Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €9.10, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 6.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.57 per share. Buy Or Sell Opportunity • Jun 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €9.10. The fair value is estimated to be €11.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 78%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 290% in the next 2 years. Tillkännagivande • May 14
Norges Bank acquired 5.02% stake in African Rainbow Minerals Limited (JSE:ARI). Norges Bank acquired 5.02% stake in African Rainbow Minerals Limited (JSE:ARI) on May 13, 2026.
Norges Bank completed the acquisition of 5.02% stake in African Rainbow Minerals Limited (JSE:ARI) on May 13, 2026. Tillkännagivande • Feb 17
African Rainbow Minerals Limited Announces Changes to the Board of Directors and Appointment of Chief Operating Officer, Effective February 16, 2026 African Rainbow Minerals Limited announced that Dr. Patrice Motsepe retired from his position as Executive Chairman and as an employee of the Company with effect from and including February 16, 2026. Dr. Motsepe will continue to be a director of the Company, and will serve as the non-executive Chairman of the Board with effect from and including February 16, 2026 in compliance with the Listings Requirements. Dr. Motsepe is the Founder of ARM and after having performed the role of Executive Chairman of the Company for many years, has transitioned to a non-executive role. Mr. David Noko will continue in his role as the Company’s Lead Independent Non-executive Director. Also with effect from February 16, 2026, Mr. Jacob van der Bijl (“Jacques”) was appointed as the new Chief Operating Officer of the Company. Jacques is a world class mining engineer and has been working for ARM for many years. Tillkännagivande • Oct 29
African Rainbow Minerals Limited, Annual General Meeting, Dec 05, 2025 African Rainbow Minerals Limited, Annual General Meeting, Dec 05, 2025. Location: boardrooms 6 and 7, of the sandton convention centre, corner of fifth and maude streets, sandton South Africa Tillkännagivande • Apr 09
African Rainbow Minerals Limited Announces Executive Changes African Rainbow Minerals Limited announced that the current Chief Executive of ARM Platinum, Mr. Hamilton Luthando Mkatshana ("Thando Mkatshana"), will be replaced by Mr. Johan Christian Jansen ("Johan Jansen") who will be the Acting Chief Executive of ARM Platinum until the permanent Chief Executive of ARM Platinum has been appointed. Johan Jansen has been with ARM Platinum for twelve years and the general managers of all of ARM's Platinum mines are currently reporting to him. Thando Mkatshana will be appointed as the Chief Executive of ARM Technical Services. In this new role his responsibilities will include the provision of technical services to the ARM Group. Tillkännagivande • Mar 07
African Rainbow Minerals Limited Declares an Interim Dividend for the Six Months Ended 31 December 2024, Payable on 7 April 2025 African Rainbow Minerals Limited announced for the first half of 2025, the board approved and declared an interim dividend of 450 cents per share (gross) (first half of 2024: 600 cents per share). The amount to be paid is approximately ZAR 1,011 million. A gross dividend of 450 cents per ordinary share, being the dividend for the six months ended 31 December 2024, has been declared payable on 7 April 2025 to those shareholders recorded in the books of the company at the close of business on 4 April 2025. Ordinary shares trade ex-dividend from 2 April 2025. Tillkännagivande • Feb 07
African Rainbow Minerals Limited Announces Changes to the Board of Directors and Board Committees African Rainbow Minerals Limited announced changes to the ARM Board of Directors and Board committees. The Board of African Rainbow Minerals Limited announced the appointment of Ms Tshifhiwa Gladys Ramuthaga and Mr. Peter William Steenkamp as Independent Non-executive Directors of the Company with effect from and including 6 February 2025, until such appointments are confirmed by the shareholders of the Company at ARM's next annual general meeting. The Board also announces that Mr. Alexander Komope Maditsi will step down as an Independent Non- executive Director of ARM with effect from and including 30 June 2025. The Board has approved the separation of the functions of the Investment and Technical Committee by establishing an Investment Committee and a Technical Committee. The membership of these Board committees, with effect from and including 6 February 2025, is as follows: · The following Independent Non-executive Directors have been appointed as members of the Investment Committee: Mr. Bongani Nqwababa (Chairman); Mr. Frank Abbott; Mr. Thomas Andrew Boardman; Mr. Anton Dirk Botha; Mr. Brian Kennedy; Mr. A K Maditsi; Ms Pitsi Josephine Mnisi; Mr. David Collen Noko; and Mr. Jan Christiaan Steenkamp. · The following Independent Non-executive Directors have been appointed as members of the Technical Committee: Mr. J C Steenkamp (Chairman); Mr. F Abbott; Mr. D C Noko; Mr. B Nqwababa; and Mr. P W Steenkamp. Buy Or Sell Opportunity • Nov 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €8.85. The fair value is estimated to be €11.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Nov 06
