Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Chairman Steve Phiri was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 07
Merafe Resources Limited, Annual General Meeting, May 13, 2026 Merafe Resources Limited, Annual General Meeting, May 13, 2026. Tillkännagivande • May 14
Merafe Resources Limited Approves Elections for Social, Ethics and Transformation Committee Merafe Resources Limited at its AGM, held on 13 May 2025, the shareholders approved the Election Of Mr. Ditabe Chocho as a member of the Social, Ethics and Transformation Committee, Mr. David McGluwa as a member of the Social, Ethics and Transformation Committee, Ms Nonhlanhla Mabusela-Aikhuere as a member of the Social, Ethics and Transformation Committee, Mr. Stephen Phiri as a member of the Social, Ethics and Transformation Committee and Ms Zanele Matlala as a member of the Social, Ethics and Transformation Committee. Tillkännagivande • Apr 08
Merafe Resources Limited, Annual General Meeting, May 13, 2025 Merafe Resources Limited, Annual General Meeting, May 13, 2025. Tillkännagivande • Mar 11
Merafe Resources Declares Ordinary Dividend for Year Ended December 31, 2024, Payable on April 7, 2025 Merafe Resources Limited announced on 7 March 2025, the Board resolved to declare a gross final cash dividend of 8 cents per share for Year Ended December 31, 2024 (December 2023: 22 cents per share) to holders of ordinary shares. Payment date: April 7, 2025, Record date: April 4, 2025, Last day for ordinary shares to trade ex-ordinary dividend: April 2, 2025, Last day for ordinary shares to trade cum ordinary dividend: April 1, 2025. Board Change • Dec 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Independent Chairman Steve Phiri was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 29
Upcoming dividend of R0.20 per share Eligible shareholders must have bought the stock before 04 September 2024. Payment date: 09 September 2024. Payout ratio is a comfortable 74% and the cash payout ratio is 85%. Trailing yield: 27%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 16
First half 2024 earnings released: EPS: R0.28 (vs R0.42 in 1H 2023) First half 2024 results: EPS: R0.28 (down from R0.42 in 1H 2023). Revenue: R4.74b (flat on 1H 2023). Net income: R720.0m (down 31% from 1H 2023). Profit margin: 15% (down from 22% in 1H 2023). Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Tillkännagivande • Aug 14
Merafe Resources Limited Declare Interim Cash Dividend for the Six Months Ended June 30, 2024, Payable on September 9, 2024 Merafe Resources Limited's Board resolved to declare a gross interim cash dividend of 20 cents per share for the six months ended June 30, 2024 (June 2023: 20 cents). Ordinary shares commence trading ex-ordinary dividend on September 4, 2024, record date is September 6, 2024 and payment date is September 9, 2024. Declared Dividend • Aug 14
First half dividend of R0.20 announced Shareholders will receive a dividend of R0.20. Ex-date: 4th September 2024 Payment date: 9th September 2024 Dividend yield will be 301%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (89% cash payout ratio). The dividend has increased by an average of 35% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 30
Merafe Resources Limited Provides Earnings Guidance for the Six Months Ended June 30, 2024 Merafe Resources Limited provided earnings guidance for the six months ended June 30, 2024. for the six months, the company expects basic earnings per share ("EPS") of between 24.6 cents and 33.0 cents, compared to EPS of 42.0 cents per share for the prior comparative period, which is a decrease of between 21% to 41%. Tillkännagivande • Jul 13
Merafe Resources Limited to Report First Half, 2024 Results on Aug 12, 2024 Merafe Resources Limited announced that they will report first half, 2024 results on Aug 12, 2024 Tillkännagivande • Apr 10
Merafe Resources Limited Announces Board and Committee Changes Merafe Resources Limited announced that Mr. Abiel Mngomezulu will retire as an independent non-executive director of the Company and chairman of the Merafe board of directors (Board), (Chairman) at the Company's annual general meeting, which is expected to be held on or about 15 May 2024. Shareholders are further advised that Mr. Ditshebo Stephen Phiri, an independent non-executive director of the Company, will be appointed as Chairman, chair of the Nomination Committee and as a member of the Remuneration Committee and Social, Ethics and Transformation Committee with effect from the conclusion of the 2024 AGM. Upcoming Dividend • Apr 03
Upcoming dividend of R0.22 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 28%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.1%). Declared Dividend • Mar 20
Final dividend of R0.22 announced Shareholders will receive a dividend of R0.22. Ex-date: 10th April 2024 Payment date: 15th April 2024 Dividend yield will be 293%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (12% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: R0.70 (vs R0.56 in FY 2022) Full year 2023 results: EPS: R0.70 (up from R0.56 in FY 2022). Revenue: R9.24b (up 16% from FY 2022). Net income: R1.75b (up 24% from FY 2022). Profit margin: 19% (up from 18% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 06
Now 22% undervalued Over the last 90 days, the stock has risen 8.0% to €0.061. The fair value is estimated to be €0.078, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Tillkännagivande • Mar 05
Merafe Resources Limited to Report Fiscal Year 2023 Results on Mar 18, 2024 Merafe Resources Limited announced that they will report fiscal year 2023 results on Mar 18, 2024 New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Feb 21
Now 30% undervalued Over the last 90 days, the stock has risen 9.7% to €0.062. The fair value is estimated to be €0.089, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 26
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at €0.057. The fair value is estimated to be €0.075, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Tillkännagivande • Jan 18
Merafe Resources Limited Appoints Ditshebo Stephen Phiri as Independent Non-Executive Director, Effective 1 February 2024 Merafe Resources Limited announced that Mr. Ditshebo Stephen Phiri has been appointed as an independent non-executive director of the Merafe board of directors ("Board") with effect from 1 February 2024. Mr. Phiri holds B luris, LLB and LLM degrees. He has more than 20 years of experience in the South African mining sector including, inter alia, various roles at Royal Bafokeng Platinum Limited (where he served as chief executive officer ("CEO")), Royal Bafokeng Holdings Proprietary Limited and previously served as CEO at Merafe for the period 1 March 2003 to 31 March 2010 and as non-executive director of the Board from 1 April 2010 to 2 March 2015. Mr. Phiri is a member of the Council of International Platinum Association, he was a board member of the International Platinum Association before becoming its President/Chairman and was previously the Vice President of the Chamber of Mines (later the Minerals Council of South Africa). Tillkännagivande • Dec 23
