New Risk • 18h
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Ankündigung • Jul 27
Merafe Resources Limited Provides Earnings Guidance for the Six Months Ended 30 June 2026 Merafe Resources Limited provided earnings guidance for the six months ended 30 June 2026. For the period, the company is expecting to report: basic earnings per share (EPS) of between 19.5 cents and 21.4 cents, compared to EPS of 9.3 cents for the Prior Comparative Period, being an increase of between 110% and 130%. The expected increase in EPS is primarily driven by higher commodity prices and higher volumes sold over the Period. Ankündigung • Apr 07
Merafe Resources Limited, Annual General Meeting, May 13, 2026 Merafe Resources Limited, Annual General Meeting, May 13, 2026. Upcoming Dividend • Mar 27
Upcoming dividend of R0.08 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 07 April 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of South African dividend payers (8.1%). Higher than average of industry peers (4.1%). Recent Insider Transactions • Mar 17
Financial Director & Executive Director recently bought R266k worth of stock On the 13th of March, Ditabe Chocho bought around 223k shares on-market at roughly R1.19 per share. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ditabe's only on-market trade for the last 12 months. Declared Dividend • Mar 11
Final dividend of R0.08 announced Shareholders will receive a dividend of R0.08. Ex-date: 31st March 2026 Payment date: 7th April 2026 Dividend yield will be 10.0%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (166% earnings payout ratio) nor is it covered by cash flows (196% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 84% to bring the payout ratio under control, which is more than the 7.7% EPS growth achieved over the last 5 years. Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: R0.12 (vs R0.27 in FY 2024) Full year 2025 results: EPS: R0.12 (down from R0.27 in FY 2024). Revenue: R5.84b (down 31% from FY 2024). Net income: R143.0m (down 79% from FY 2024). Profit margin: 2.5% (down from 7.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 166% Cash payout ratio: 131% Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Upcoming Dividend • Aug 28
Upcoming dividend of R0.04 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 08 September 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.4%. Lower than top quartile of South African dividend payers (8.3%). Higher than average of industry peers (2.6%). Declared Dividend • Aug 14
First half dividend reduced to R0.04 Dividend of R0.04 is 80% lower than last year. Ex-date: 3rd September 2025 Payment date: 8th September 2025 Dividend yield will be 11%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (111% earnings payout ratio) nor is it covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control, which is less than the 30% EPS growth achieved over the last 5 years. Reported Earnings • Aug 13
First half 2025 earnings released: EPS: R0.093 (vs R0.29 in 1H 2024) First half 2025 results: EPS: R0.093 (down from R0.29 in 1H 2024). Revenue: R2.52b (down 47% from 1H 2024). Net income: R233.0m (down 68% from 1H 2024). Profit margin: 9.2% (down from 15% in 1H 2024). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Ankündigung • May 14
Merafe Resources Limited Approves Elections for Social, Ethics and Transformation Committee Merafe Resources Limited at its AGM, held on 13 May 2025, the shareholders approved the Election Of Mr. Ditabe Chocho as a member of the Social, Ethics and Transformation Committee, Mr. David McGluwa as a member of the Social, Ethics and Transformation Committee, Ms Nonhlanhla Mabusela-Aikhuere as a member of the Social, Ethics and Transformation Committee, Mr. Stephen Phiri as a member of the Social, Ethics and Transformation Committee and Ms Zanele Matlala as a member of the Social, Ethics and Transformation Committee. Ankündigung • Apr 08
Merafe Resources Limited, Annual General Meeting, May 13, 2025 Merafe Resources Limited, Annual General Meeting, May 13, 2025. Upcoming Dividend • Mar 26
Upcoming dividend of R0.08 per share Eligible shareholders must have bought the stock before 02 April 2025. Payment date: 07 April 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 23%. Within top quartile of South African dividend payers (8.4%). Higher than average of industry peers (3.5%). Declared Dividend • Mar 12
Final dividend reduced to R0.08 Dividend of R0.08 is 64% lower than last year. Ex-date: 2nd April 2025 Payment date: 7th April 2025 Dividend yield will be 23%, which is higher than the industry average of 4.7%. Sustainability & Growth The dividend has increased by an average of 34% per year over the past 10 years. However, payments have been volatile during that time. Ankündigung • Mar 11
