Pan African Resources (PAF) Stock Overview
Engages in the mining, extraction, production, and sale of gold in South Africa. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 5/6 |
| Past Performance | 6/6 |
| Financial Health | 4/6 |
| Dividends | 0/6 |
Rewards
Risk Analysis
PAF Community Fair Values
Create NarrativeSee what 74 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Pan African Resources PLC Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | UK£1.34 |
| 52 Week High | UK£1.90 |
| 52 Week Low | UK£0.44 |
| Beta | 0.78 |
| 1 Month Change | -7.82% |
| 3 Month Change | -24.35% |
| 1 Year Change | 180.75% |
| 3 Year Change | 894.07% |
| 5 Year Change | 478.45% |
| Change since IPO | 3,734.29% |
Recent News & Updates
Narrative Update • May 21
PAF: Future Earnings Delivery Will Support Re Rating Potential Despite Recent Recalibration
Analysts have trimmed their price target on Pan African Resources to about £1.81 from roughly £1.90, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts continue to see value in the stock despite the reduced price target, as the updated £1.81 figure still implies room for upside relative to recent trading levels.Narrative Update • May 03
PAF: Future Earnings Delivery And Dividend Plans Will Drive Re Rating Potential
Analysts have nudged their fair value estimate for Pan African Resources higher from £1.71 to £1.81 per share, reflecting updated assumptions on revenue growth, profit margins and future P/E multiples, even as Street price targets, such as Berenberg's, have recently been trimmed to £1.81. Analyst Commentary Recent research updates have focused on recalibrating price targets to £1.81 per share, aligning fair value work with current assumptions on earnings power and P/E multiples while keeping a constructive stance on the shares.Recent updates
Narrative Update • May 21
PAF: Future Earnings Delivery Will Support Re Rating Potential Despite Recent Recalibration
Analysts have trimmed their price target on Pan African Resources to about £1.81 from roughly £1.90, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts continue to see value in the stock despite the reduced price target, as the updated £1.81 figure still implies room for upside relative to recent trading levels.Narrative Update • May 03
PAF: Future Earnings Delivery And Dividend Plans Will Drive Re Rating Potential
Analysts have nudged their fair value estimate for Pan African Resources higher from £1.71 to £1.81 per share, reflecting updated assumptions on revenue growth, profit margins and future P/E multiples, even as Street price targets, such as Berenberg's, have recently been trimmed to £1.81. Analyst Commentary Recent research updates have focused on recalibrating price targets to £1.81 per share, aligning fair value work with current assumptions on earnings power and P/E multiples while keeping a constructive stance on the shares.Narrative Update • Apr 18
PAF: Cautious Repricing And Earnings Quality Will Shape Future Re Rating Potential
Analysts have reduced their price target on Pan African Resources by £0.09 to £1.81, citing updated assumptions that include a slightly higher discount rate and a modestly higher forward P/E multiple, while keeping fair value broadly unchanged. Analyst Commentary Recent research points to a more cautious stance on Pan African Resources, with price targets adjusted to £1.81 while ratings are maintained.Narrative Update • Apr 04
PAF: Production Delivery And Higher Quality Earnings Will Support Re Rating Potential
Analysts have trimmed their fair value estimate for Pan African Resources from about £1.75 to roughly £1.71 per share, reflecting a slightly higher discount rate, modestly softer revenue growth assumptions and a lower projected profit margin, even though the future P/E expectation edges up. Analyst Commentary Recent Street research on Pan African Resources points to a mix of optimism and caution, with price targets adjusted and underlying assumptions refined rather than completely overhauled.Narrative Update • Mar 21
PAF: Production Delivery And Earnings Momentum Will Support Re Rating Potential
Analysts have slightly trimmed their fair value estimate for Pan African Resources, reflecting a modest reduction in the price target to £1.81 from £1.90, as they factor in updated assumptions for discount rate, growth and profitability. Analyst Commentary Bullish Takeaways Bullish analysts still see upside potential to their revised £1.81 fair value, suggesting that, despite a slightly lower target, the shares are not viewed as fully pricing in the company’s execution prospects.Narrative Update • Mar 06
