Fresnillo (FRES)

Company name:	Fresnillo Plc
Company Description:	A group engaged in the exploration and production of zinc; lead; silver and gold
EPIC:	FRES	Trading Currency:	GBX
Market Sector:	FS10	ISIN:	GB00B2QPKJ12
Market Segment:	SET1	Share Type:	DE
WWW Address:	www.fresnilloplc.com	Description:	ORD USD0.50
Industry Sector:	MINING

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
860.60	10.6 [1.25]	857.80	858.60	865.00	877.00	850.80	2,108,438
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
6,341.71	736.89	0.03	35.83	18.87	24.02	2.19	1,379.50 - 733.20

Fresnillo Key Figures

(at previous day's close)
Market Cap.	6,341.71	m
Shares In Issue	736.89	m
Prev. Close	850.00
PE Ratio	24.02
Dividend Yield	2.19	%
EPS - basic	35.83	p
Dividend PS	18.87	p
Dividend Cover	-
Cash Flow PS	91.09	p
Return On Equity (ROE)	10.75	%
Operating Margin	22.68	%
PEG Factor	0.29
EPS Growth Rate	83.29	%
Dividends PS Growth Rate	77.93	%
Net Debt	721.94	m
Gross Gearing	36.27	%
Quick Assets	1,326.68	m
Net Working Capital	1,335.28	m
Intangibles / Fixed Assets	-	%
Turnover PS	241.20	p
Pre-Tax Profit PS	54.72	p
Retained Profit PS	26.74	p
Cash PS	106.25	p
Net Cash PS	72.52	p
Net Tangible Asset Value PS *	345.32	p
Net Asset Value PS	358.78	p
Spread	0.80 (0.09%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Fresnillo Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	878.00	838.80
4 weeks	945.00	838.80
12 weeks	972.40	820.20
1 year	1,379.50	733.20

Share Price Chart (5 years)

Fresnillo Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	867.60	-7.00	-0.81	838.80	1.37		863.37
4 weeks	886.80	-26.20	-2.95	838.80	2.55		891.70
12 weeks	940.00	-79.40	-8.45	820.20	1.87		894.56
26 weeks	1,131.50	-270.90	-23.94	820.20	1.72		963.83
1 year	777.00	83.60	10.76	733.20	1.77		1,068.31
3 years	1,224.00	-363.40	-29.69	458.30	1.86		854.97
5 years	1,205.00	-344.40	-28.58	458.30	1.59		1,038.14
† periods calculated are whole weeks rather than calendar months

Fresnillo Key Management Ratios

Fresnillo Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	3.43
PE Ratio	24.02
Tobin's Q Ratio	1.21
Tobin's Q Ratio (excl. intangibles)	1.21
Dividend Yield	2.19	%
Market-to-Book Ratio	2.49
Price-to-Pre-Tax Profit PS	15.73
Price-to-Retained Profit PS	32.18
Price-to-Cash Flow PS	9.45
Price-to-Sales PS	3.57
Price-to-Net Tangible Asset Value PS	2.40
Price-to-Cash PS	8.10
Net Working Capital PS	181.20
Price Pct to Working Capital PS	4.75	%
Earnings Yield	4.16	%
Average PE	20.64
Years in average	5
PE to PE average	116.35	%

Fresnillo Financial Ratios

(Leverage Ratios)
Debt Ratio	32.21	%
Debt-to-Equity Ratio	0.48
Debt-to-Equity Ratio (excl. Intgbl)	0.48
Debt-to-Equity Market Value	0.20
Net Gearing	17.40	%
Net Gearing (excl. Intangibles)	17.40	%
Gross Gearing	36.27	%
Gross Gearing (excl. Intangibles)	36.27	%
Gearing Under 1 Year	5.99	%
Gearing Under 1 Year (excl. Intgbl)	5.99	%
Assets/Equity	1.57
Cash/Equity	29.61
(Liquidity Ratios)
Net Working Capital to Total Assets	32.19	%
Current Ratio	6.37
Quick Ratio (Acid Test)	5.34
Liquidity Ratio	3.15
Cash & Equiv/Current Assets	49.43	%
(Solvency Ratios)
Enterprise Value	6,914.24	m
CFO/Sales	0.38
CFO/Attributable Profit	2.45
CFO/Assets	0.16
CFO/Debt	0.45
Total Debt/Equity Market Value	0.24
Total Debt/Sales	0.85
Total Debt/Pre-Tax Profit	3.73
Total Debt	1,504.86	m
Total Debt/Net Current Assets	1.13	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	2.24	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	8

