Financials Freeport-McMoRan Inc. Xetra

Equities

FPMB

US35671D8570

Specialty Mining & Metals

Real-time Estimate Tradegate Other stock markets 01:03:01 17/07/2024 pm IST			5-day change	1st Jan Change
45.46 ^EUR	+0.14%		-4.66%	+16.95%

11/07	Eight Capital Adjusts Price Target on Freeport-McMoRan to $61 From $60	MT
08/07	Bernstein Trims Price Target on Freeport-McMoRan to $50 From $50.50, Maintains Outperform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,036	37,804	61,279	54,314	61,044	71,925	-	-
Enterprise Value (EV) ¹	26,842	43,858	62,661	56,814	65,708	75,227	74,583	69,017
P/E ratio	-77.2 x	63.5 x	14.4 x	15.9 x	33.3 x	29.5 x	21.3 x	16.9 x
Yield	1.52%	-	0.9%	1.58%	1.41%	1.2%	1.2%	1.2%
Capitalization / Revenue	1.32 x	2.66 x	2.68 x	2.38 x	2.67 x	2.8 x	2.62 x	2.59 x
EV / Revenue	1.86 x	3.09 x	2.74 x	2.49 x	2.88 x	2.93 x	2.72 x	2.48 x
EV / EBITDA	9.93 x	11.1 x	6.05 x	6.27 x	7.92 x	7.07 x	6.18 x	5.26 x
EV / FCF	-22.9 x	41.5 x	11.2 x	34 x	144 x	29.4 x	18.5 x	11.8 x
FCF Yield	-4.36%	2.41%	8.94%	2.94%	0.69%	3.4%	5.4%	8.47%
Price to Book	2.05 x	3.74 x	4.42 x	3.5 x	3.66 x	3.89 x	3.35 x	2.84 x
Nbr of stocks (in thousands)	14,50,914	14,52,868	14,68,474	14,29,327	14,33,977	14,36,490	-	-
Reference price ²	13.12	26.02	41.73	38.00	42.57	50.07	50.07	50.07
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	25,677	27,461	27,812
EBITDA ¹	2,703	3,965	10,364	9,056	8,293	10,640	12,063	13,124
EBIT ¹	1,091	2,437	8,366	7,037	6,225	7,965	9,952	10,763
Operating Margin	7.58%	17.16%	36.62%	30.89%	27.24%	31.02%	36.24%	38.7%
Earnings before Tax (EBT) ¹	306	1,797	7,659	6,715	6,006	7,690	9,392	10,049
Net income ¹	-239	599	4,306	3,468	1,848	2,470	3,479	4,170
Net margin	-1.66%	4.22%	18.85%	15.22%	8.09%	9.62%	12.67%	14.99%
EPS ²	-0.1700	0.4100	2.900	2.390	1.280	1.700	2.349	2.961
Free Cash Flow ¹	-1,170	1,056	5,600	1,670	455	2,556	4,026	5,847
FCF margin	-8.12%	7.44%	24.51%	7.33%	1.99%	9.95%	14.66%	21.02%
FCF Conversion (EBITDA)	-	26.63%	54.03%	18.44%	5.49%	24.02%	33.37%	44.55%
FCF Conversion (Net income)	-	176.29%	130.05%	48.15%	24.62%	103.49%	115.7%	140.23%
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 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	2025 Q2
Net sales ¹	6,164	6,603	5,416	5,003	5,758	5,389	5,737	5,824	5,905	6,321	6,022	6,380	6,691	7,029	6,503
EBITDA ¹	2,873	3,298	2,243	1,470	2,045	2,165	2,141	2,197	2,311	2,496	2,479	2,681	2,882	2,966	2,835
EBIT ¹	2,305	2,809	1,736	962	1,530	1,601	1,410	1,492	1,722	1,634	1,853	2,075	2,352	3,041	-
Operating Margin	37.39%	42.54%	32.05%	19.23%	26.57%	29.71%	24.58%	25.62%	29.16%	25.85%	30.77%	32.53%	35.16%	43.26%	-
Earnings before Tax (EBT) ¹	1,973	2,713	1,599	867	1,536	1,538	1,268	1,472	1,728	1,674	1,939	1,916	2,022	2,182	2,431
Net income ¹	1,106	1,527	840	404	697	663	343	454	388	473	570.9	589.1	657.9	878.3	1,012
Net margin	17.94%	23.13%	15.51%	8.08%	12.1%	12.3%	5.98%	7.8%	6.57%	7.48%	9.48%	9.23%	9.83%	12.5%	15.56%
EPS ²	0.7400	1.040	0.5700	0.2800	0.4800	0.4600	0.2300	0.3100	0.2700	0.3200	0.3940	0.4446	0.4676	0.5080	0.5441
Dividend per Share ²	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	0.1500
Announcement Date	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	3,302	2,658	-
Net Cash position ¹	-	-	-	-	-	-	-	2,908
Leverage (Debt/EBITDA)	2.888 x	1.527 x	0.1333 x	0.2761 x	0.5624 x	0.3104 x	0.2204 x	-
Free Cash Flow ¹	-1,170	1,056	5,600	1,670	455	2,556	4,026	5,847
ROE (net income / shareholders' equity)	-2.5%	6.15%	38.4%	23.5%	13.8%	14.4%	19.2%	18.3%
ROA (Net income/ Total Assets)	-0.58%	1.44%	9.55%	7%	4.29%	4.51%	6.45%	6.97%
Assets ¹	41,515	41,477	45,083	49,558	43,100	54,810	53,904	59,860
Book Value Per Share ²	6.410	6.960	9.430	10.90	11.60	12.90	14.90	17.60
Cash Flow per Share ²	1.020	2.070	5.210	3.540	3.660	5.200	6.040	6.310
Capex ¹	2,652	1,961	2,115	3,469	4,824	4,723	3,935	3,084
Capex / Sales	18.41%	13.81%	9.26%	15.23%	21.11%	18.39%	14.33%	11.09%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

50.07 USD

Average target price

55.81 USD

Spread / Average Target

+11.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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