Financials Fortescue Ltd

Equities

FMG

AU000000FMG4

Iron & Steel

Delayed Australian S.E. 11:18:55 2024-07-02 pm EDT 5-day change 1st Jan Change
21.76 AUD +0.88% Intraday chart for Fortescue Ltd +0.58% -25.03%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,481 29,412 53,850 37,193 45,438 44,171 - -
Enterprise Value (EV) 1 21,559 29,670 51,172 38,072 46,472 44,726 44,549 44,551
P/E ratio 6.14 x 6.24 x 5.22 x 6.01 x 9.49 x 7.11 x 9.36 x 11.2 x
Yield 12.2% 13.2% 14.9% 11.9% 7.59% 9.46% 6.92% 5.42%
Capitalization / Revenue 1.95 x 2.29 x 2.42 x 2.14 x 2.69 x 2.39 x 2.65 x 2.85 x
EV / Revenue 2.16 x 2.31 x 2.3 x 2.19 x 2.75 x 2.42 x 2.67 x 2.87 x
EV / EBITDA 3.57 x 3.54 x 3.13 x 3.6 x 4.66 x 4.11 x 5.12 x 5.77 x
EV / FCF 6.47 x 6.67 x 5.71 x 10.7 x 10.8 x 8.56 x 10.5 x 13.7 x
FCF Yield 15.5% 15% 17.5% 9.38% 9.25% 11.7% 9.53% 7.31%
Price to Book 1.84 x 2.22 x 3.04 x 2.15 x 2.53 x 2.18 x 2.01 x 1.9 x
Nbr of stocks (in thousands) 3,077,453 3,077,734 3,077,329 3,076,704 3,075,974 3,075,972 - -
Reference price 2 6.330 9.556 17.50 12.09 14.77 14.36 14.36 14.36
Announcement Date 8/25/19 8/23/20 8/29/21 8/28/22 8/27/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,965 12,820 22,284 17,390 16,871 18,482 16,675 15,523
EBITDA 1 6,047 8,375 16,375 10,561 9,963 10,887 8,704 7,715
EBIT 1 4,822 6,912 14,946 9,000 7,020 9,057 6,996 5,728
Operating Margin 48.39% 53.92% 67.07% 51.75% 41.61% 49% 41.96% 36.9%
Earnings before Tax (EBT) 1 4,569 6,690 14,722 8,846 6,886 8,864 7,093 5,657
Net income 1 3,187 4,735 10,295 6,197 4,798 6,246 4,835 3,965
Net margin 31.98% 36.93% 46.2% 35.64% 28.44% 33.79% 28.99% 25.54%
EPS 2 1.031 1.532 3.350 2.010 1.557 2.020 1.535 1.283
Free Cash Flow 1 3,333 4,449 8,961 3,572 4,300 5,225 4,244 3,255
FCF margin 33.45% 34.7% 40.21% 20.54% 25.49% 28.27% 25.45% 20.97%
FCF Conversion (EBITDA) 55.12% 53.12% 54.72% 33.82% 43.16% 47.99% 48.76% 42.19%
FCF Conversion (Net income) 104.58% 93.96% 87.04% 57.64% 89.62% 83.66% 87.77% 82.11%
Dividend per Share 2 0.7716 1.260 2.611 1.433 1.121 1.359 0.9941 0.7779
Announcement Date 8/25/19 8/23/20 8/29/21 8/28/22 8/27/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2 2026 S1
Net sales 1 6,485 6,335 9,335 12,949 8,125 9,265 7,835 9,036 9,512 8,958 7,882 7,408 7,071
EBITDA 1 4,228 4,147 6,639 9,736 4,762 5,799 4,352 5,611 5,912 4,702 4,717 4,773 -
EBIT 1 3,550 3,362 5,939 9,007 4,024 4,976 3,457 3,563 4,958 4,147 2,985 2,497 2,484
Operating Margin 54.74% 53.07% 63.62% 69.56% 49.53% 53.71% 44.12% 39.43% 52.12% 46.29% 37.87% 33.71% 35.12%
Earnings before Tax (EBT) 1 3,427 3,263 5,864 8,858 3,948 4,898 3,398 3,488 4,860 3,983 3,344 3,111 -
Net income 1 2,453 2,282 4,084 6,211 2,777 3,420 2,368 2,430 3,337 2,965 2,371 2,203 -
Net margin 37.83% 36.02% 43.75% 47.97% 34.18% 36.91% 30.22% 26.89% 35.08% 33.1% 30.08% 29.74% -
EPS 2 0.7970 0.7350 1.327 2.023 0.9030 1.107 0.7680 0.7890 1.083 0.9400 0.6200 0.5100 0.5300
Dividend per Share 2 0.5085 0.7162 1.137 - 0.6142 - 0.5224 0.6404 0.7069 0.6539 - - -
Announcement Date 2/18/20 8/23/20 2/17/21 8/29/21 2/15/22 8/28/22 2/14/23 8/27/23 2/21/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,078 258 - 879 1,034 555 378 381
Net Cash position 1 - - 2,678 - - - - -
Leverage (Debt/EBITDA) 0.3436 x 0.0308 x - 0.0832 x 0.1038 x 0.051 x 0.0435 x 0.0493 x
Free Cash Flow 1 3,333 4,449 8,961 3,572 4,300 5,225 4,244 3,255
ROE (net income / shareholders' equity) 31% 40% 66% 35.3% 31% 32.2% 24% 17.9%
ROA (Net income/ Total Assets) 17% 22% 39.8% 21.8% 19.5% 21.1% 16.5% 13.5%
Assets 1 18,771 21,546 25,890 28,379 24,578 29,609 29,280 29,316
Book Value Per Share 2 3.440 4.300 5.760 5.640 5.850 6.580 7.130 7.570
Cash Flow per Share 2 1.410 2.080 4.080 2.160 2.410 2.670 2.220 2.110
Capex 1 1,040 1,966 3,633 3,074 3,200 2,978 3,119 3,117
Capex / Sales 10.44% 15.34% 16.3% 17.68% 18.97% 16.11% 18.71% 20.08%
Announcement Date 8/25/19 8/23/20 8/29/21 8/28/22 8/27/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
17
Last Close Price
14.36 USD
Average target price
13.95 USD
Spread / Average Target
-2.86%
Consensus
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