Beta (60-Mnth)	Beta (36-Mnth)
0.0292	-0.1777

Fresnillo Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	10.34	%
Return On Assets (ROA)	5.21	%
Net Profit Margin	15.40	%
Assets Turnover	0.34
Return On Equity (ROE)	10.75	%
Return On Investment (ROI)	5.48	%
Dividend Payout Ratio	50.82	%
Plowback Ratio	49.18	%
Growth from Plowback Ratio	4.06	%
Net Income Of Revenues	11.09	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.54
Fixed Assets Turnover	0.51
Current Assets Turnover	1.01
Net Working Capital Turnover
Inventory Turnover	4.97
(Other Operating Ratios)
Total Assets-to-Sales	2.95
Debtors-to-Sales	39.11	%
Debt Collection Period	142.76	Days

Fresnillo Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
02 Mar 2021	Final	USX	23.50	31/12/2019	31/12/2020	22/04/2021	23/04/2021	01/06/2021	25.80
28 Jul 2020	Interim	USX	2.30	31/12/2019	31/12/2020	06/08/2020	07/08/2020	16/09/2020	-
03 Mar 2020	Final	USX	11.90	31/12/2018	31/12/2019	23/04/2020	24/04/2020	02/06/2020	14.50
30 Jul 2019	Interim	USX	2.60	31/12/2018	31/12/2019	08/08/2019	09/08/2019	06/09/2019	-
26 Feb 2019	Final	USX	16.70	31/12/2017	31/12/2018	25/04/2019	26/04/2019	24/05/2019	27.40
31 Jul 2018	Interim	USX	10.70	31/12/2017	31/12/2018	09/08/2018	10/08/2018	07/09/2018	-
27 Feb 2018	Final	USX	29.80	31/12/2016	31/12/2017	26/04/2018	27/04/2018	04/06/2018	40.40
01 Aug 2017	Interim	USX	10.60	31/12/2016	31/12/2017	10/08/2017	11/08/2017	08/09/2017	-
28 Feb 2017	Final	USX	21.50	31/12/2015	31/12/2016	27/04/2017	28/04/2017	26/05/2017	30.10
02 Aug 2016	Interim	USX	8.60	31/12/2015	31/12/2016	11/08/2016	12/08/2016	09/09/2016	-
01 Mar 2016	Final	USX	3.35	31/12/2014	31/12/2015	21/04/2016	22/04/2016	09/05/2016	5.45
04 Aug 2015	Interim	USX	2.10	31/12/2014	31/12/2015	13/08/2015	14/08/2015	10/09/2015	-
04 Mar 2015	Final	USX	3.00	31/12/2013	31/12/2014	30/04/2015	01/05/2015	22/05/2015	8.00
06 Aug 2014	Interim	USX	5.00	31/12/2013	31/12/2014	13/08/2014	15/08/2014	11/09/2014	-
05 Mar 2014	Special	USX	6.80	31/12/2012	31/12/2013	30/04/2014	02/05/2014	22/05/2014	34.09
24 Oct 2013	Special	USX	22.39	31/12/2012	31/12/2013	30/10/2013	01/11/2013	11/11/2013	-
06 Aug 2013	Interim	USX	4.90	31/12/2012	31/12/2013	14/08/2013	16/08/2013	10/09/2013	-
12 Mar 2013	Final	USX	42.40	31/12/2011	31/12/2012	17/04/2013	19/04/2013	08/05/2013	57.90
31 Jul 2012	Interim	USX	15.50	31/12/2011	31/12/2012	15/08/2012	17/08/2012	21/08/2012	-
06 Mar 2012	Final	USX	40.00	31/12/2010	31/12/2011	25/04/2012	27/04/2012	23/05/2012	102.85
06 Dec 2011	Interim	USX	41.85	31/12/2010	31/12/2011	14/12/2011	16/12/2011	30/12/2011	-
02 Aug 2011	Interim	USX	21.00	31/12/2010	31/12/2011	17/08/2011	19/08/2011	13/09/2011	-
01 Mar 2011	Final	USX	35.60	31/12/2009	31/12/2010	01/05/2011	03/05/2011	20/05/2011	44.80
03 Aug 2010	Interim	USX	9.20	31/12/2009	31/12/2010	18/08/2010	20/08/2010	14/09/2010	-
29 Apr 2010	Final	USX	16.20	31/12/2008	31/12/2009	12/05/2010	14/05/2010	02/06/2010	21.45
28 Aug 2009	Interim	USX	5.25	30/12/2008	30/06/2009	26/08/2009	28/08/2009	18/09/2009	-
23 Feb 2009	Final	USX	7.70	31/12/2007	31/12/2008	06/05/2009	08/05/2009	29/05/2009	13.60
19 Aug 2008	Interim	USX	5.90	30/12/2007	30/06/2008	27/08/2008	29/08/2008	19/09/2008	-