Merafe Resources Limited, Annual General Meeting, May 15, 2024 Merafe Resources Limited, Annual General Meeting, May 15, 2024. Upcoming Dividend • Aug 30
Upcoming dividend of R0.20 per share at 24% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 24%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (8.6%). Reported Earnings • Aug 17
First half 2023 earnings released: EPS: R0.42 (vs R0.37 in 1H 2022) First half 2023 results: EPS: R0.42 (up from R0.37 in 1H 2022). Revenue: R4.76b (up 11% from 1H 2022). Net income: R1.05b (up 13% from 1H 2022). Profit margin: 22% (in line with 1H 2022). Revenue is forecast to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 30
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €0.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Jun 06
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €0.067, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • May 18
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €0.067, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Apr 05
Upcoming dividend of R0.13 per share at 19% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 17 April 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 19%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (8.4%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: R0.56 (vs R0.67 in FY 2021) Full year 2022 results: EPS: R0.56 (down from R0.67 in FY 2021). Revenue: R7.94b (down 1.5% from FY 2021). Net income: R1.41b (down 16% from FY 2021). Profit margin: 18% (down from 21% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 06
Now 33% undervalued Over the last 90 days, the stock is up 4.2%. The fair value is estimated to be €0.093, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Sep 07
Upcoming dividend of R0.12 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 19 September 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 26%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (10%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Daniel Green was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 30
Upcoming dividend of R0.22 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 11 April 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 17%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (8.1%). Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Daniel Green was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Daniel Green was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Dec 01
Non-Executive Director Michael Toman has left the company On the 26th of November, Michael Toman's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Michael's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 7.08 years. Upcoming Dividend • Aug 25
Upcoming dividend of R0.07 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 06 September 2021. Trailing yield: 15%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (6.5%). Reported Earnings • Aug 12
First half 2021 earnings released: EPS R0.23 (vs R0.38 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R3.75b (up 60% from 1H 2020). Net income: R576.3m (up R1.54b from 1H 2020). Profit margin: 15% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Board Change • Aug 02
High number of new directors Independent Non-Executive Director Nonhlanhla Mabusela-Aikhuere was the last director to join the board, commencing their role in 2021. Executive Departure • May 27
Non-Independent Non Executive Director has left the company On the 19th of May, Mpho M. Mosweu's tenure as Non-Independent Non Executive Director ended after 10.2 years in the role. We don't have any record of a personal shareholding under Mpho M.'s name. A total of 3 executives have left over the last 12 months. Reported Earnings • Apr 06
Full year 2020 earnings released: R0.40 loss per share (vs R0.54 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: R4.78b (down 11% from FY 2019). Net loss: R1.00b (loss narrowed 26% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 09
Full year 2020 earnings released: R0.40 loss per share (vs R0.54 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: R4.78b (down 11% from FY 2019). Net loss: R1.00b (loss narrowed 26% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue beats expectations Revenue exceeded analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 14%, compared to a 19% growth forecast for the Metals and Mining industry in Germany. Tillkännagivande • Feb 23
Merafe Resources Limited, Annual General Meeting, May 18, 2021 Merafe Resources Limited, Annual General Meeting, May 18, 2021. Tillkännagivande • Dec 01
Merafe Resources Limited Announces the Appointment of Katlego Tlale as an Independent Non-Executive Director the Company Merafe Resources Limited announced that Mr. Katlego Tlale has been appointed as an independent non-executive director of the Merafe board of directors with effect from 1 December 2020. Mr. Tlale currently serves as the Group Chief Financial Officer of Letsema Group. Tillkännagivande • Oct 02
Merafe Resources Limited Announces Resignation of Grathel Motau as an Independent Non-Executive Director and as A Member of Audit and Risk Committee, Effective 31 October 2020 Merafe Resources Limited advised that Grathel Motau has tendered her resignation as an independent non-executive director of the company, with effect from 31 October 2020, as she has accepted a full-time executive role, the nature of which will not enable her to continue with her role as a non-executive director of the company. Consequently, Motau has resigned as a member of the company's audit and risk committee. The board of directors of Merafe ("Board") will commence a process of identifying a suitable successor and an announcement in this regard will be made in due course. Tillkännagivande • Aug 29
Merafe Resources Limited to Report First Half, 2020 Final Results on Sep 08, 2020 Merafe Resources Limited announced that they will report first half, 2020 final results on Sep 08, 2020 Tillkännagivande • Aug 09
Merafe Resources Limited to Report First Half, 2020 Results on Aug 11, 2020 Merafe Resources Limited announced that they will report first half, 2020 results on Aug 11, 2020 Tillkännagivande • Aug 06
Afena Capital acquired 5.8% stake in Merafe Resources Limited (JSE:MRF). Afena Capital acquired 5.8% stake in Merafe Resources Limited (JSE:MRF) on August 5, 2020. Following the Acquisition, Afena Capital now holds 5.82% of the issued ordinary share capital of Merafe.
Afena Capital completed the acquisition of 5.8% stake in Merafe Resources Limited (JSE:MRF) on August 5, 2020.