Full year 2024 earnings released: EPS: R16.05 (vs R41.21 in FY 2023) Full year 2024 results: EPS: R16.05 (down from R41.21 in FY 2023). Revenue: R11.4b (down 22% from FY 2023). Net income: R3.15b (down 61% from FY 2023). Profit margin: 28% (down from 55% in FY 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 35% 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. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €10.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.09 per share. Upcoming Dividend • Sep 26
Upcoming dividend of R9.00 per share Eligible shareholders must have bought the stock before 02 October 2024. Payment date: 07 October 2024. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 8.1%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €8.95, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.38 per share. Declared Dividend • Sep 09
Final dividend of R9.00 announced Shareholders will receive a dividend of R9.00. Ex-date: 2nd October 2024 Payment date: 7th October 2024 Dividend yield will be 118%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) nor is it covered by cash flows (225% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.9% to bring the payout ratio under control. EPS is expected to grow by 71% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Sep 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 180% Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (28% net profit margin). Reported Earnings • Sep 06
Full year 2024 earnings released: EPS: R16.04 (vs R41.20 in FY 2023) Full year 2024 results: EPS: R16.04 (down from R41.20 in FY 2023). Revenue: R11.4b (down 22% from FY 2023). Net income: R3.15b (down 61% from FY 2023). Profit margin: 28% (down from 55% in FY 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €9.20. The fair value is estimated to be €11.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Buy Or Sell Opportunity • Jul 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 55% to €12.20. The fair value is estimated to be €10.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 61% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Buy Or Sell Opportunity • May 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to €11.40. The fair value is estimated to be €9.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 57% in 2 years. Earnings are forecast to grow by 39% in the next 2 years. Buy Or Sell Opportunity • Apr 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €9.70. The fair value is estimated to be €7.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 71% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €8.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.92 per share. Upcoming Dividend • Mar 27
Upcoming dividend of R6.00 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 08 April 2024. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.2%). Reported Earnings • Mar 12
First half 2024 earnings released: EPS: R6.20 (vs R22.38 in 1H 2023) First half 2024 results: EPS: R6.20 (down from R22.38 in 1H 2023). Revenue: R5.82b (down 34% from 1H 2023). Net income: R1.22b (down 72% from 1H 2023). Profit margin: 21% (down from 50% in 1H 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 11
First half dividend of R6.00 announced Shareholders will receive a dividend of R6.00. Ex-date: 3rd April 2024 Payment date: 8th April 2024 Dividend yield will be 75%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (155% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 24% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Mar 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 42% Last year net profit margin: 69% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 155% Minor Risk Profit margins are more than 30% lower than last year (42% net profit margin). Tillkännagivande • Mar 08
African Rainbow Minerals Limited Announces Interim Dividend for the Six Months Ended 31 December, 2023, Payable on 8 April 2024 African Rainbow Minerals Limited announced that for the six months ended 31 December, 2023, the board approved and declared an interim dividend of 600 cents per share (gross) (first half 2023: 1,400 cents per share). The amount to be paid is approximately ZAR 1,348 million. The dividend is payable on 8 April 2024 to those shareholders recorded in the books of the Company at the close of business on 5 April 2024. Tillkännagivande • Feb 01
