African Rainbow Minerals (ARI) Stock Overview
Through its subsidiaries, operates as a diversified mining and minerals company in South Africa, Malaysia, and Switzerland. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 4/6 |
| Past Performance | 0/6 |
| Financial Health | 6/6 |
| Dividends | 3/6 |
Rewards
Risk Analysis
ARI Community Fair Values
Create NarrativeSee what 19 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
African Rainbow Minerals Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | R209.89 |
| 52 Week High | R276.68 |
| 52 Week Low | R155.80 |
| Beta | 0.60 |
| 1 Month Change | -9.14% |
| 3 Month Change | -12.33% |
| 1 Year Change | 31.50% |
| 3 Year Change | 1.76% |
| 5 Year Change | -22.20% |
| Change since IPO | 169.09% |
Recent News & Updates
Narrative Update • May 25
ARI: Higher PGM Prices And Asset Gains Will Support Stronger 1H F2026 Earnings
Analysts have nudged their price target for African Rainbow Minerals slightly higher to ZAR267.20 from ZAR265, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Norges Bank completed the acquisition of a 5.02% stake in African Rainbow Minerals on May 13, 2026, taking a sizeable institutional position in the company (Key Developments).Narrative Update • Apr 30
ARI: Higher PGM Basket Prices Will Support Stronger 1H F2026 Earnings
Analysts have slightly increased their price target on African Rainbow Minerals to ZAR265 from ZAR263, reflecting updated assumptions regarding revenue growth, profit margins and future P/E expectations. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 basic earnings and earnings per share (Key Developments).Narrative Update • Apr 11
ARI: Earnings Guidance And PGM Pricing Will Shape A Balanced Outlook
Analysts have lifted their fair value estimate for African Rainbow Minerals from ZAR252 to ZAR263, citing updated assumptions for discount rates, profit margins, and a slightly higher future P/E multiple. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 (Key Developments).Recent updates
Narrative Update • May 25
ARI: Higher PGM Prices And Asset Gains Will Support Stronger 1H F2026 Earnings
Analysts have nudged their price target for African Rainbow Minerals slightly higher to ZAR267.20 from ZAR265, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Norges Bank completed the acquisition of a 5.02% stake in African Rainbow Minerals on May 13, 2026, taking a sizeable institutional position in the company (Key Developments).Narrative Update • Apr 30
ARI: Higher PGM Basket Prices Will Support Stronger 1H F2026 Earnings
Analysts have slightly increased their price target on African Rainbow Minerals to ZAR265 from ZAR263, reflecting updated assumptions regarding revenue growth, profit margins and future P/E expectations. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 basic earnings and earnings per share (Key Developments).Narrative Update • Apr 11
ARI: Earnings Guidance And PGM Pricing Will Shape A Balanced Outlook
Analysts have lifted their fair value estimate for African Rainbow Minerals from ZAR252 to ZAR263, citing updated assumptions for discount rates, profit margins, and a slightly higher future P/E multiple. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 (Key Developments).Narrative Update • Mar 28
ARI: Higher PGM Basket Prices And Earnings Guidance Will Support Future Upside
Analysts have nudged their price target for African Rainbow Minerals up slightly from ZAR249 to ZAR252, pointing to updated assumptions around discount rate, revenue growth, profit margin and a lower future P/E multiple. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 (Key Developments).Narrative Update • Mar 14
ARI: Higher Earnings Guidance And PGM Price Shift Will Support Upside Potential
The analyst price target for African Rainbow Minerals has shifted from about ZAR233.33 to ZAR249.00. Analysts point to updated assumptions for discount rates, revenue growth, profit margins and future P/E to justify the change.Narrative Update • Feb 28
ARI: Stable Fair Value And Earnings Guidance Will Shape A Balanced Outlook
Analysts have left their ZAR fair value estimate for African Rainbow Minerals broadly unchanged at about ZAR233.33 per share, citing only minimal technical adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering its 1H F2026 period.Narrative Update • Feb 13
ARI: Adjusted Margins And Lower Discount Rate Will Shape A Balanced Outlook
Analysts have raised their price target for African Rainbow Minerals to ZAR233.33 from ZAR224.17, reflecting updated assumptions for slightly lower discount rates, adjusted profit margins, and a modestly higher future P/E multiple. Valuation Changes Fair Value: Updated from ZAR224.17 to ZAR233.33, a modest upward adjustment in the estimated value per share.
