,870
  8,486
  9,126
Depreciation, amort., depletion, $m
  35
  56
  86
  129
  187
  264
  363
  487
  640
  823
  1,040
  1,291
  1,579
  1,903
  2,264
  2,662
  3,097
  3,567
  4,073
  4,613
  5,186
  5,792
  6,431
  7,100
  7,801
  8,534
  9,297
  10,093
  10,920
  11,780
  12,675
Funds from operations, $m
  82
  101
  154
  229
  330
  464
  636
  852
  1,117
  1,434
  1,809
  2,244
  2,740
  3,299
  3,922
  4,608
  5,356
  6,165
  7,035
  7,963
  8,948
  9,989
  11,085
  12,235
  13,438
  14,695
  16,006
  17,370
  18,790
  20,266
  21,801
Change in working capital, $m
  8
  -11
  -17
  -23
  -32
  -42
  -54
  -68
  -83
  -100
  -118
  -137
  -157
  -177
  -197
  -217
  -237
  -256
  -276
  -294
  -313
  -330
  -348
  -365
  -382
  -399
  -416
  -433
  -451
  -469
  -487
Cash from operations, $m
  74
  118
  171
  252
  362
  506
  690
  920
  1,200
  1,534
  1,927
  2,381
  2,897
  3,476
  4,119
  4,825
  5,593
  6,422
  7,310
  8,257
  9,260
  10,319
  11,433
  12,600
  13,821
  15,094
  16,422
  17,804
  19,241
  20,735
  22,288
Maintenance CAPEX, $m
  0
  -35
  -56
  -86
  -129
  -187
  -264
  -363
  -487
  -640
  -823
  -1,040
  -1,291
  -1,579
  -1,903
  -2,264
  -2,662
  -3,097
  -3,567
  -4,073
  -4,613
  -5,186
  -5,792
  -6,431
  -7,100
  -7,801
  -8,534
  -9,297
  -10,093
  -10,920
  -11,780
New CAPEX, $m
  -77
  -193
  -280
  -393
  -535
  -707
  -910
  -1,143
  -1,404
  -1,688
  -1,993
  -2,313
  -2,645
  -2,983
  -3,323
  -3,663
  -3,998
  -4,328
  -4,651
  -4,967
  -5,275
  -5,576
  -5,871
  -6,162
  -6,450
  -6,737
  -7,026
  -7,316
  -7,612
  -7,915
  -8,227
Cash from investing activities, $m
  -90
  -228
  -336
  -479
  -664
  -894
  -1,174
  -1,506
  -1,891
  -2,328
  -2,816
  -3,353
  -3,936
  -4,562
  -5,226
  -5,927
  -6,660
  -7,425
  -8,218
  -9,040
  -9,888
  -10,762
  -11,663
  -12,593
  -13,550
  -14,538
  -15,560
  -16,613
  -17,705
  -18,835
  -20,007
Free cash flow, $m
  -16
  -109
  -165
  -227
  -302
  -389
  -484
  -586
  -691
  -794
  -889
  -972
  -1,039
  -1,085
  -1,107
  -1,102
  -1,068
  -1,004
  -909
  -783
  -628
  -443
  -231
  7
  270
  555
  863
  1,190
  1,536
  1,900
  2,281
Issuance/(repayment) of debt, $m
  53
  94
  136
  191
  260
  344
  443
  556
  682
  821
  969
  1,125
  1,286
  1,450
  1,616
  1,781
  1,944
  2,105
  2,262
  2,415
  2,565
  2,712
  2,855
  2,997
  3,137
  3,276
  3,416
  3,558
  3,702
  3,849
  4,000
Issuance/(repurchase) of shares, $m
  3
  0
  213
  295
  394
  510
  641
  783
  932
  1,083
  1,231
  1,369
  1,493
  1,597
  1,678
  1,731
  1,754
  1,747
  1,707
  1,636
  1,533
  1,400
  1,239
  1,051
  837
  601
  343
  66
  0
  0
  0
Cash from financing (excl. dividends), $m  
  56
  94
  349
  486
  654
  854
  1,084
  1,339
  1,614
  1,904
  2,200
  2,494
  2,779
  3,047
  3,294
  3,512
  3,698
  3,852
  3,969
  4,051
  4,098
  4,112
  4,094
  4,048
  3,974
  3,877
  3,759
  3,624
  3,702
  3,849
  4,000
Total cash flow (excl. dividends), $m
  40
  -15
  -29
  -36
  -42
  -44
  -42
  -31
  -9
  27
  80
  152
  247
  365
  509
  679
  876
  1,101
  1,353
  1,632
  1,938
  2,268
  2,624
  3,004
  3,406
  3,832
  4,279
  4,748
  5,238
  5,749
  6,281
Retained Cash Flow (-), $m
  11
  -127
  -184
  -259
  -352
  -465
  -599
  -752
  -923
  -1,111
  -1,311
  -1,522
  -1,740
  -1,962
  -2,186
  -2,410
  -2,631
  -2,848
  -3,060
  -3,268
  -3,470
  -3,669
  -3,863
  -4,054
  -4,244
  -4,433
  -4,622
  -4,814
  -5,008
  -5,207
  -5,412
Prev. year cash balance distribution, $m
 
