Gold Fields Limited

JSE:GFI Stock Report

Market Cap: R227.4b

Gold Fields Valuation

Is GFI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GFI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GFI (ZAR254.11) is trading below our estimate of fair value (ZAR387.83)

Significantly Below Fair Value: GFI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GFI?

Key metric: As GFI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GFI. This is calculated by dividing GFI's market cap by their current earnings.
What is GFI's PE Ratio?
PE Ratio18.2x
EarningsUS$670.70m
Market CapUS$12.18b

Price to Earnings Ratio vs Peers

How does GFI's PE Ratio compare to its peers?

The above table shows the PE ratio for GFI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.9x
HAR Harmony Gold Mining
11.3x30.2%R97.1b
AMS Anglo American Platinum
13.2x8.2%R153.8b
KIO Kumba Iron Ore
5.2x-9.4%R105.9b
NPH Northam Platinum Holdings
21.9x31.8%R39.4b
GFI Gold Fields
18.2x32.8%R227.4b

Price-To-Earnings vs Peers: GFI is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

How does GFI's PE Ratio compare vs other companies in the African Metals and Mining Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GFI 18.2xIndustry Avg. 11.3xNo. of Companies4PE01224364860+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GFI is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the African Metals and Mining industry average (11.3x).

Price to Earnings Ratio vs Fair Ratio

What is GFI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GFI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.2x
Fair PE Ratio19.3x

Price-To-Earnings vs Fair Ratio: GFI is good value based on its Price-To-Earnings Ratio (18.2x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GFI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR254.11
R287.77
+13.2%
15.1%R350.00R240.00n/a7
Dec ’25R256.14
R287.80
+12.4%
14.9%R350.00R240.00n/a7
Nov ’25R290.03
R286.32
-1.3%
13.9%R339.26R240.00n/a7
Oct ’25R281.05
R272.20
-3.1%
11.9%R320.00R230.00n/a7
Sep ’25R247.94
R278.66
+12.4%
15.7%R350.00R230.00n/a6
Aug ’25R312.94
R294.71
-5.8%
17.6%R351.00R230.00n/a7
Jul ’25R271.65
R298.20
+9.8%
18.0%R351.00R230.00n/a7
Jun ’25R292.68
R294.32
+0.6%
20.0%R351.00R215.00n/a7
May ’25R310.70
R284.13
-8.6%
20.1%R352.76R220.00n/a6
Apr ’25R303.90
R244.69
-19.5%
9.0%R281.11R220.00n/a6
Mar ’25R251.85
R243.85
-3.2%
12.7%R284.94R185.00n/a7
Feb ’25R286.81
R249.84
-12.9%
12.1%R300.00R205.00n/a7
Jan ’25R277.78
R246.45
-11.3%
12.6%R300.00R213.00n/a7
Dec ’24R291.68
R241.00
-17.4%
10.8%R277.00R210.00R256.147
Nov ’24R240.89
R242.28
+0.6%
10.2%R275.00R210.00R290.037
Oct ’24R205.31
R247.77
+20.7%
6.3%R270.00R220.00R281.057
Sep ’24R240.93
R251.40
+4.3%
6.5%R276.00R220.00R247.947
Aug ’24R257.40
R262.42
+2.0%
8.5%R290.00R220.00R312.947
Jul ’24R261.64
R264.26
+1.0%
8.8%R290.00R220.00R271.657
Jun ’24R308.64
R262.10
-15.1%
13.9%R310.72R200.00R292.687
May ’24R284.05
R256.54
-9.7%
13.7%R290.00R200.00R310.707
Apr ’24R237.00
R220.52
-7.0%
12.9%R255.00R182.65R303.907
Mar ’24R167.92
R210.00
+25.1%
15.2%R252.00R152.00R251.858
Feb ’24R196.38
R216.50
+10.2%
15.1%R267.00R152.00R286.818
Jan ’24R176.15
R196.10
+11.3%
20.3%R267.00R152.00R277.789
Dec ’23R198.65
R188.11
-5.3%
18.6%R240.00R135.00R291.689

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/25 20:13
End of Day Share Price 2024/12/24 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 here.

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 .

Analyst Sources

Gold Fields Limited is covered by 26 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Herbert KharivheAbsa Bank Limited
Andrew ByrneBarclays
Brian QuastBMO Capital Markets Equity Research