New Narrative • Feb 05
Long Life Ferrous Assets And Copper Expansion Will Reshape This Miner’s Future Profile
Catalysts About African Rainbow Minerals African Rainbow Minerals is a diversified mining group with operations in iron ore, manganese, PGMs, coal and base metals, alongside equity interests in other mining companies. What are the underlying business or industry changes driving this perspective?Narrative Update • Jan 30
ARI: Updated Revenue And Margin Assumptions Will Shape A More Balanced Outlook
Analysts have lifted their price target for African Rainbow Minerals from R202.50 to about R224.17, reflecting updated views on revenue growth, profit margins and future P/E assumptions. Valuation Changes The fair value estimate has been adjusted from ZAR202.50 to about ZAR224.17 per share, implying a higher central valuation range.Analysis Article • Jan 27
African Rainbow Minerals Limited's (JSE:ARI) 28% Share Price Surge Not Quite Adding Up
African Rainbow Minerals Limited ( JSE:ARI ) shares have continued their recent momentum with a 28% gain in the last...
New Narrative • Jan 22
Costly PGM Expansion And Concentrated Assets Will Pressure Margins And Future Stability
Catalysts About African Rainbow Minerals African Rainbow Minerals is a South African diversified miner with operations in iron ore, manganese, coal, PGMs and related base metals, plus equity interests in other mining companies. What are the underlying business or industry changes driving this perspective?Narrative Update • Jan 16
ARI: Higher Margin Assumptions Will Shape A More Balanced Outlook
Analysts have nudged their price target for African Rainbow Minerals higher to R202.50 from about R197.33, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples as key inputs in their revised models. Valuation Changes Consensus Analyst Price Target: The fair value estimate has risen slightly from ZAR197.33 to ZAR202.50.Analysis Article • Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Nov 06
Subdued Growth No Barrier To African Rainbow Minerals Limited's (JSE:ARI) Price
African Rainbow Minerals Limited's ( JSE:ARI ) price-to-sales (or "P/S") ratio of 2.8x may not look like an appealing...Analysis Article • Sep 12
Some May Be Optimistic About African Rainbow Minerals' (JSE:ARI) Earnings
African Rainbow Minerals Limited's ( JSE:ARI ) earnings announcement last week didn't impress shareholders. While the...Analysis Article • Sep 10
Analysts Just Made A Major Revision To Their African Rainbow Minerals Limited (JSE:ARI) Revenue Forecasts
One thing we could say about the analysts on African Rainbow Minerals Limited ( JSE:ARI ) - they aren't optimistic...Analysis Article • Sep 08
African Rainbow Minerals (JSE:ARI) Is Due To Pay A Dividend Of ZAR6.00
African Rainbow Minerals Limited's ( JSE:ARI ) investors are due to receive a payment of ZAR6.00 per share on 6th of...Analysis Article • Jul 24
African Rainbow Minerals Limited's (JSE:ARI) Business Is Yet to Catch Up With Its Share Price
With a price-to-earnings (or "P/E") ratio of 11.8x African Rainbow Minerals Limited ( JSE:ARI ) may be sending bearish...Analysis Article • Apr 25
Getting In Cheap On African Rainbow Minerals Limited (JSE:ARI) Is Unlikely
There wouldn't be many who think African Rainbow Minerals Limited's ( JSE:ARI ) price-to-earnings (or "P/E") ratio of...Analysis Article • Mar 20
African Rainbow Minerals (JSE:ARI) Has Announced That Its Dividend Will Be Reduced To ZAR4.50
The board of African Rainbow Minerals Limited ( JSE:ARI ) has announced it will be reducing its dividend by 25% from...