PAF: Index Additions And Production Delivery Will Support Balanced Re Rating Expectations
Analysts have lifted their fair value estimate for Pan African Resources from £1.64 to £1.78, reflecting revised assumptions that combine a slightly higher discount rate with lower revenue growth, stronger profit margin expectations and a modestly lower future P/E multiple. What's in the News A special shareholders meeting is scheduled for 26 March 2026 in London to consider company matters, including proposed changes to governance documents (company announcement).Narrative Update • Feb 19
PAF: Index Additions And Production Delivery Will Support Measured Re Rating Potential
Analysts have raised their price target for Pan African Resources to £1.64 from £1.50, citing updated assumptions related to fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Special or extraordinary shareholders meeting scheduled for 26 March 2026 in London, with the meeting to be held at the offices of Druces LLP (Special/Extraordinary Shareholders Meeting).Analysis Article • Feb 10
If EPS Growth Is Important To You, Pan African Resources (LON:PAF) 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...Narrative Update • Feb 05
PAF: Index Inclusions Will Support Future Re-Rating Potential
Narrative Update on Pan African Resources Analysts have raised their fair value estimate for Pan African Resources from £1.30 to £1.50, citing updated assumptions for revenue, profit margins and the future P/E multiple that collectively support a higher price target. What’s in the News Pan African Resources reported gold production of 128,296oz for the six months ended December 31, 2025, compared with 84,705oz in H1 FY25, and said it is on track to meet full year production guidance of 275,000oz to 292,000oz (Announcement of Operating Results).
New Narrative • Jan 29
Heavy Reliance On Gold Prices Will Pressure Margins And Future Cash Flows
Catalysts About Pan African Resources Pan African Resources is a gold producer with a mix of surface tailings retreatment projects and underground mines in South Africa and Australia. What are the underlying business or industry changes driving this perspective?Narrative Update • Jan 21
PAF: Index Inclusions And Tailings Study Will Support Balanced Future Outlook
Analysts have maintained their fair value estimate for Pan African Resources at about £1.30 per share, with only minor adjustments to assumptions such as the discount rate, revenue growth expectations and profit margin outlook contributing to the latest price target update. What's in the News Pan African Resources PLC has been added to the FTSE 250 Index, increasing its visibility among UK mid cap companies (Index Constituent Adds).Analysis Article • Jan 07
Is Pan African Resources PLC (LON:PAF) Trading At A 20% Discount?
Key Insights The projected fair value for Pan African Resources is UK£1.62 based on 2 Stage Free Cash Flow to Equity...Narrative Update • Jan 07
PAF: Index Inclusions And Tailings Study Will Shape Balanced Forward Prospects
Analysts have increased their price target for Pan African Resources from £1.27 to £1.30, citing updated assumptions around revenue growth, profit margins and a slightly different forward P/E multiple in their models. What's in the News Pan African Resources PLC was added to the FTSE 250 Index, bringing the company into a widely tracked UK mid cap benchmark (Index Constituent Adds).Analysis Article • Dec 24
Pan African Resources (LON:PAF) Looks To Prolong Its Impressive Returns
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things...Narrative Update • Dec 16
PAF: Future Cash Generation And Tailings Expansion Will Support Upside Prospects
Analysts have lifted their price target on Pan African Resources from 83 GBp to 112 GBp, reflecting greater confidence in the stock's fair value and slightly stronger expected profitability, despite only modest tweaks to growth and discount rate assumptions. Analyst Commentary Analyst sentiment around Pan African Resources is largely constructive, with the higher price target underpinned by improving fundamentals and a more supportive outlook for cash generation.Narrative Update • Dec 02
PAF: Future Output Increases And Cost Controls Will Support Balanced Prospects
Analysts have increased their price target on Pan African Resources from £0.83 to £1.12, citing steady profit margins and marginally improved growth prospects as key factors behind the revision. Analyst Commentary Bullish Takeaways Bullish analysts highlight the upward revision in the price target as a reflection of improved long-term growth expectations for Pan African Resources.Analysis Article • Nov 27