Fresnillo Fundamentals

	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)
turnover	2,093.31	100.00%	2,103.78	100.00%	2,119.64	100.00%	2,430.05	100.00%	m
pre tax profit	741.49	35.42%	483.93	23.00%	178.76	8.43%	551.25	22.68%	m
attributable profit	560.58	26.78%	349.85	16.63%	204.00	9.62%	374.12	15.40%	m
retained profit	324.02	15.48%	51.78	2.46%	61.82	2.92%	269.44	11.09%	m
eps - basic	76.10		47.50		27.70		50.77
eps - diluted	76.10		47.50		27.70		50.77
dividends per share	40.40		27.40		14.50		25.80

Fresnillo Balance Sheet

	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)


	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)
ASSETS
fixed assets	2,448.60	51.68%	2,693.10	56.62%	2,813.42	58.23%	2,708.20	47.75%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	687.13	14.50%	692.44	14.56%	670.52	13.88%	798.44	14.08%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	179.48	3.79%	243.40	5.12%	363.74	7.53%	351.59	6.20%	m
debtors	546.72	11.54%	566.40	11.91%	646.89	13.39%	743.43	13.11%	m
cash & securities	876.03	18.49%	560.79	11.79%	336.58	6.97%	1,070.41	18.87%	m

TOTAL	4,737.96	100%	4,756.14	100%	4,831.15	100%	5,672.06	100%	m

LIABILITIES
creditors - short	172.43	3.64%	160.60	3.38%	180.08	3.73%	339.83	5.99%	m
creditors - long	1,498.94	31.64%	1,467.29	30.85%	1,372.35	28.41%	1,717.63	30.28%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,671.37	35.28%	1,627.88	34.23%	1,552.43	32.13%	2,057.46	36.27%	m

EQUITY
ord cap, reserves	3,011.35	63.56%	3,049.29	64.11%	3,144.66	65.09%	3,479.05	61.34%	m
prefs, minorities	55.25	1.17%	78.97	1.66%	134.06	2.77%	135.56	2.39%	m

TOTAL	3,066.60	64.72%	3,128.25	65.77%	3,278.72	67.87%	3,614.60	63.73%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Fresnillo Cash Flow Statement

	31 Dec 2017 (USD)	31 Dec 2018 (USD)	31 Dec 2019 (USD)	31 Dec 2020 (USD)
Operating CF	761.47	588.36	435.91	917.68	m
Pre-Financing CF	421.73	-3.00	-73.57	551.58	m
Retained CF	168.54	-312.63	-224.24	730.32	m

Fresnillo Brokers

Name	Activity	Type	Mnemonic	Code
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
BMO Capital Markets Limited	Market Maker(MME)	Broker/Dealer	BMCM	NETHGB21
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC