DRDGOLD 대차대조표 건전성
재무 건전성 기준 점검 6/6
DRDGOLD 의 총 주주 지분은 ZAR10.8B 이고 총 부채는 ZAR0.0, 이는 부채 대 자기자본 비율을 0% 로 가져옵니다. 총자산과 총부채는 각각 ZAR14.6B 및 ZAR3.9B 입니다. DRDGOLD 의 EBIT는 ZAR4.0B 이며 이자보상배율은 -56.8 입니다. ZAR1.7B 의 현금 및 단기 투자금을 보유하고 있습니다.
핵심 정보
0%
부채/자본 비율
R0
부채
| 이자보상배율 | -56.8x |
| 현금 | R1.73b |
| 자본 | R10.76b |
| 총부채 | R3.88b |
| 총자산 | R14.64b |
최근 재무 건전성 업데이트
업데이트 없음
Recent updates
Seeking Alpha • Feb 26
DRDGold: Value For Shareholders In Light Of Rising Gold Prices
Summary DRDGOLD Limited remains a Buy as profitability is driven by record-high gold prices and robust expansion plans in South Africa. DRD's interim results show a 99% increase in headline earnings and a 1,220 bps margin gain, despite a 9% production decline due to weather. The company raised its semi-annual dividend to $0.3122/share, with strong cash generation supporting reinvestment and shareholder returns. Valuation is in line with or slightly below sector medians, and technicals indicate further upside, though risks include gold price volatility, liquidity, and South Africa exposure. Read the full article on Seeking AlphaSeeking Alpha • Apr 21
DRDGOLD: Stay Long This Unique Gold Producer
Summary DRDGOLD has delivered 53% total returns since June 2023, driven by rising gold prices and the company's excellent leverage to gold prices. DRDGOLD reprocesses historical waste tailings into gold, offering lower exploration risk and benefiting from fixed costs and rising gold prices. With gold prices rallying 27% YTD and expected to reach $4,000/oz, DRDGOLD's financial performance should continue to impress. Read the full article on Seeking AlphaSeeking Alpha • Feb 03
DRDGold: Stuck In The Starting Blocks, Pan African Resources Leads The Way
Summary DRDGOLD Limited faces significant operational challenges, particularly with its Ergo project, which has underperformed due to regulatory delays and socio-economic disruptions. Despite high gold prices, DRDGOLD's future production is constrained by limited tailings storage capacity, impacting its ability to capitalize on favorable market conditions. Pan African Resources outperforms DRDGOLD in almost every metric, making it a more compelling long-term investment. Read the full article on Seeking Alpha분석 기사 • Nov 07
DRDGOLD's (NYSE:DRD) Profits Appear To Have Quality Issues
DRDGOLD Limited's ( NYSE:DRD ) robust recent earnings didn't do much to move the stock. We think this is due to...Seeking Alpha • Sep 21
DRDGOLD: Why I'm Sticking With My Bullish Outlook
Summary DRDGOLD Limited's stock has delivered mixed returns amid a volatile operating environment. However, numerous inflection points have emerged. Despite experiencing lower production yields, DRDGOLD's full-year results were telling. The company's revenue grew by 14% to approximately $356 million, and its operating income increased in tandem. I hold a bullish view on Gold prices amid U.S. dollar weakness and economic tail risk. Yield normalization and Driefontein 2's expansion might add overlooked value. DRDGOLD's valuation metrics are mixed; while its P/B ratio is high, its EV/EBIT and P/E ratios are below five-year averages, indicating potential value. Read the full article on Seeking Alpha분석 기사 • Sep 18
DRDGOLD Limited's (NYSE:DRD) Share Price Is Matching Sentiment Around Its Earnings
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 19x, you may...Seeking Alpha • Jul 12
DRDGold Has Steam, But Better From A Dip
Summary The company holds significant gold reserves and resources, with a focus on Ergo and FWGR segments in the Witwatersrand Basin in the Gauteng province of South Africa. The outlook is promising with bullish gold prices and a positive impact on throughput from the recent commissioning of tailings reprocessing assets. This analysis re-assigns a Hold rating to DRDGOLD Limited shares. Read the full article on Seeking Alpha분석 기사 • Jun 21
DRDGOLD (NYSE:DRD) Is Experiencing Growth In Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...분석 기사 • Feb 21
DRDGOLD's (NYSE:DRD) Solid Profits Have Weak Fundamentals
DRDGOLD Limited ( NYSE:DRD ) announced strong profits, but the stock was stagnant. Our analysis suggests that...분석 기사 • Feb 09
Many Still Looking Away From DRDGOLD Limited (NYSE:DRD)
DRDGOLD Limited's ( NYSE:DRD ) price-to-earnings (or "P/E") ratio of 9.6x might make it look like a buy right now...Seeking Alpha • Jan 30
DRDGOLD: Lower Price Target Ahead Of Expected Gold Rally (Rating Downgrade)
Summary My analysis assigns a "Hold" rating to DRDGOLD Limited shares, downgraded from a "Buy" rating. DRDGOLD Limited is a gold producer in South Africa that reprocesses material from previous gold mining operations. DRD stock is well-positioned to benefit from expected increases in gold prices, but retail investors may want to wait for a lower price before buying. Read the full article on Seeking AlphaSeeking Alpha • Nov 16