New Narrative • Feb 09
Cost Reductions And Production Trials May Boost Future Revenues
African Rainbow Minerals seeks to boost revenues by increasing ore production, optimizing mine operations, and enhancing manganese export logistics.Analysis Article • Jan 16
Earnings Tell The Story For African Rainbow Minerals Limited (JSE:ARI)
With a median price-to-earnings (or "P/E") ratio of close to 10x in South Africa, you could be forgiven for feeling...Analysis Article • Dec 10
Is African Rainbow Minerals (JSE:ARI) Using Debt In A Risky Way?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Oct 08
Returns On Capital Signal Tricky Times Ahead For African Rainbow Minerals (JSE:ARI)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...Analysis Article • Sep 15
Some Investors May Be Willing To Look Past African Rainbow Minerals' (JSE:ARI) Soft Earnings
The subdued market reaction suggests that African Rainbow Minerals Limited's ( JSE:ARI ) recent earnings didn't contain...Analysis Article • Sep 09
African Rainbow Minerals' (JSE:ARI) Dividend Will Be ZAR9.00
African Rainbow Minerals Limited ( JSE:ARI ) will pay a dividend of ZAR9.00 on the 7th of October. The yield is still...Analysis Article • Aug 20
African Rainbow Minerals Limited's (JSE:ARI) Shares Not Telling The Full Story
There wouldn't be many who think African Rainbow Minerals Limited's ( JSE:ARI ) price-to-earnings (or "P/E") ratio of...Analysis Article • Jun 03
Returns On Capital Signal Tricky Times Ahead For African Rainbow Minerals (JSE:ARI)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • May 11
Here's Why African Rainbow Minerals (JSE:ARI) Can Manage Its Debt Responsibly
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 • Apr 19
Market Might Still Lack Some Conviction On African Rainbow Minerals Limited (JSE:ARI) Even After 26% Share Price Boost
African Rainbow Minerals Limited ( JSE:ARI ) shares have had a really impressive month, gaining 26% after a shaky...Analysis Article • Mar 16
African Rainbow Minerals' (JSE:ARI) Soft Earnings Don't Show The Whole Picture
Soft earnings didn't appear to concern African Rainbow Minerals Limited's ( JSE:ARI ) shareholders over the last week...Analysis Article • Mar 15
African Rainbow Minerals (JSE:ARI) Is Paying Out Less In Dividends Than Last Year
African Rainbow Minerals Limited's ( JSE:ARI ) dividend is being reduced from last year's payment covering the same...Shareholder Returns
| ARI | ZA Metals and Mining | ZA Market | |
|---|---|---|---|
| 7D | 2.7% | 0.7% | 1.0% |
| 1Y | 31.5% | 59.0% | 19.9% |
Return vs Industry: ARI underperformed the ZA Metals and Mining industry which returned 60.2% over the past year.
Return vs Market: ARI exceeded the ZA Market which returned 20.4% over the past year.
Price Volatility
| ARI volatility | |
|---|---|
| ARI Average Weekly Movement | 6.7% |
| Metals and Mining Industry Average Movement | 8.8% |
| Market Average Movement | 5.0% |
| 10% most volatile stocks in ZA Market | 10.4% |
| 10% least volatile stocks in ZA Market | 3.3% |
Stable Share Price: ARI has not had significant price volatility in the past 3 months compared to the ZA market.
Volatility Over Time: ARI's weekly volatility (7%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1933 | n/a | Velile Tobias | arm.co.za |
African Rainbow Minerals Limited, through its subsidiaries, operates as a diversified mining and minerals company in South Africa, Malaysia, and Switzerland. It explores for platinum group metals, nickel, coal, iron ore, copper, manganese ore, and chrome, as well as gold deposits. African Rainbow Minerals Limited was incorporated in 1933 and is based in Sandton, South Africa.
African Rainbow Minerals Limited Fundamentals Summary
| ARI fundamental statistics | |
|---|---|
| Market cap | R43.82b |
| Earnings (TTM) | R1.29b |
| Revenue (TTM) | R13.81b |
34.0x
P/E Ratio3.2x
P/S RatioIs ARI overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| ARI income statement (TTM) | |
|---|---|
| Revenue | R13.81b |
| Cost of Revenue | R11.26b |
| Gross Profit | R2.55b |
| Other Expenses | R1.26b |
| Earnings | R1.29b |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
Sep 04, 2026
| Earnings per share (EPS) | 6.17 |
| Gross Margin | 18.45% |
| Net Profit Margin | 9.33% |
| Debt/Equity Ratio | 1.5% |
How did ARI perform over the long term?
See historical performance and comparisonDividends
5.0%
Current Dividend Yield165%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/27 08:07 |
| End of Day Share Price | 2026/05/26 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
African Rainbow Minerals Limited is covered by 15 analysts. 5 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 |
|---|---|
| Ayan Ghosh | Avior Capital Markets |
| Caroline Learmonth | Barclays |
| Patrick Mann | BofA Global Research |