Investors Appear Satisfied With Pan African Resources PLC's (LON:PAF) Prospects As Shares Rocket 25%
Pan African Resources PLC ( LON:PAF ) shares have continued their recent momentum with a 25% gain in the last month...Analysis Article • Nov 23
Pan African Resources' (LON:PAF) Upcoming Dividend Will Be Larger Than Last Year's
Pan African Resources PLC ( LON:PAF ) has announced that it will be increasing its dividend from last year's comparable...Narrative Update • Nov 18
PAF: Future Output Gains And Fair Value Reflect Balanced Outlook
Narrative Update on Pan African Resources Analysts have raised their price target for Pan African Resources from £0.83 to £1.12, citing continued strong company performance and positive outlooks. Analyst Commentary Bullish Takeaways Bullish analysts highlight the upward revision in the price target as evidence of confidence in the company’s operational performance and execution.Narrative Update • Nov 03
PAF: Record Gold Production Will Drive Increased Shareholder Value In 2025
Analysts have raised their price target for Pan African Resources from 95p to 101.25p. This change reflects higher projected revenue growth and profit margins, as well as adjustments to future valuation metrics.Analysis Article • Oct 27
Is Pan African Resources (LON:PAF) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Narrative Update • Oct 20
Mintails And TCMG Projects Expected To Strengthen Gold Production And Diversify Operations
Analysts have raised their price target for Pan African Resources from £0.88 to £0.95, citing improved revenue growth and expectations for higher profit margins. Analyst Commentary Bullish Takeaways Bullish analysts have raised their price targets, which suggests increased confidence in the company’s future earnings and growth prospects.Narrative Update • Oct 06
Mintails And TCMG Projects Expected To Strengthen Gold Production And Diversify Operations
Analysts have raised their price target for Pan African Resources from £0.75 to £0.88, citing stronger projected revenue growth, which outweighs modest increases in the discount rate and a shift in expected profit margins. What's in the News New production guidance for 2026 projects output of 130,000oz to 137,000oz in the first half, increasing to 145,000oz to 155,000oz in the second half, as a result of upgrades at MTR and growth at Tennant and Evander Mines (Corporate Guidance).Narrative Update • Sep 21
Mintails And TCMG Projects Expected To Strengthen Gold Production And Diversify Operations
Despite sharply lower revenue growth forecasts, Pan African Resources’ consensus price target has increased, largely driven by a higher expected valuation multiple (Future P/E rising from 3.76x to 6.58x), resulting in the price target climbing from £0.662 to £0.752. What's in the News Issued FY26 production guidance: H1 between 130,000–137,000oz, H2 between 145,000–155,000oz, and full year 275,000–292,000oz, driven by contributions from new MTR and Tennant Mines operations.Analysis Article • Sep 19
Market Might Still Lack Some Conviction On Pan African Resources PLC (LON:PAF) Even After 35% Share Price Boost
Despite an already strong run, Pan African Resources PLC ( LON:PAF ) shares have been powering on, with a gain of 35...Analysis Article • Sep 09
Investors Met With Slowing Returns on Capital At Pan African Resources (LON:PAF)
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a...Narrative Update • Sep 06
Mintails And TCMG Projects Expected To Strengthen Gold Production And Diversify Operations
Analysts have raised Pan African Resources’ price target to £0.662, reflecting stronger revenue growth forecasts and a lower future P/E, both indicating improved earnings expectations and valuation. What's in the News Pan African Resources commenced a share repurchase program, authorized to buy back up to 5% of issued share capital (111,734,375 shares), with Peel Hunt LLP appointed to execute purchases starting July 1, 2025.Analysis Article • Aug 05
Earnings Tell The Story For Pan African Resources PLC (LON:PAF)
Pan African Resources PLC's ( LON:PAF ) price-to-earnings (or "P/E") ratio of 18.8x might make it look like a sell...Analysis Article • Apr 24
We Think Pan African Resources (LON:PAF) Is Taking Some Risk With Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Mar 30
Further Upside For Pan African Resources PLC (LON:PAF) Shares Could Introduce Price Risks After 27% Bounce
Pan African Resources PLC ( LON:PAF ) shareholders have had their patience rewarded with a 27% share price jump in the...
