FSM gets a fundamental rating of 7 out of 10. The analysis compared the fundamentals against 156 industry peers in the Metals & Mining industry. FSM gets an excellent profitability rating and is at the same time showing great financial health properties. An interesting combination arises when we look at growth and value: FSM is growing strongly while it also seems undervalued. This makes FSM very considerable for value and growth and quality investing!

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

FSM had positive earnings in the past year.
In the past year FSM had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: FSM reported negative net income in multiple years.
FSM had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

With an excellent Return On Assets value of 10.30%, FSM belongs to the best of the industry, outperforming 89.10% of the companies in the same industry.
Looking at the Return On Equity, with a value of 14.25%, FSM belongs to the top of the industry, outperforming 86.54% of the companies in the same industry.
The Return On Invested Capital of FSM (11.79%) is better than 83.97% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FSM is below the industry average of 10.34%.
The 3 year average ROIC (5.85%) for FSM is below the current ROIC(11.79%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	10.3%
ROE	14.25%
ROIC	11.79%

ROA(3y)-1.11%

ROA(5y)0.32%

ROE(3y)-1.74%

ROE(5y)0.39%

ROIC(3y)5.85%

ROIC(5y)5.63%

1.3 Margins

Looking at the Profit Margin, with a value of 21.48%, FSM belongs to the top of the industry, outperforming 85.26% of the companies in the same industry.
FSM's Profit Margin has improved in the last couple of years.
FSM has a Operating Margin of 33.56%. This is amongst the best in the industry. FSM outperforms 83.33% of its industry peers.
FSM's Operating Margin has improved in the last couple of years.
FSM has a Gross Margin of 42.91%. This is in the better half of the industry: FSM outperforms 77.56% of its industry peers.
FSM's Gross Margin has been stable in the last couple of years.

		Industry Rank	Sector Rank
OM	33.56%
PM (TTM)	21.48%
GM	42.91%

OM growth 3Y-1.7%

OM growth 5Y2.93%

PM growth 3Y7.9%

PM growth 5Y5.55%

GM growth 3Y-2.98%

GM growth 5Y-0.63%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

FSM has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for FSM remains at a similar level compared to 1 year ago.
Compared to 5 years ago, FSM has more shares outstanding
The debt/assets ratio for FSM has been reduced compared to a year ago.

2.2 Solvency

An Altman-Z score of 4.91 indicates that FSM is not in any danger for bankruptcy at the moment.
FSM's Altman-Z score of 4.91 is fine compared to the rest of the industry. FSM outperforms 60.26% of its industry peers.
The Debt to FCF ratio of FSM is 0.82, which is an excellent value as it means it would take FSM, only 0.82 years of fcf income to pay off all of its debts.
With an excellent Debt to FCF ratio value of 0.82, FSM belongs to the best of the industry, outperforming 88.46% of the companies in the same industry.
FSM has a Debt/Equity ratio of 0.12. This is a healthy value indicating a solid balance between debt and equity.
With a Debt to Equity ratio value of 0.12, FSM perfoms like the industry average, outperforming 58.97% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	0.12
Debt/FCF	0.82
Altman-Z	4.91

ROIC/WACC1.24

WACC9.53%

2.3 Liquidity

FSM has a Current Ratio of 3.30. This indicates that FSM is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 3.30, FSM is in the better half of the industry, outperforming 67.95% of the companies in the same industry.
FSM has a Quick Ratio of 2.73. This indicates that FSM is financially healthy and has no problem in meeting its short term obligations.
FSM has a better Quick ratio (2.73) than 67.95% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	3.3
Quick Ratio	2.73

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 41.36% over the past year.
FSM shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 22.67% yearly.
FSM shows a small growth in Revenue. In the last year, the Revenue has grown by 4.78%.
The Revenue has been growing by 32.79% on average over the past years. This is a very strong growth!

EPS 1Y (TTM)41.36%

EPS 3Y3.57%

EPS 5Y22.67%

EPS Q2Q%-10.59%

Revenue 1Y (TTM)4.78%

Revenue growth 3Y20.98%

Revenue growth 5Y32.79%

Sales Q2Q%-8.56%

3.2 Future

FSM is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 27.53% yearly.
FSM is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.06% yearly.

EPS Next Y52%

EPS Next 2Y56.34%

EPS Next 3Y33.2%

EPS Next 5Y27.53%

Revenue Next Year-0.65%

Revenue Next 2Y5.14%

Revenue Next 3Y2.22%

Revenue Next 5Y2.06%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 18.79, the valuation of FSM can be described as rather expensive.
Based on the Price/Earnings ratio, FSM is valued cheaper than 90.38% of the companies in the same industry.
FSM is valuated rather cheaply when we compare the Price/Earnings ratio to 27.21, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 9.53, the valuation of FSM can be described as reasonable.
FSM's Price/Forward Earnings ratio is rather cheap when compared to the industry. FSM is cheaper than 89.74% of the companies in the same industry.
FSM's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 24.26.

		Industry Rank	Sector Rank
PE	18.79
Fwd PE	9.53

4.2 Price Multiples

94.23% of the companies in the same industry are more expensive than FSM, based on the Enterprise Value to EBITDA ratio.
96.15% of the companies in the same industry are more expensive than FSM, based on the Price/Free Cash Flow ratio.

		Industry Rank	Sector Rank
P/FCF	13.76
EV/EBITDA	5.73

4.3 Compensation for Growth

FSM's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of FSM may justify a higher PE ratio.
FSM's earnings are expected to grow with 33.20% in the coming years. This may justify a more expensive valuation.