Price Target Changed • May 22
Price target decreased by 41% to R1.66 Down from R2.81, the current price target is provided by 1 analyst. New target price is 87% above last closing price of R0.89. Stock is down 11% over the past year. The company is forecast to post earnings per share of US$0.0039 next year compared to a net loss per share of US$0.024 last year. Announcement • Apr 30
Gemfields Group Limited, Annual General Meeting, Jun 23, 2026 Gemfields Group Limited, Annual General Meeting, Jun 23, 2026. Location: 123 victoria street, westminster, sw1e 6de, london United Kingdom New Risk • Apr 15
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 11% 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 (11% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Announcement • Apr 10
Gemfields Releases Updated 'G-Factor for Natural Resources' Figures to 31 December 2025 Gemfields confirmed its 'G-Factor for Natural Resources' figures for the Kagem emerald mine in Zambia and Montepuez Ruby Mining in Mozambique, which now stand at 17% and 26% respectively for the 10-year period from 2016 through 2025. The 'G-Factor for Natural Resources' reveals the percentage of natural resource revenue paid to the government of the host country in the form of mineral royalties, corporation tax and, where the relevant government is a shareholder, dividends. First announced in 2021, Gemfields shares its 'G-Factor for Natural Resources' annually in an effort to promote greater transparency and accountability regarding the level of natural resource wealth shared with the host country's government, whether that value originates from the mining, oil, gas, timber or fishing sectors. It is also an indicator of the efficiency of natural resources companies in converting those natural resources into funds for the host government. In Mozambique, Montepuez Ruby Mining paid 23% of its revenue to the Government of Mozambique in 2025. Although total cash payments were lower than in prior years - reflecting reduced premium-ruby output, the postponed December ruby auction and illegal-mining intrusions - the proportional fiscal contribution remained strong. At Kagem in Zambia, the one-year G-Factor for Natural Resources was just 6% for 2025, far below its long-term average. This reflects the halt in mining operations at Kagem from January through April 2025 as a result of competitor actions in the market and the temporary 15% export tax on precious gemstones, which was lifted by March 2025. With operations restarted and market conditions improving, it expect Kagem's G-Factor to trend back toward its long-term average of around 18%. Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: US$0.023 loss per share (improved from US$0.07 loss in FY 2024). Revenue: US$135.1m (down 37% from FY 2024). Net loss: US$34.8m (loss narrowed 58% from FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 47%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Mar 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R1.64b (US$95.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (R1.64b market cap, or US$95.5m). Announcement • Mar 25
Gemfields Group Limited Provides Earnings Guidance for the Year Ended 31 December 2025 Gemfields Group Limited provided earnings guidance for the year ended 31 December 2025. For the period, Loss per share for the year ended 31 December 2025 is expected to be USDc 2.6 (2024: Loss per share - USDc 7.0). In ZAR terms, the loss per share is expected to be ZARc 40.0 (2024: Loss per share - ZARc 129.0) improved 69.0% on prior year. Headline loss per share is expected to be USDc 1.3 (2024: Headline loss per share - USDc 2.1). In ZAR terms, headline loss per share is expected to be ZARc 21.6 (2024: Headline loss per share - ZARc 39.1) improved 44.8% on prior year. Announcement • Jan 30
Gemfields Group Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Gemfields Group Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Price Target Changed • Oct 02
Price target decreased by 8.2% to R3.25 Down from R3.54, the current price target is provided by 1 analyst. New target price is 132% above last closing price of R1.40. Stock is down 46% over the past year. The company is forecast to post a net loss per share of US$0.0082 next year compared to a net loss per share of US$0.07 last year. Reported Earnings • Sep 29
First half 2025 earnings released: US$0.013 loss per share (vs US$0.008 profit in 1H 2024) First half 2025 results: US$0.013 loss per share (down from US$0.008 profit in 1H 2024). Revenue: US$64.2m (down 47% from 1H 2024). Net loss: US$15.9m (down 268% from profit in 1H 2024). Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Aug 12
SMG Capital LLC signed an agreement to acquire Faberge (Uk) Limited from Gemfields Group Limited (JSE:GML) for $50 million. SMG Capital LLC signed an agreement to acquire Faberge (Uk) Limited from Gemfields Group Limited (JSE:GML) for $50 million on August 11, 2025. Of that sum, $45 million is payable to Gemfields by the Buyer on completion of the sale.The remaining $5 million is payable to Gemfields by the Buyer by way of quarterly royalty payments at a rate of 8% of Fabergé’s revenue. For the period ending December 31, 2024, Faberge (Uk) Limited reported net loss of $11.3 million. As of December 31, 2024, Faberge (Uk) Limited reported total common equity of $50.4 million. The sale is not subject to shareholder approval. The sale is not expected to be subject to regulatory or any other approval processes. The transaction is expected to close on August 28, 2025.
