Financials Freeport-McMoRan Inc.

Equities

FCX

US35671D8570

Specialty Mining & Metals

Market Closed - Nyse Other stock markets 01:30:31 27/04/2024 am IST			5-day change	1st Jan Change
50.5 ^USD	+2.23%		+1.79%	+18.63%

26/04	Argus Research Adjusts Price Target on Freeport-McMoRan to $54 From $44	MT
26/04	Well, it isn't as bad as feared...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,036	37,804	61,279	54,314	61,044	72,530	-	-
Enterprise Value (EV) ¹	26,842	43,858	62,661	56,814	65,708	76,302	74,487	70,973
P/E ratio	-77.2 x	63.5 x	14.4 x	15.9 x	33.3 x	32.3 x	24.2 x	20.6 x
Yield	1.52%	-	0.9%	1.58%	1.41%	1.19%	1.19%	1.19%
Capitalization / Revenue	1.32 x	2.66 x	2.68 x	2.38 x	2.67 x	2.9 x	2.82 x	2.74 x
EV / Revenue	1.86 x	3.09 x	2.74 x	2.49 x	2.88 x	3.05 x	2.9 x	2.68 x
EV / EBITDA	9.93 x	11.1 x	6.05 x	6.27 x	7.92 x	7.64 x	6.67 x	5.65 x
EV / FCF	-22.9 x	41.5 x	11.2 x	34 x	144 x	30.7 x	17.9 x	13.7 x
FCF Yield	-4.36%	2.41%	8.94%	2.94%	0.69%	3.25%	5.59%	7.29%
Price to Book	2.05 x	3.74 x	4.42 x	3.5 x	-	4 x	3.53 x	3.01 x
Nbr of stocks (in thousands)	14,50,914	14,52,868	14,68,474	14,29,327	14,33,977	14,36,246	-	-
Reference price ²	13.12	26.02	41.73	38.00	42.57	50.50	50.50	50.50
Announcement Date	23/01/20	26/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,402	14,198	22,845	22,780	22,855	25,036	25,724	26,510
EBITDA ¹	2,703	3,965	10,364	9,056	8,293	9,990	11,169	12,552
EBIT ¹	1,091	2,437	8,366	7,037	6,225	7,631	8,905	9,789
Operating Margin	7.58%	17.16%	36.62%	30.89%	27.24%	30.48%	34.62%	36.93%
Earnings before Tax (EBT) ¹	306	1,797	7,659	6,715	6,006	7,380	8,606	9,111
Net income ¹	-239	599	4,306	3,468	1,848	2,288	3,103	3,671
Net margin	-1.66%	4.22%	18.85%	15.22%	8.09%	9.14%	12.06%	13.85%
EPS ²	-0.1700	0.4100	2.900	2.390	1.280	1.562	2.085	2.450
Free Cash Flow ¹	-1,170	1,056	5,600	1,670	455	2,483	4,164	5,176
FCF margin	-8.12%	7.44%	24.51%	7.33%	1.99%	9.92%	16.19%	19.52%
FCF Conversion (EBITDA)	-	26.63%	54.03%	18.44%	5.49%	24.86%	37.28%	41.23%
FCF Conversion (Net income)	-	176.29%	130.05%	48.15%	24.62%	108.53%	134.18%	140.98%
Dividend per Share ²	0.2000	-	0.3750	0.6000	0.6000	0.6000	0.6000	0.6000
Announcement Date	23/01/20	26/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	6,083	6,164	6,603	5,416	5,003	5,758	5,389	5,737	5,824	5,905	6,321	5,960	6,017	6,497	5,828
EBITDA ¹	2,990	2,873	3,298	2,243	1,470	2,045	2,165	2,141	2,197	2,311	2,496	2,415	2,452	2,638	2,495
EBIT ¹	2,462	2,305	2,809	1,736	962	1,530	1,601	1,410	1,492	1,722	1,634	2,024	2,026	2,133	-
Operating Margin	40.47%	37.39%	42.54%	32.05%	19.23%	26.57%	29.71%	24.58%	25.62%	29.16%	25.85%	33.96%	33.67%	32.83%	-
Earnings before Tax (EBT) ¹	2,360	1,973	2,713	1,599	867	1,536	1,538	1,268	1,472	1,728	1,674	1,899	1,906	2,013	1,749
Net income ¹	1,399	1,106	1,527	840	404	697	663	343	454	388	473	505.6	547.8	631.3	568.9
Net margin	23%	17.94%	23.13%	15.51%	8.08%	12.1%	12.3%	5.98%	7.8%	6.57%	7.48%	8.48%	9.1%	9.72%	9.76%
EPS ²	0.9400	0.7400	1.040	0.5700	0.2800	0.4800	0.4600	0.2300	0.3100	0.2700	0.3200	0.3415	0.3556	0.4044	0.3788
Dividend per Share ²	0.0750	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500
Announcement Date	21/10/21	26/01/22	21/04/22	21/07/22	20/10/22	25/01/23	21/04/23	20/07/23	19/10/23	24/01/24	23/04/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,806	6,054	1,382	2,500	4,664	3,772	1,957	-
Net Cash position ¹	-	-	-	-	-	-	-	1,557
Leverage (Debt/EBITDA)	2.888 x	1.527 x	0.1333 x	0.2761 x	0.5624 x	0.3775 x	0.1752 x	-
Free Cash Flow ¹	-1,170	1,056	5,600	1,670	455	2,483	4,164	5,176
ROE (net income / shareholders' equity)	-2.5%	6.15%	38.4%	23.5%	13.8%	13.8%	16.2%	16.3%
ROA (Net income/ Total Assets)	-0.58%	1.44%	9.55%	7%	4.29%	3.99%	5.62%	6.13%
Assets ¹	41,515	41,477	45,083	49,558	43,100	57,280	55,168	59,888
Book Value Per Share ²	6.410	6.960	9.430	10.90	-	12.60	14.30	16.80
Cash Flow per Share ²	1.020	2.070	5.210	3.540	3.660	4.570	5.250	5.880
Capex ¹	2,652	1,961	2,115	3,469	4,824	4,599	3,825	2,811
Capex / Sales	18.41%	13.81%	9.26%	15.23%	21.11%	18.37%	14.87%	10.6%
Announcement Date	23/01/20	26/01/21	26/01/22	25/01/23	24/01/24	-	-	-

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

Ratings for Freeport-McMoRan Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

50.5 USD

Average target price

50.77 USD

Spread / Average Target

+0.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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