Merafe Resources Declares Ordinary Dividend for Year Ended December 31, 2024, Payable on April 7, 2025 Merafe Resources Limited announced on 7 March 2025, the Board resolved to declare a gross final cash dividend of 8 cents per share for Year Ended December 31, 2024 (December 2023: 22 cents per share) to holders of ordinary shares. Payment date: April 7, 2025, Record date: April 4, 2025, Last day for ordinary shares to trade ex-ordinary dividend: April 2, 2025, Last day for ordinary shares to trade cum ordinary dividend: April 1, 2025. New Risk • Mar 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 94% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.9% net profit margin). Reported Earnings • Mar 10
Full year 2024 earnings released: EPS: R0.27 (vs R0.70 in FY 2023) Full year 2024 results: EPS: R0.27 (down from R0.70 in FY 2023). Revenue: R8.44b (down 8.7% from FY 2023). Net income: R667.2m (down 62% from FY 2023). Profit margin: 7.9% (down from 19% in FY 2023). Revenue is expected to decline by 4.4% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to R1.32, the stock trades at a trailing P/E ratio of 2.3x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total returns to shareholders of 75% over the past three years. New Risk • Feb 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Feb 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 3.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.1% average weekly change). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to R1.19, the stock trades at a trailing P/E ratio of 2.1x. Average forward P/E is 9x in the Metals and Mining industry in South Africa. Total returns to shareholders of 88% over the past three years. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Independent Chairman Steve Phiri was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R1.33, the stock trades at a trailing P/E ratio of 2.3x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 218% over the past three years. Upcoming Dividend • Aug 29
Upcoming dividend of R0.20 per share Eligible shareholders must have bought the stock before 04 September 2024. Payment date: 09 September 2024. Payout ratio is a comfortable 74% and the cash payout ratio is 85%. Trailing yield: 27%. Within top quartile of South African dividend payers (7.7%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 16
First half 2024 earnings released: EPS: R0.28 (vs R0.42 in 1H 2023) First half 2024 results: EPS: R0.28 (down from R0.42 in 1H 2023). Revenue: R4.74b (flat on 1H 2023). Net income: R720.0m (down 31% from 1H 2023). Profit margin: 15% (down from 22% in 1H 2023). Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Aug 14
Merafe Resources Limited Declare Interim Cash Dividend for the Six Months Ended June 30, 2024, Payable on September 9, 2024 Merafe Resources Limited's Board resolved to declare a gross interim cash dividend of 20 cents per share for the six months ended June 30, 2024 (June 2023: 20 cents). Ordinary shares commence trading ex-ordinary dividend on September 4, 2024, record date is September 6, 2024 and payment date is September 9, 2024. Declared Dividend • Aug 14
First half dividend of R0.20 announced Shareholders will receive a dividend of R0.20. Ex-date: 4th September 2024 Payment date: 9th September 2024 Dividend yield will be 27%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (89% cash payout ratio). The dividend has increased by an average of 35% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Jul 30
Merafe Resources Limited Provides Earnings Guidance for the Six Months Ended June 30, 2024 Merafe Resources Limited provided earnings guidance for the six months ended June 30, 2024. for the six months, the company expects basic earnings per share ("EPS") of between 24.6 cents and 33.0 cents, compared to EPS of 42.0 cents per share for the prior comparative period, which is a decrease of between 21% to 41%. Ankündigung • Jul 13
Merafe Resources Limited to Report First Half, 2024 Results on Aug 12, 2024 Merafe Resources Limited announced that they will report first half, 2024 results on Aug 12, 2024 Ankündigung • Apr 10
Merafe Resources Limited Announces Board and Committee Changes Merafe Resources Limited announced that Mr. Abiel Mngomezulu will retire as an independent non-executive director of the Company and chairman of the Merafe board of directors (Board), (Chairman) at the Company's annual general meeting, which is expected to be held on or about 15 May 2024. Shareholders are further advised that Mr. Ditshebo Stephen Phiri, an independent non-executive director of the Company, will be appointed as Chairman, chair of the Nomination Committee and as a member of the Remuneration Committee and Social, Ethics and Transformation Committee with effect from the conclusion of the 2024 AGM. Upcoming Dividend • Apr 03