Michel Dyens & Co. acted as financial advisor, DWF Law LLP acted as legal advisor for Gemfields Group Limited. DLA Piper UK LLP acted as legal advisor for SMG Capital LLC. Announcement • Jul 31
Gemfields Group Limited to Report First Half, 2025 Results on Sep 26, 2025 Gemfields Group Limited announced that they will report first half, 2025 results on Sep 26, 2025 Announcement • Jun 25
Gemfields Group Limited Appoints Louis Du Preez, as Non-Executive Director Gemfields Group Limited at its AGM held on June 25, 2025 approved appointment of Louis du Preez, as a Non-Executive Director of the Company. Louis is a representative of Rational Expectations (Pty) Ltd, per the disclosures in the Company's recent Prospectus published on 20 May 2025. Louis Du Preez Qualified as an Attorney of the High Court of South Africa in 1997 After Completing His Articles. an Accomplished Legal and Corporate Executive, He Has Extensive Experience in Corporate Governance, Commercial Strategy and Cross-Border Transactions. Mr. Du Preez Became A Partner At Jan S De Villiers in 1998. Following the Firm's Merger with Werksmans Attorneys in 2009, He Served on the National Executive Committee, Playing A Pivotal Role in Shaping the Firm's Strategic Direction Until 2017. Mr. Du Preez Has Held Multiple Board Positions Across A Number of Organisations. Mr. Du Preez Was Appointed as A Non-Executive Director At Kap Industrial Holdings Limited in 2017 (And Resigned in 2019) and as Director At Pepkor Holdings Limited in 2018 (A Directorship He Still Holds). in 2017, Mr. Du Preez Joined Steinhoff International (Now Ibex Holdings) as General Counsel, Progressing to Commercial Director in December 2017 Before Being Appointed Group CEO Effective 1 January 2019. He Currently Still Fulfils the Role of Group CEO of Ibex Holdings. with A Deep Understanding of Corporate Restructuring, Financial Oversight and Strategic Decision-Making, Mr. Du Preez Continues to Contribute His Expertise At All Levels of Business Leadership. Mr. Du Preez Is A South African Citizen. Louis Du Preez Has Been Involved in the Senior Management of the Steinhoff Group (Now Ibex Group) Since December 2017, After the Public Announcement of the Accounting Irregularities on 5 December 2017. A Number of Entities Within the Steinhoff Group Have Undergone A Number of Restructuring Processes in Various Jurisdictions Since Then Including the Netherlands, United Kingdom and South Africa. These Include (I) Company Voluntary Arrangements (Cvas) of Steinhoff Europe Ag and Steinhoff Finance Holding Gmbh in 2018-2019 in the United Kingdom, (Ii) A Suspension of Payment of Steinhoff International Holdings N.V. in 2021 in the Netherlands, (Iii) A Section 155 Scheme of Arrangement of Sihpl (Pty) Ltd. in South Africa in 2022, and (Iv) A Wet Homologatie Onderhands Akkoord (Whoa) Process of Steinhoff International Holdings N.V. in Mid 2023 in the Netherlands Which Resulted in the Formation of the New Ibex Group and the Ultimate Liquidation on A Voluntary Basis of Steinhoff International Holdings N.V. in the Second Half of 2023 in the Netherlands. Blue Group Hold Co Limited, Which Louis Was A Director from 10 June 2019 Until 14 November 2019, Entered Administration on 30 June 2020 Following A Period of Significant Financial Distress Worsened by Trading Underperformance and the Onset of the Covid-19 Pandemic. the Administration Concluded on 4 July 2022. Despite the Successful Asset Sale and Partial Recovery for the Secured Creditor-Estimated Between 61% to 69%, Blue Group Hold Co Limited Itself Had No Realisable Assets and Reported an Estimated Deficiency of Gbp 42.7 Million to Unsecured Creditors. with No Dividend Expected for Unsecured Creditors, the Company Was Dissolved on 4 October 2022 Following the Completion of Statutory Duties and Final Reporting. Louis (Aged 56) Does Not Hold Any Legal or Beneficial Direct or Indirect Interest in the Ordinary Shares of the Company. Price Target Changed • Jun 20
Price target decreased by 8.5% to R3.41 Down from R3.73, the current price target is provided by 1 analyst. New target price is 175% above last closing price of R1.24. Stock is down 58% over the past year. The company is forecast to post earnings per share of US$0.0076 next year compared to a net loss per share of US$0.07 last year. New Risk • Jun 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 0.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Announcement • Jun 13
