Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

First Majestic Silver Corp. (FMV.DE)

Company Dividend Discount ModelIndustry: Industrial MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$5.39 - $13.72$8.14
Multi-Stage$3.68 - $4.03$3.85
Blended Fair Value$6.00
Current Price$12.32
Upside-51.34%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.020.020.020.010.000.000.000.000.000.00
YoY Growth---9.73%-14.55%74.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.25%0.30%0.29%0.09%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)76.32
(-) Cash Dividends Paid (M)8.71
(=) Cash Retained (M)67.61
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.269.545.72
Cash Retained (M)67.6167.6167.61
(-) Cash Required (M)-15.26-9.54-5.72
(=) Excess Retained (M)52.3558.0761.89
(/) Shares Outstanding (M)320.35320.35320.35
(=) Excess Retained per Share0.160.180.19
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.160.180.19
(=) Adjusted Dividend0.190.210.22
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate5.50%6.50%7.50%
Fair Value$5.39$8.14$13.72
Upside / Downside-56.21%-33.92%11.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)76.3281.2886.5692.1998.18104.56107.70
Payout Ratio11.41%27.13%42.84%58.56%74.28%90.00%92.50%
Projected Dividends (M)8.7122.0537.0953.9972.9394.1199.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)20.0020.1920.38
Year 2 PV (M)30.5131.0931.67
Year 3 PV (M)40.2741.4342.61
Year 4 PV (M)49.3451.2453.19
Year 5 PV (M)57.7460.5363.43
PV of Terminal Value (M)981.581,029.001,078.22
Equity Value (M)1,179.441,233.461,289.49
Shares Outstanding (M)320.35320.35320.35
Fair Value$3.68$3.85$4.03
Upside / Downside-70.12%-68.75%-67.33%

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