African Rainbow Minerals Limited to Report Fiscal Year 2024 Results on Sep 06, 2024 African Rainbow Minerals Limited announced that they will report fiscal year 2024 results on Sep 06, 2024 Tillkännagivande • Dec 11
African Rainbow Minerals Limited Announces Audit and Risk Committee Appointments African Rainbow Minerals Limited at its Annual General Meeting held on 8 December 2023, approved appointment of Mr. F Abbott and Mr. B Nqwababa as Audit and Risk Committee Members. Tillkännagivande • Nov 25
African Rainbow Minerals Limited (JSE:ARI) signed an agreement to acquire 50% Participation Interest in Nkomati mine from Norilsk Nickel Africa Proprietary Limited for R1 million. African Rainbow Minerals Limited (JSE:ARI) signed an agreement to acquire 50% Participation Interest in Nkomati mine from Norilsk Nickel Africa Proprietary Limited for R1 million on November 24, 2023. The PSA provides for terms customary in agreements of this nature and includes (amongst other things): (i) limitations on liability and certain negotiated warranties, indemnities and undertakings; (ii) provisions governing the operation of the Nkomati mine during the interim period; and (iii) customary termination rights. The existing partnership agreement between ARM and NNAf in relation to the Nkomati mine will terminate immediately following successful closing of the Transaction on the closing date. The Transaction is subject to certain conditions precedent, including, but not limited to: - approval from the South African Competition Authorities in terms of the Competition Act, 89 of 1998; and - consent in terms of Section 11 of the Mineral and Petroleum Resources Development Act, 28 of 2002 ("MPRDA"). The Transaction is expected to close during 2024. Tillkännagivande • Oct 27
African Rainbow Minerals Limited, Annual General Meeting, Dec 08, 2023 African Rainbow Minerals Limited, Annual General Meeting, Dec 08, 2023, at 13:00 South Africa Standard Time. Location: Sandton Convention Centre corner of Fifth and Maude Streets Sandton South Africa Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.05, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.74 per share. Upcoming Dividend • Sep 27
Upcoming dividend of R12.00 per share at 16% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 09 October 2023. Payout ratio is a comfortable 63% and the cash payout ratio is 79%. Trailing yield: 16%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (8.9%). Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €8.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.42 per share. Tillkännagivande • Sep 05
African Rainbow Minerals Limited Announces Final Cash Dividend Declaration for the Financial Year Ended 30 June 2023 African Rainbow Minerals Limited announced that a final dividend of ZAR 12.00 per share is declared (F2022: ZAR 20.00 per share). A gross dividend of ZAR 12.00 per ordinary share, being the dividend for the year ended 30 June 2023, has been declared payable on 9 October 2023 to those shareholders recorded in the books of the company at the close of business on 6 October 2023. Tillkännagivande • Aug 25
African Rainbow Minerals Limited Provides Earnings Guidance for the Financial Year Ended 30 June 2023 African Rainbow Minerals Limited provided earnings guidance for the Financial Year ended 30 June 2023. For the year, the company expects Basic earnings for F2023 are expected to decrease by between 33% and 42% to between ZAR 207 million and ZAR 325 million (F2022: ZAR 426 million) while basic earnings per share for F2023 are expected to decrease to between 3,679 and 4,250 cents (F2022: 6,343 cents). Buying Opportunity • May 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €13.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to decline by 36% in the next 2 years. Upcoming Dividend • Mar 22
Upcoming dividend of R14.00 per share at 14% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 03 April 2023. Payout ratio is a comfortable 52% and the cash payout ratio is 80%. Trailing yield: 14%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (8.6%). Buying Opportunity • Feb 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €17.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 0.2% per annum over the same time period. Tillkännagivande • Feb 17
African Rainbow Minerals Limited Provides Earnings Guidance for First Half of 2023 African Rainbow Minerals Limited provided earnings guidance for first half of 2023. For the period, Basic earnings per share are therefore expected to be between ZAR 2.147 cents and ZAR 2.306 cents (1H F2022: 1.988 cents). Basic earnings are expected to increase by between 8% and 16% to between R4 204 million and R4 516 million (1H F2022: R3893 million). Recent Insider Transactions • Nov 18