Gemfields Group Limited has completed a Follow-on Equity Offering in the amount of ZAR 594.358949 million. Gemfields Group Limited has completed a Follow-on Equity Offering in the amount of ZAR 594.358949 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 556,203,396
Price\Range: ZAR 1.0686
Discount Per Security: ZAR 0.021372
Transaction Features: Rights Offering Announcement • May 01
Gemfields Group Limited, Annual General Meeting, Jun 25, 2025 Gemfields Group Limited, Annual General Meeting, Jun 25, 2025. Location: 123 victoria street, westminster, sw1e 6de, london United Kingdom Reported Earnings • Apr 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: US$0.07 loss per share (further deteriorated from US$0.008 loss in FY 2023). Revenue: US$212.9m (down 19% from FY 2023). Net loss: US$82.1m (loss widened US$72.1m from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Metals and Mining industry in South Africa. 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. New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 0.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R1.35b market cap, or US$71.1m). Announcement • Apr 11
Gemfields Group Limited to Report Fiscal Year 2024 Final Results on Apr 11, 2025 Gemfields Group Limited announced that they will report fiscal year 2024 final results at 8:30 AM, South Africa Standard Time on Apr 11, 2025 Price Target Changed • Feb 19
Price target increased by 24% to R4.64 Up from R3.73, the current price target is provided by 1 analyst. New target price is 222% above last closing price of R1.44. Stock is down 50% over the past year. The company is forecast to post a net loss per share of US$0.00054 next year compared to a net loss per share of US$0.0084 last year. Announcement • Jan 31
Gemfields Group Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Gemfields Group Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Price Target Changed • Jan 08
Price target decreased by 17% to R3.73 Down from R4.51, the current price target is provided by 1 analyst. New target price is 130% above last closing price of R1.62. Stock is down 46% over the past year. The company is forecast to post a net loss per share of US$0.00032 next year compared to a net loss per share of US$0.0084 last year. New Risk • Dec 17
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 9.5% 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 (9.5% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Significant insider selling over the past 3 months (R2.4m sold). Market cap is less than US$100m (R1.81b market cap, or US$99.8m). Price Target Changed • Nov 22
Price target decreased by 14% to R4.56 Down from R5.31, the current price target is provided by 1 analyst. New target price is 128% above last closing price of R2.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of US$0.0058 next year compared to a net loss per share of US$0.0084 last year. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: US$0.006 (vs US$0.008 in 1H 2023) First half 2024 results: EPS: US$0.006 (down from US$0.008 in 1H 2023). Revenue: US$128.0m (down 17% from 1H 2023). Net income: US$7.35m (down 25% from 1H 2023). Profit margin: 5.7% (down from 6.4% in 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Gemfields Group Limited to Report First Half, 2024 Results on Sep 27, 2024 Gemfields Group Limited announced that they will report first half, 2024 results on Sep 27, 2024 Buy Or Sell Opportunity • Jul 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.5% to R2.89. The fair value is estimated to be R2.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Jun 27
Price target decreased by 7.1% to R5.30 Down from R5.70, the current price target is provided by 1 analyst. New target price is 79% above last closing price of R2.96. Stock is down 21% over the past year. The company is forecast to post earnings per share of US$0.031 next year compared to a net loss per share of US$0.0084 last year. Announcement • Jun 13
Gemfields Group Limited Announces Board Changes, Effective on 1 July 2024 Gemfields Group Limited announced changes to the Board of Gemfields, due to take effect on 1 July 2024, following a broad search for both a new Chair and Non-Executive Directors. Appointment of Bruce Cleaver as Chair and Independent Non-Executive Director. Bruce Cleaver will join Gemfields' Board as Chair and Independent Non-Executive Director on 1 July 2024. Bruce will also become Chair of the Nomination Committee. Bruce's reputation as a preeminent leader is well documented and he brings considerable experience of mining gemstones in Africa and marketing them internationally. Bruce was previously Chief Executive Officer and Co-Chair of De Beers Group, the world's leading diamond company. Appointment of Simon Scott as Independent Non-Executive Director. Simon Scott will join Gemfields' Board as Independent Non-Executive Director on 1 July 2024. Simon will join the Audit Committee and the Nomination Committee and will also Chair the Risk Council. Simon has had an illustrious career with extensive experience on public company boards in both executive and non-executive roles during a long career in mining and finance. Simon was previously Chief Financial Officer of Lonmin plc, the LSE listed platinum miner and is a non-executive director of First Quantum Minerals Ltd. and Sylvania Platinum Ltd. Appointment of Kieran Daly as Non-Executive Director, Kieran Daly will join Gemfields' Board as Non-Executive Director on 1 July 2024. Kieran Daly is currently an alternate director to Patrick Sacco on the Gemfields Board. His disclosures under Schedule 2 (g) of the AIM Rules for Companies were included in his appointment announcement as an alternative director in November 2021. Kieran is Managing Director of Assore International Holdings (which holds a 29.2% holding in Gemfields Group Limited and therefore he is not deemed independent) and, Executive: Growth & Strategic Development at Assore Holdings. Kieran has significant experience in mining across various geographies and commodities and holds board-level roles in other mining companies including at Atlantic Lithium Ltd. Resignation of Martin Tolcher, Lumkile Mondi and Carel Malan, In Gemfields' 2023 Notice of AGM, Martin Tolcher, Gemfields' Chair, and Lumkile Mondi, Lead Independent Non-Executive Director, informed shareholders that they had entered their final terms in office on the Board and intended to ensure a smooth transition. Martin and Lumkile resign from Gemfields' Board with effect from 1 July 2024 to allow the appointment of the new Chair and Non-Executive Directors. Carel Malan also resigns from Gemfields' Board with effect from 1 July 2024 in order to focus on his now permanent role at Ore & Metal Company Ltd, a 100% subsidiary of Assore Holdings. Martin, Lumkile and Carel have all provided invaluable contributions to the Company during their respective tenures on Gemfields' Board. Gemfields will formally thank them for their service at the upcoming AGM on 25 June 2024. Other Board changes: Kwape Mmela, Gemfields' Independent Non-Executive Director, Chair of the Remuneration Committee and a member of the Nomination Committee, will become Lead Independent Non-Executive Director and join the Audit Committee with effect from 1 July 2024. New directors' current and previous (held within the past five years) Board appointments: Bruce Cleaver - Directorships to disclose: Grantley House (Kent) Limited, Current; Vergelegen Wines (Pty) Ltd, Current; DBCM Holdings (Pty) Ltd, Former; De Beers Group, Former; De Beers PLC, Former; Debswana Diamond Company Proprietary Limited, Former; Element Six Abrasives Holdings Limited, Former; Element Six Holdings Limited, Former; Help2read, Former; Namdeb Holdings (Pty) Limited, Former; Simon Scott - Directorships to disclose: First Quantum Minerals Limited, Current; Sylvania Platinum Limited, Current; Anglogold Ashanti Holdings PLC, Former. Announcement • Jun 08
