$FM

2 stories mentioning FMUpdated 43d ago

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Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target price by CAD5 to CAD40, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, a discount to FM's three-year average forward EV/EBITDA of 10.6x but close to peers, with an average of 8.3x. We lower our 2026 EPS estimate by $0.33 to $0.53 and 2027 by $0.22 to $1.95. FM faces near-term cost pressures from Middle East tensions, with fuel representing 15% of total costs and potential upward pressure of $0.25/lb on C1 guidance (fuel +$0.20, Kwacha +$0.10, partially offset by gold -$0.05). However, the company's fundamentals remain strong with authorization to process Cobre Panama stockpiles (30-40kt copper expected in 2026), Kansanshi S3 operating 25% above design, and record nickel production at Enterprise. FM strengthened its balance sheet with a $1.5B 10-year bond at 6.375% and extended maturities to 2036. The Taca Taca project (291kt/year copper over first 10 years, 19.3% IRR) provides significant long-term growth optionality once the balance sheet is positioned to support development.

$FM

Research55d ago

Research Alert: First Quantum Minerals Posts Mixed Q1 Results, Beat On Sales, Missed Eps

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FM reported mixed Q1 2026 results with revenue of $1.404B beating consensus by 6% despite declining 4.8% Q/Q, while adjusted loss per share of $0.18 missed by $0.23 due to 16.7% volume decline. Higher copper realizations of $5.16/lb were offset by production headwinds and elevated costs from fuel disruptions, driving C1 costs up $0.30 Q/Q to $2.51/lb. The significant Cobre Panama stockpile processing authorization represents a constructive catalyst, unlocking ~70,000 tonnes of recoverable copper and signaling pragmatic engagement that could accelerate full mine restart negotiations. Updated 2026 guidance reflects Cobre Panama inclusion, increasing copper production to 405,000-475,000 tonnes while widening C1 costs to $2.15-$2.40/lb. We believe the 40,000-tonne production increase effectively monetizes stranded inventory at minimal incremental cost, positioning FM to generate approximately $100M+ in incremental EBITDA at current copper prices once processing commences in late Q2.

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