Non-Executive Director recently sold €543k worth of stock On the 14th of November, Michael Arnold sold around 33k shares on-market at roughly €16.31 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.2m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €12.90, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.61 per share. Upcoming Dividend • Sep 21
Upcoming dividend of R20.00 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (10%). Reported Earnings • Sep 07
Full year 2022 earnings released: EPS: R63.43 (vs R64.64 in FY 2021) Full year 2022 results: EPS: R63.43 (down from R64.64 in FY 2021). Revenue: R16.9b (down 14% from FY 2021). Net income: R12.4b (down 1.6% from FY 2021). Profit margin: 74% (up from 64% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 17% share price gain to €14.00, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €13.90, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 79% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of R12.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 04 April 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 14%. Within top quartile of German dividend payers (3.6%). Higher than average of industry peers (8.1%). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to €18.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 154% over the past three years. Tillkännagivande • Mar 05
African Rainbow Minerals Limited Announced Interim Dividend for First Half Ended December 31, 2021, Payable on April 4, 2022 African Rainbow Minerals Limited announced that the Board approved and declared an interim dividend of 1,200 cents per share for the six months ended December 31, 2021, has been declared payable on April 4, 2022 to those shareholders recorded in the books of the company at the close of business on 1 April 2022. Tillkännagivande • Feb 19
African Rainbow Minerals Limited Provides Earnings Guidance for the Six Months Ended 31 December 2021 African Rainbow Minerals Limited provided earnings guidance for the six months ended 31 December 2021. For the period, Headline earnings for 1H F2022 are expected to decrease by between 24% and 33% compared to the corresponding six months ended 31 December 2020 (1H F2021) to between ZAR 376 million and ZAR 830 million. Headline earnings per share are therefore expected to be between 1,733 cents and 1,966 cents. Basic earnings for 1H F2022 are expected to decrease by between 17% and 26% to between ZAR 602 million and ZAR 040 million while basic earnings per share are expected to be between 1,849 cents and 2,074 cents. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 19% share price gain to €15.20, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 111% over the past three years. Reported Earnings • Oct 22
Full year 2021 earnings released: EPS R64.64 (vs R20.42 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R19.7b (up 69% from FY 2020). Net income: R12.6b (up 218% from FY 2020). Profit margin: 64% (up from 34% in FY 2020). The increase in margin was primarily driven by higher revenue. Production and reserves: Gold Production: 1,537.6 troy koz (1,219.4 troy koz in FY 2020) Number of mines: 3 Iron Production: 7.965 Mt (8.046 Mt in FY 2020) Proved and probable reserves (ore): 483.2 Mt Number of mines: 3 Coal Production: 3.845 Mt (4.455 Mt in FY 2020) Number of mines: 2 Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 17% share price gain to €12.20, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 108% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of R20.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 October 2021. Trailing yield: 19%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (7.2%). Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €12.60, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 116% over the past three years. Reported Earnings • Sep 08
Full year 2021 earnings released: EPS R64.64 (vs R20.42 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R19.7b (up 69% from FY 2020). Net income: R12.6b (up 218% from FY 2020). Profit margin: 64% (up from 34% in FY 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 17
Upcoming Dividend of R10.00 Per Share Will be paid on the 29th of March to those who are registered shareholders by the 24th of March. The trailing yield of 4.4% is in the top quartile of German dividend payers (3.3%), and it is in line with industry peers (4.5%). Reported Earnings • Mar 05