Gemfields Group Limited Releases Maiden Inferred Mineral Resource Estimate for Target Area 5 and an Independent Technical Report on the 2022/2023 Exploration Programme At Its Gold Exploration Project in Cabo Delgado, Northern Mozambique Gemfields Group Limited release a Maiden Inferred Mineral Resource Estimate for Target Area 5 ("TL5") and an Independent Technical Report ("ITR") on the 2022/2023 Exploration Programme at its gold exploration project in Cabo Delgado, northern Mozambique. The project is housed within Nairoto Resources Limitada ("Nairoto") which is 75% owned by Gemfields and the analysis was conducted by SRK Exploration Limited ("SRK EX") with the Inferred Mineral Estimate declared in line with the JORC Code (2012). Nairoto - Maiden Inferred Mineral Resource Estimate results (TL5 Prospect Area): 1.58 million tonnes of mineralised rock with a gold grade of 2.02 gram per tonne ("g/t") based on a `Low Scenario' basis, resulting in 103 thousand ounces ("koz") of gold, The Mineral Resource is primary mineralisation, and not part of the soil horizon, and requires professional mining and metallurgical processing rather than an artisanal or `dig and pan' approach for the recovery of gold, Inferred Mineral Estimate relates only to the TL5 Prospect Area, covering less than 0.1 square kilometres of the full 1,957 square kilometre licence area, Results are based on 20 Reverse Circulation ("RC") drillholes totaling 1,464 metres. SRK EX have identified 18 priority target locations, covering a 115 square kilometre area, based on the results of extensive regional soil sampling in conjunction with available geological and geophysical information. Nairoto intends to prioritise exploration in these target areas. Nairoto is a joint venture between Gemfields (75%) and Mwiriti Lda (25%), the Group's existing partner in Montepuez Ruby Mine ("MRM"). Nairoto became fully functional in January 2020. Nairoto is the beneficial owner of 12 licences located about 30 kilometres to the north of the MRM concession, covering an area of 1,957 square kilometres. The licences hold exploration potential for gold (both primary and secondary) as well as ruby and allied minerals through a blend of prospecting and mining licences. Nairoto requested SRK EX to undertake a review of its 2022/2023 exploration programme and advise on the Mineral Assets of the 12 licences. SKR EX was also requested to review the geological and exploration data for TL5 Prospect on Mining Concession 9783C and which has resulted in the declaration of a maiden Inferred Mineral Resource Estimate. Mining Concession 9783C has a current expiry date of June 2044. New Risk • May 31
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 7.1% 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: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Upcoming Dividend • May 29
Upcoming dividend of R0.16 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 24 June 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of South African dividend payers (8.9%). Higher than average of industry peers (3.8%). Reported Earnings • Mar 25
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$0.008 loss per share (down from US$0.048 profit in FY 2022). Revenue: US$262.0m (down 23% from FY 2022). Net loss: US$10.1m (down 118% from profit in FY 2022). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 158%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Mar 25
Gemfields Group Limited, Annual General Meeting, Jun 25, 2024 Gemfields Group Limited, Annual General Meeting, Jun 25, 2024. Announcement • Mar 23
Gemfields Group Limited Provides Earnings Guidance for the Year Ended 31 December 2023 Gemfields Group Limited provided earnings guidance for the year ended 31 December 2023. Loss per share is expected to be USD c 0.8 for the year (2022: Earnings per share - USD c 4.8). In ZAR terms, the loss per share is expected to be ZAR c 15.4 (2022: Earnings per share - ZAR c 78.3). Announcement • Mar 22
Gemfields Group Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 Gemfields Group Limited announced that they will report fiscal year 2023 results at 9:00 AM, South Africa Standard Time on Mar 25, 2024 New Risk • Jan 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R1.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 149% Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Significant insider selling over the past 3 months (R1.4m sold). New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 149% Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Reported Earnings • Sep 24