DRDGold: Strong Upside Potential Awaits Bullish Gold
Summary DRDGOLD Limited stock is re-assigned a Buy rating, with retail investors well positioned to benefit from the expected recovery in the price of gold. The correlation between the gold price and DRD's share price is positive, and DRD shareholders will be happy again as sentiment towards gold is on its way to turning strongly. The Company offers retail investors the opportunity to benefit from the increase in the price of gold without having to invest directly in the physical metal. Read the full article on Seeking Alpha분석 기사 • Nov 12
DRDGOLD's (NYSE:DRD) Returns On Capital Are Heading Higher
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things...분석 기사 • Aug 16
If EPS Growth Is Important To You, DRDGOLD (NYSE:DRD) Presents An Opportunity
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...분석 기사 • Jul 10
DRDGOLD (NYSE:DRD) Might Have The Makings Of A Multi-Bagger
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...Seeking Alpha • Jun 03
DRDGOLD: Minting Gold From Waste
Summary DRDGOLD Limited is a standout gold mining company with an exceptional business model that focuses on reprocessing historical waste tailings and extracting leftover precious metals, making it perfect for the current ESG-focused investing environment. DRD has very high operating leverage to higher gold prices, and with inflation expectations potentially becoming unanchored, gold prices could be driven significantly higher, benefiting DRD. Although DRDGOLD's valuation is stretched, its stock price is likely to continue trading higher as long as gold prices maintain positive momentum. Read the full article on Seeking Alpha분석 기사 • May 05
Here's Why DRDGOLD (NYSE:DRD) Has Caught The Eye Of Investors
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...분석 기사 • Mar 29
DRDGOLD's (NYSE:DRD) Returns On Capital Are Heading Higher
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Seeking Alpha • Jan 11
DRDGold: Bullish On Easing Cost Pressures Into Gold Momentum
Summary DRDGOLD is trading at a 9-month high, rallying alongside the price of gold. While 2022 results were impacted by inflationary cost pressures, we see margins improving going forward as a tailwind for earnings. We like DRD for its unhedged production profile and compelling 4% dividend yield. DRDGOLD Limited (DRD) is a leader in gold tailings retreatment which is the process of recovering precious metals from traditional mining waste. The model is recognized as environmentally conscious with attractive economics generating consistent profitability. We last covered the stock early last year, taking a decisively bullish view citing strength in the price of gold (GLD) at the time, and what we believed to be compelling value relative to sector peers. For what it's worth, DRD has delivered a positive return over the period, even as most of 2022 was defined by extreme volatility with earnings hit through inflationary cost pressures. Fast forward, our update today highlights a new wave of momentum in gold while many of those same cost challenges have reversed amid declining energy and logistics expenses setting up a boost to mining margins going forward. In our view, DRD remains a top-tier gold play with a generous dividend yield above 4% standing out as a compelling income idea in the sector. Macro tailwinds supporting further upside in gold prices can send DRD higher in 2023. DRD Key Metrics DRD released its fiscal 2022 year-end report back in August for the period ending June 30th. As a South Africa-based company, financials are only disclosed on a semi-annual basis. Last year, the revenue of R$5.1 billion "Rand" decreased by 3% year over year. This considers nearly flat gold production at 5,720kg, or 183k ounces, while the average price received was 3% lower. Total volumes processed for the year were slightly lower given disruptions from a heavy rainfall event at the "Ergo Mining" facility. This was balanced by a tick higher in the group-wide yield to 0.207 grams per ton compared to 0.20 g/t in the first half. source: company IR Going through the financials, the bigger story last year was a drop in the gross profit, down -27% y/y largely reflecting higher mining costs, particularly against a tough comparison period in 2021. The total all-in-sustaining cost ((AISC)) climbed 5% for the year with the margin at 19.4% declining from a materially larger 31.8% in 2021. Again, key operational inputs from consumables, materials, labor, and electricity played a role through higher prices. The cost of diesel was cited as driving the total cash operating cost at the "Ergo Mining" facility to $1470/oz compared to $1,272 in 2021. Separately, administrative expenses were also higher last year with some spending towards IT upgrades within operating charges. source: company IR Nevertheless, the takeaway here is that DRD remained profitable