  146
  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
 
  4
  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
  230
  542
  869
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  4
  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
  4
  6
  7
Current shareholders' claim on cash, %
  100
  100.0
  82.9
  69.9
  60.0
  52.3
  46.2
  41.4
  37.5
  34.3
  31.7
  29.6
  27.9
  26.4
  25.2
  24.2
  23.4
  22.7
  22.1
  21.6
  21.3
  21.0
  20.7
  20.5
  20.4
  20.3
  20.3
  20.3
  20.3
  20.3
  20.3

Fortuna Silver Mines Inc. engages in the exploration, extraction, and processing of mineral properties in Latin America. The company explores for silver, gold, lead, and zinc deposits. It holds interests in the Caylloma mine located in the Arequipa Department in southern Peru; and the San Jose mine located in the State of Oaxaca in southern Mexico. The company was formerly known as Fortuna Ventures Inc. and changed its name to Fortuna Silver Mines Inc. in June 2005. Fortuna Silver Mines Inc. was incorporated in 1990 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Fortuna Silver Mines Inc. (FVI)

Valuation Ratios
P/E Ratio -62.1
Price to Sales 4.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow -289.9
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 14.8%
Total Debt to Equity 14.8%
Interest Coverage -3
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital -3.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.7%
Return On Equity -3.9%
Return On Equity - 3 Yr. Avg. -1.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 30.9%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 18.4%
Operating Margin -1.4%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin -1.9%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin -6.7%
Net Profit Margin - 3 Yr. Avg. -3.9%
Effective Tax Rate -250%
Eff/ Tax Rate - 3 Yr. Avg. -99.2%
Payout Ratio 0%

FVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FVI stock intrinsic value calculation we used $209 million for the last fiscal year's total revenue generated by Fortuna Silver Mines Inc.. The default revenue input number comes from 2015 income statement of Fortuna Silver Mines Inc.. 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 FVI stock valuation model: a) initial revenue growth rate of 60% 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 4.3%, whose default value for FVI is calculated based on our internal credit rating of Fortuna Silver Mines Inc., 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 Fortuna Silver Mines Inc..
    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 FVI stock the variable cost ratio is equal to 80.9%.

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 FVI 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 3.8% for Fortuna Silver Mines Inc..

Corporate tax rate of 27% is the nominal tax rate for Fortuna Silver Mines Inc.. 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 FVI 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 FVI are equal to 153.6%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Fortuna Silver Mines Inc. 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 FVI is equal to -9.1%. 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 - $357 million for Fortuna Silver Mines Inc. - 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 161.66 million for Fortuna Silver Mines Inc. 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 Fortuna Silver Mines Inc. at the current share price and the inputted number of shares is $1.1 billion.


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