New Narrative • Feb 09
Mintails Project And Renewable Energy Shift Will Improve Operational Efficiency
Strategic expansion in gold production capacity and reduced all-in sustaining costs are expected to enhance revenue growth and profitability.Analysis Article • Dec 17
Pan African Resources (LON:PAF) Could Become A Multi-Bagger
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Nov 14
Shareholders Will Probably Not Have Any Issues With Pan African Resources PLC's (LON:PAF) CEO Compensation
Key Insights Pan African Resources to hold its Annual General Meeting on 21st of November Total pay for CEO Cobus Loots...Analysis Article • Oct 29
Investors Continue Waiting On Sidelines For Pan African Resources PLC (LON:PAF)
When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") above 17x, you may...Analysis Article • Oct 05
Does Pan African Resources (LON:PAF) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Sep 09
Pan African Resources (LON:PAF) Could Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a...Analysis Article • Jun 19
Pan African Resources PLC's (LON:PAF) Subdued P/E Might Signal An Opportunity
When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") above 17x, you may...Analysis Article • Apr 30
Does Pan African Resources (LON:PAF) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Shareholder Returns
| PAF | GB Metals and Mining | GB Market | |
|---|---|---|---|
| 7D | -4.8% | 0.2% | 1.5% |
| 1Y | 180.8% | 86.0% | 19.4% |
Return vs Industry: PAF exceeded the UK Metals and Mining industry which returned 86% over the past year.
Return vs Market: PAF exceeded the UK Market which returned 19.4% over the past year.
Price Volatility
| PAF volatility | |
|---|---|
| PAF Average Weekly Movement | 8.4% |
| Metals and Mining Industry Average Movement | 9.2% |
| Market Average Movement | 5.7% |
| 10% most volatile stocks in GB Market | 12.0% |
| 10% least volatile stocks in GB Market | 3.1% |
Stable Share Price: PAF's share price has been volatile over the past 3 months compared to the UK market.
Volatility Over Time: PAF's weekly volatility (8%) has been stable over the past year, but is still higher than 75% of UK stocks.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| n/a | 2,494 | Cobus Loots | www.panafricanresources.com |
Pan African Resources PLC engages in the mining, extraction, production, and sale of gold in South Africa. Its flagship projects include the Barberton Mines that consists of three underground mines, including Fairview, Sheba, and Consort located in the Barberton Greenstone Belt; and Elikhulu tailings retreatment plant in Southern Africa. Pan African Resources PLC is headquartered in Johannesburg, South Africa.
Pan African Resources PLC Fundamentals Summary
| PAF fundamental statistics | |
|---|---|
| Market cap | UK£2.72b |
| Earnings (TTM) | UK£179.57m |
| Revenue (TTM) | UK£623.33m |
15.2x
P/E Ratio4.4x
P/S RatioIs PAF overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PAF income statement (TTM) | |
|---|---|
| Revenue | US$837.76m |
| Cost of Revenue | US$413.29m |
| Gross Profit | US$424.47m |
| Other Expenses | US$183.12m |
| Earnings | US$241.35m |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
Sep 16, 2026
| Earnings per share (EPS) | 0.12 |
| Gross Margin | 50.67% |
| Net Profit Margin | 28.81% |
| Debt/Equity Ratio | 19.0% |
How did PAF perform over the long term?
See historical performance and comparisonDividends
1.2%
Current Dividend Yield24%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/25 09:17 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/06/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Pan African Resources PLC is covered by 18 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Herbert Kharivhe | Absa Bank Limited |
| William Dalby | Berenberg |
| Richard Hatch | Berenberg |