with a net income of R$1.1 billion for the year, translating to approximately $650 million at the current exchange rate. For 2022, DRD generated R$871 million in free cash flow or $51 million in dollars. From that amount, the company distributed approximately 60% of free cash flow as a dividend on common shares with the last payout of $0.20 per share for ADR holders distributed in September. Notably, this was the 20th consecutive year of regular distribution. source: company IR The latest update from the company came in October with a quarterly operational summary. Metrics like production, yield, and gold sold were nearly flat from the prior quarter. For the rest of 2023, several capital spending projects are planned including infrastructure updates and the expansion of a solar power source at Ergo. Still, management confirmed that with an ongoing "favorable position", a cash dividend will be considered around February in line with its complete interim financial results. In terms of guidance, the target we have is for 2023 gold production between 160k and 180k ounces. If confirmed, the high-end rate is nearly flat compared to 183k in 2022 between the Far West Gold Recoveries ((FWGR)) operation and Ergo. source: company IR What's Next For DRD? The bullish case for DRD beyond higher gold prices comes down to the tailwind of declining cost pressures. Going back to that graphic as the breakdown of operating costs, the setup here is a materially more favorable operating environment for key components between materials and electricity "energy" into 2023 compared to conditions last year defined by global supply chain disruptions and even the energy crisis. In other words, key financial and operating benchmarks including metrics like the AISC and cash costs can trend lower which can be directly positive for earnings. Better than expected margins, incremental to the top-line momentum as the rally in gold accelerates can be a very strong tailwind for shares of DRD. On that point, it's encouraging that gold has climbed above a key technical level of ~$1,825 which has bounced around as support and resistance over the past two years. Up more than 16% off the lows in November, we're watching an emerging breakout higher. The setup here is supported by macro trends including a weaker U.S. Dollar that has coincided with signs inflation has peaked worldwide, opening a door for the Fed to ease off its aggressively hawkish monetary policy stance. Risks assets benefit, with gold reacting to the shift in real interest rates as long-term Treasury yields pullback. We believe this trend can continue.분석 기사 • Nov 22
We Take A Look At Whether DRDGOLD Limited's (NYSE:DRD) CEO May Be Underpaid
The impressive results at DRDGOLD Limited ( NYSE:DRD ) recently will be great news for shareholders. At the upcoming...Seeking Alpha • Nov 08
DRDGold: Stable Q3 2022 Production And Financial Results And I'm Bullish
Summary Gold production rose by 1% quarter on quarter to 46.715 ounces and the company is on track to meet its FY23 production guidance. EBITDA declined by 26% to $22.7 million but this was mainly due to a $4.7 million insurance claim. I think that the company could book EBITDA of over $100 million in FY23, which means that it’s trading at below 4x forward EV/EBITDA. However, there is no end in sight for the decline in gold prices, so risk-averse investors could be better off avoiding this stock. Introduction I used to be a shareholder of South African gold producer DRDGold (DRD) until 2017 and I’ve been closely following the company over the past few months as it’s starting to look increasingly cheap based on fundamentals. My latest article on SA about DRDGold was written in August. The company recently released its production results for the third quarter of 2022 (or Q1 for FY23), and I think they looked strong considering gold prices are sliding and South Africa is experiencing a challenging period of load shedding. Let’s review. Overview of the Q3 2022 results In case you haven't read any of my previous articles about DRDGold, here’s a quick description of the business. The company owns two tailings retreatment complexes across the vast Witwatersrand Basin, where half of the world’s gold has been mined. Several decades ago, the average gold grades across the globe were much higher which means that the cut-off grades were also higher, and this led to the accumulation of a vast amount of mining waste (or tailings) that was left behind after mines shut down. DRDGold uses large hoses to slurrify slime or sand and then pumps this material through a network of pipes as far as 60 km away for processing in its facilities. DRDGold At the moment, the company has an annual production of about 180,000 ounces of gold while its mineral reserves stand 5.35 million ounces of gold, making it the largest gold producer in the world from