Upcoming dividend of R0.22 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 28%. Within top quartile of South African dividend payers (9.1%). Higher than average of industry peers (3.9%). Declared Dividend • Mar 20
Final dividend increased to R0.22 Dividend of R0.22 is 69% higher than last year. Ex-date: 10th April 2024 Payment date: 15th April 2024 Dividend yield will be 28%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (12% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: R0.70 (vs R0.56 in FY 2022) Full year 2023 results: EPS: R0.70 (up from R0.56 in FY 2022). Revenue: R9.24b (up 16% from FY 2022). Net income: R1.75b (up 24% from FY 2022). Profit margin: 19% (up from 18% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R1.45, the stock trades at a trailing P/E ratio of 2.4x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total returns to shareholders of 241% over the past three years. Ankündigung • Mar 05
Merafe Resources Limited to Report Fiscal Year 2023 Results on Mar 18, 2024 Merafe Resources Limited announced that they will report fiscal year 2023 results on Mar 18, 2024 New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Ankündigung • Jan 18
Merafe Resources Limited Appoints Ditshebo Stephen Phiri as Independent Non-Executive Director, Effective 1 February 2024 Merafe Resources Limited announced that Mr. Ditshebo Stephen Phiri has been appointed as an independent non-executive director of the Merafe board of directors ("Board") with effect from 1 February 2024. Mr. Phiri holds B luris, LLB and LLM degrees. He has more than 20 years of experience in the South African mining sector including, inter alia, various roles at Royal Bafokeng Platinum Limited (where he served as chief executive officer ("CEO")), Royal Bafokeng Holdings Proprietary Limited and previously served as CEO at Merafe for the period 1 March 2003 to 31 March 2010 and as non-executive director of the Board from 1 April 2010 to 2 March 2015. Mr. Phiri is a member of the Council of International Platinum Association, he was a board member of the International Platinum Association before becoming its President/Chairman and was previously the Vice President of the Chamber of Mines (later the Minerals Council of South Africa). Ankündigung • Dec 23
Merafe Resources Limited, Annual General Meeting, May 15, 2024 Merafe Resources Limited, Annual General Meeting, May 15, 2024. Upcoming Dividend • Aug 30
Upcoming dividend of R0.20 per share at 24% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 24%. Within top quartile of South African dividend payers (9.3%). Higher than average of industry peers (6.1%). Reported Earnings • Aug 17
First half 2023 earnings released: EPS: R0.42 (vs R0.37 in 1H 2022) First half 2023 results: EPS: R0.42 (up from R0.37 in 1H 2022). Revenue: R4.76b (up 11% from 1H 2022). Net income: R1.05b (up 13% from 1H 2022). Profit margin: 22% (in line with 1H 2022). Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R1.20, the stock trades at a trailing P/E ratio of 2.1x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 278% over the past three years. Recent Insider Transactions Derivative • Apr 06
CEO & Executive Director exercised options to buy R6.0m worth of stock. On the 1st of April, Zanele Matlala exercised options to buy 5m shares at a strike price of around R1.36, costing a total of R6.2m. This transaction amounted to 119% of their direct individual holding at the time of the trade. Zanele currently holds less than 1% of total shares outstanding. Company insiders have collectively bought R8.8m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Apr 05
Upcoming dividend of R0.13 per share at 19% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 17 April 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 19%. Within top quartile of South African dividend payers (9.4%). Higher than average of industry peers (6.8%). Reported Earnings • Mar 20
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: R0.56 (down from R0.67 in FY 2021). Revenue: R7.94b (down 1.5% from FY 2021). Net income: R1.41b (down 16% from FY 2021). Profit margin: 18% (down from 21% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 1.8%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 22
Price target decreased to R1.60 Down from R1.90, the current price target is provided by 1 analyst. New target price is 17% above last closing price of R1.37. Stock is up 9.6% over the past year. The company posted earnings per share of R0.67 last year. Price Target Changed • Nov 16
Price target increased to R1.90 Up from R1.50, the current price target is provided by 1 analyst. New target price is 52% above last closing price of R1.25. Stock is up 11% over the past year. The company is forecast to post earnings per share of R0.55 for next year compared to R0.67 last year. Upcoming Dividend • Sep 07