First half 2021 earnings released: EPS R24.99 (vs R11.02 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R9.05b (up 63% from 1H 2020). Net income: R4.87b (up 128% from 1H 2020). Profit margin: 54% (up from 38% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 25
New 90-day high: €17.10 The company is up 25% from its price of €13.70 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 54% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.03 per share. Tillkännagivande • Feb 23
African Rainbow Minerals Limited to Report Fiscal Year 2021 Results on Aug 31, 2021 African Rainbow Minerals Limited announced that they will report fiscal year 2021 results on Aug 31, 2021 Tillkännagivande • Feb 17
African Rainbow Minerals Limited to Report First Half, 2021 Results on Mar 03, 2021 African Rainbow Minerals Limited announced that they will report first half, 2021 results on Mar 03, 2021 Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 17% share price gain to R16.20, the stock is trading at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 143%. Is New 90 Day High Low • Jan 22
New 90-day high: €16.50 The company is up 28% from its price of €12.90 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 56% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.58 per share. Tillkännagivande • Jan 19
African Rainbow Minerals Limited, Annual General Meeting, Dec 06, 2021 African Rainbow Minerals Limited, Annual General Meeting, Dec 06, 2021. Is New 90 Day High Low • Jan 05
New 90-day high: €15.00 The company is up 55% from its price of €9.70 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 42% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.87 per share. Is New 90 Day High Low • Dec 17
New 90-day high: €14.60 The company is up 40% from its price of €10.40 on 18 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.49 per share. Recent Insider Transactions • Nov 17
Non-Executive Director recently sold €518k worth of stock On the 13th of November, Michael Arnold sold around 40k shares on-market at roughly €12.96 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.7m more than they bought in the last 12 months. Is New 90 Day High Low • Nov 11
New 90-day high: €13.40 The company is up 41% from its price of €9.50 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.95 per share. Reported Earnings • Nov 01
Full year earnings released - EPS €20.42 Over the last 12 months the company has reported total profits of R3.97b, up 11% from the prior year. Total revenue was R11.7b over the last 12 months, up 32% from the prior year. Profit margins were 34%, which is lower than the 40% margin from last year. The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Nov 01
Annual earnings released: Revenue beats expectations Annual revenue exceeded analyst estimates by 15% at R12.4b. Revenue is forecast to grow 22% over the next year, compared to a 8.1% growth forecast for the Metals and Mining industry in Germany. Valuation Update With 7 Day Price Move • Oct 21
Market bids up stock over the past week After last week's 18% share price gain to R12.30, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 13x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 137%. Valuation Update With 7 Day Price Move • Oct 17
Market bids up stock over the past week After last week's 19% share price gain to R11.90, the stock is trading at a trailing P/E ratio of 11.5x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 13x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 134%. Is New 90 Day High Low • Oct 17
New 90-day high: €11.90 The company is up 29% from its price of €9.20 on 17 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.49 per share. Tillkännagivande • Sep 30
African Rainbow Minerals Limited Announces Management Changes African Rainbow Minerals Limited announced that, as announced by ARM on 31 March 2020, Ms Abigail Mukhuba has stepped down from the Board effective from 30 September 2020, being her last day as ARM Finance Director. The Board undertook a process to identify a permanent successor for Ms Mukhuba and announced the decision to appoint Ms Tsundzukani Mhlanga, the current Chief Finance Officer, as the new ARM Finance Director, with effect from and including 1 October 2020 until her appointment is approved by the shareholders at the next annual general meeting of the Company. The Board announced the decision to appoint Ms Pitsi Mnisi as a Non-executive Director of the Company with effect from and including 30 September 2020, until her appointment is approved by the shareholders at the next annual general meeting of the Company. Dr. Manana Bakane-Tuoane, an Independent Non-executive Director of ARM, has stepped down from the Board with effect from 29 September 2020. Mr. Tom Boardman, an Independent Non-Executive Director of ARM, has been appointed by the Board as a member of the Investment Committee. 