tailings. The mine life (if you can call it that in this case) is thus over two decades. In my view, the main issue for tailings retreatment businesses is high unit costs as grades are low. However, there is no exploration risk and capital expenses are limited compared to traditional mines. Turning our attention to the Q3 2022 production and financial results, you can see from the table below that gold production rates were stable as they inched up by just 1% quarter on quarter, mainly due to a 1% improvement in tonnage throughput. The yield was only 0.001g/t lower at 0.203g/t, which comes to show how consistent and predictable the production performance tends to be here. All-in costs declined by 14% in rands as a result of lower sustaining capital expenses and the decrease was even higher in US dollars thanks to the weaker rand. However, EBITDA slumped by 26% to $22.7 million due to an 84.7 million rand ($4.7 million) insurance claim recognized in Q2 2022. DRDGold Overall, I think it was a solid quarter from both production and financial standpoints despite several days in which there was load shedding announced by national electricity company Eskom. During these periods, DRDGold has to reduce the amount of power it draws from the grid and rely on expensive diesel generators. To avoid this in the future, the company plans to build a 20 MW solar power plant at the Ergo complex. However, I’m skeptical that DRDGold will be able to accomplish this anytime soon despite having the funding as securing permits to build a private power plant in South Africa is challenging. For example, South Africa-focused platinum group metals ((PGM)) producer Sibanye Stillwater (SBSW), which holds 50.1% of DRDGold, has been trying to build its own solar power plant since at least 2015. Looking at the balance sheet, cash and cash equivalents decreased by 280.5 million rands ($15.6 million) quarter on quarter to 2.25 billion rands ($125.1 million) as the company paid out a 342.5 million rands ($19.1 million) final dividend during the period. Unfortunately, the cash and cash equivalents that DRDGold keeps are mainly in rands which means that its cash pile is decreasing in dollar terms. This cash pile is likely to diminish in the coming months as the company plans to make capital investments of about 1.4 billion rands ($78 million) in FY23 ending on June 30. However, keep in mind that this sum includes an undisclosed amount for the solar plant. Looking at the future, DRDGold expects to produce between 160,000 ounces and 180,000 ounces of gold in FY23 at cash operating costs of 685,000 rands (38,180) per kg. Considering the company produced over 46,000 ounces of gold at cash operating costs of just over 685,000 rands per kg in Q1 FY23, the guidance looks easily achievable. Unless gold prices continue to slide, I think it could achieve EBITDA of over $100 million in FY23. This would mean that DRDGold is trading at less than 4x forward EBITDA as of the time of writing. Yes, I know that you shouldn’t look at EBITDA when calculating the value of a mining company, but I think it’s ok in this case as the mine life is over two decades. Looking at the risks for the bull case, I think that the major one is weaker gold prices over the coming months. The sentiment in the gold sector is quite bearish at the moment as major central banks around the world are raising interest rates at a rapid pace. In addition, gold prices have a negative correlation to the US dollar, and they dipped below $1,700 per ounce near the end of September. Yet, they still remain at pretty high levels compared to the days before the COVID-19 pandemic. goldprice.org재무 상태 분석
단기부채: DRD 의 단기 자산 ( ZAR3.0B )이 단기 부채( ZAR979.4M ).
장기 부채: DRD의 단기 자산(ZAR3.0B)이 장기 부채(ZAR2.9B)를 초과합니다.
부채/자본 비율 추이 및 분석
부채 수준: DRD 부채가 없습니다.
부채 감소: DRD는 5년 전에 부채가 없었습니다.
부채 범위: DRD 은 부채가 없으므로 영업현금흐름으로 충당할 필요가 없습니다.
이자 보장: DRD 에는 부채가 없으므로 이자 지불에 대한 보장은 문제가 되지 않습니다.
대차대조표
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기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2026/05/07 10:53 |
| 종가 | 2026/05/07 00:00 |
| 수익 | 2025/12/31 |
| 연간 수익 | 2025/06/30 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
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| 분석가 컨센서스 추정치 | +3년 |
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
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| 경영진 | 10년 |
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| 주요 개발 | 10년 |
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* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
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산업 및 섹터 지표
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분석가 소스
DRDGOLD Limited는 13명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Herbert Kharivhe | Absa Bank Limited |
| Avishkar Nagaser | BofA Global Research |
| Arnold van Graan | CIBC Capital Markets |