First half 2023 earnings released: EPS: US$0.008 (vs US$0.037 in 1H 2022) First half 2023 results: EPS: US$0.008 (down from US$0.037 in 1H 2022). Revenue: US$153.6m (down 21% from 1H 2022). Net income: US$9.86m (down 77% from 1H 2022). Profit margin: 6.4% (down from 23% in 1H 2022). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Sep 15
Gemfields Group Limited Provides Earnings Guidance for the Six Months Ended 30 June 2023 Gemfields Group Limited provided earnings guidance for the six months ended 30 June 2023. For the period, the company’s net profit after tax is expected to be ZAR 334 million (comparative period: ZAR 864 million). Earnings per share is expected to be 14.9 cents (comparative period: 57.1 cents). Price Target Changed • Sep 15
Price target decreased by 11% to R6.10 Down from R6.82, the current price target is provided by 1 analyst. New target price is 91% above last closing price of R3.20. Stock is down 5.9% over the past year. The company is forecast to post earnings per share of US$0.026 for next year compared to US$0.048 last year. Major Estimate Revision • Sep 15
Consensus EPS estimates fall by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$284.6m to US$272.7m. EPS estimate also fell from US$0.041 per share to US$0.026 per share. Net income forecast to shrink 34% next year vs 42% growth forecast for Metals and Mining industry in South Africa . Consensus price target down from R6.82 to R6.10. Share price fell 8.6% to R3.20 over the past week. Announcement • Sep 14
Gemfields Group Limited to Report First Half, 2023 Results on Sep 22, 2023 Gemfields Group Limited announced that they will report first half, 2023 results on Sep 22, 2023 Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$293.6m to US$284.6m. EPS estimate also fell from US$0.049 per share to US$0.042 per share. Net income forecast to shrink 34% next year vs 16% decline forecast for Metals and Mining industry in South Africa. Consensus price target up from R6.44 to R6.82. Share price was steady at R3.64 over the past week. Price Target Changed • Aug 07
Price target increased by 7.9% to R6.82 Up from R6.32, the current price target is provided by 1 analyst. New target price is 87% above last closing price of R3.65. Stock is up 26% over the past year. The company is forecast to post earnings per share of US$0.042 for next year compared to US$0.048 last year. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 40% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 40% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Significant insider selling over the past 3 months (R8.1m sold). Buying Opportunity • Jul 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.6%. The fair value is estimated to be R4.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 79%. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings is also forecast to decline by 39% per annum over the same time period. Recent Insider Transactions Derivative • Jun 28
CEO & Executive Director exercised options to buy R21m worth of stock. On the 27th of June, Sean Gilbertson exercised options to buy 6m shares at a strike price of around R3.42, costing a total of R19m. This transaction amounted to 47% of their direct individual holding at the time of the trade. Since December 2022, Sean has owned 13.86m shares directly. Company insiders have collectively bought R61m more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Jun 04
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$275.6m to US$290.8m. EPS estimate increased from US$0.04 to US$0.047 per share. Net income forecast to shrink 82% next year vs 8.6% decline forecast for Metals and Mining industry in South Africa. Consensus price target up from R5.98 to R6.63. Share price rose 4.5% to R3.71 over the past week. Price Target Changed • Jun 02
Price target increased by 16% to R6.63 Up from R5.71, the current price target is provided by 1 analyst. New target price is 79% above last closing price of R3.71. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$0.047 for next year compared to US$0.048 last year. Recent Insider Transactions • May 25