Upcoming dividend of R0.12 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 19 September 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 26%. Within top quartile of South African dividend payers (8.8%). Higher than average of industry peers (11%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Daniel Green was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 30
Upcoming dividend of R0.22 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 11 April 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 16%. Within top quartile of South African dividend payers (7.2%). Higher than average of industry peers (7.2%). Major Estimate Revision • Mar 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R8.10b to R7.62b. EPS estimate rose from R0.41 to R0.60. Net income forecast to shrink 11% next year vs 32% growth forecast for Metals and Mining industry in South Africa . Consensus price target up from R1.50 to R1.90. Share price rose 3.5% to R1.79 over the past week. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 20% share price gain to R1.56, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 48% over the past three years. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Daniel Green was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Daniel Green was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Dec 01
Non-Executive Director Michael Toman has left the company On the 26th of November, Michael Toman's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Michael's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 7.08 years. Upcoming Dividend • Aug 25
Upcoming dividend of R0.07 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 06 September 2021. Trailing yield: 14%. Within top quartile of South African dividend payers (7.7%). Higher than average of industry peers (7.6%). Reported Earnings • Aug 12
First half 2021 earnings released: EPS R0.23 (vs R0.38 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R3.75b (up 60% from 1H 2020). Net income: R576.3m (up R1.54b from 1H 2020). Profit margin: 15% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • Aug 11
Financial Director & Executive Director exercised options to buy R100k worth of stock. On the 6th of August, Ditabe Chocho exercised options to buy 104k shares at a strike price of around R0.92, costing a total of R96k. This transaction amounted to 17% of their direct individual holding at the time of the trade. Since September 2020, Ditabe's direct individual holding has increased from 258.57k shares to 608.57k. Company insiders have collectively bought R326k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Aug 02
High number of new directors Independent Non-Executive Director Nonhlanhla Mabusela-Aikhuere was the last director to join the board, commencing their role in 2021. Executive Departure • May 27
Non-Independent Non Executive Director has left the company On the 19th of May, Mpho M. Mosweu's tenure as Non-Independent Non Executive Director ended after 10.2 years in the role. We don't have any record of a personal shareholding under Mpho M.'s name. A total of 3 executives have left over the last 12 months. Reported Earnings • Apr 06
Full year 2020 earnings released: R0.40 loss per share (vs R0.54 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: R4.78b (down 11% from FY 2019). Net loss: R1.00b (loss narrowed 26% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 09
Price target raised to R1.00 Up from R0.86, the current price target is provided by 1 analyst. The new target price is 37% above the current share price of R0.73. As of last close, the stock is up 55% over the past year. Reported Earnings • Mar 09
Full year 2020 earnings released: R0.40 loss per share (vs R0.54 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: R4.78b (down 11% from FY 2019). Net loss: R1.00b (loss narrowed 26% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 35% growth forecast for the Metals and Mining industry in South Africa. Is New 90 Day High Low • Feb 06
New 90-day high: R0.67 The company is up 34% from its price of R0.50 on 06 November 2020. The South African market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R0.24 per share. Is New 90 Day High Low • Jan 21
New 90-day high: R0.54 The company is up 8.0% from its price of R0.50 on 23 October 2020. The South African market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R0.22 per share. Is New 90 Day High Low • Oct 23
New 90-day high: R0.50 The company is up 11% from its price of R0.45 on 24 July 2020. The South African market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R0.20 per share. Price Target Changed • Oct 08
Price target lowered to R0.77 Down from R0.92, the current price target is an average from 2 analysts. The new target price is 101% above the current share price of R0.38. As of last close, the stock is down 57% over the past year.