Insider recently sold R8.1m worth of stock On the 17th of May, C. Suresh sold around 2m shares on-market at roughly R3.50 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Apr 18
Upcoming dividend of R0.53 per share at 26% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 12 May 2023. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 26%. Within top quartile of South African dividend payers (9.2%). Higher than average of industry peers (6.5%). Reported Earnings • Mar 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.048 (up from US$0.043 in FY 2021). Revenue: US$341.1m (up 32% from FY 2021). Net income: US$56.8m (up 12% from FY 2021). Profit margin: 17% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.048 (up from US$0.043 in FY 2021). Revenue: US$341.1m (up 32% from FY 2021). Net income: US$56.8m (up 12% from FY 2021). Profit margin: 17% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to R5.81 Down from R6.55, the current price target is provided by 1 analyst. New target price is 61% above last closing price of R3.60. Stock is up 26% over the past year. The company is forecast to post earnings per share of US$0.059 for next year compared to US$0.043 last year. Price Target Changed • Oct 28
Price target decreased to R5.81 Down from R6.87, the current price target is provided by 1 analyst. New target price is 71% above last closing price of R3.39. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$0.06 for next year compared to US$0.043 last year. Upcoming Dividend • Oct 12
Upcoming dividend of US$0.013 per share Eligible shareholders must have bought the stock before 19 October 2022. Payment date: 04 November 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 9.4%. Within top quartile of South African dividend payers (8.9%). In line with average of industry peers (9.9%). Reported Earnings • Sep 30
First half 2022 earnings released: EPS: US$0.03 (vs US$0.016 in 1H 2021) First half 2022 results: EPS: US$0.03 (up from US$0.016 in 1H 2021). Revenue: US$193.2m (up 99% from 1H 2021). Net income: US$43.5m (up 128% from 1H 2021). Profit margin: 23% (up from 20% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 21
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$284.9m to US$294.9m. EPS estimate increased from US$0.05 to US$0.06 per share. Net income forecast to shrink 45% next year vs 0.1% growth forecast for Metals and Mining industry in South Africa . Consensus price target up from R6.64 to R6.87. Share price rose 8.6% to R3.80 over the past week. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 17% share price gain to R3.40, 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 141% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R3.46 per share. Major Estimate Revision • Jun 30
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$277.0m to US$284.9m. EPS estimate increased from US$0.04 to US$0.05 per share. Net income forecast to shrink 45% next year vs 0.4% decline forecast for Metals and Mining industry in South Africa. Consensus price target broadly unchanged at R6.64. Share price fell 8.7% to R2.94 over the past week. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improved over the past week After last week's 19% share price gain to R3.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 117% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R4.87 per share. Recent Insider Transactions • May 29
Insider recently sold R9.3m worth of stock On the 24th of May, Kartikeya Parikshya sold around 3m shares on-market at roughly R3.17 per share. In the last 3 months, there was an even bigger sale from another insider worth R11m. Insiders have been net sellers, collectively disposing of R21m more than they bought in the last 12 months. Recent Insider Transactions • May 13
Insider recently sold R11m worth of stock On the 10th of May, C. Suresh sold around 3m shares on-market at roughly R3.30 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Apr 28
Price target increased to R6.34 Up from R4.79, the current price target is an average from 3 analysts. New target price is 95% above last closing price of R3.25. Stock is up 102% over the past year. The company is forecast to post earnings per share of US$0.041 for next year compared to US$0.043 last year.