Price Target Changed • Apr 10
Price target decreased by 22% to R3.20 Down from R4.10, the current price target is provided by 1 analyst. New target price is 68% above last closing price of R1.91. Stock is down 13% over the past year. The company is forecast to post earnings per share of R0.61 next year compared to a net loss per share of R0.22 last year. Reported Earnings • Mar 25
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: R0.22 loss per share (down from R0.80 profit in FY 2024). Revenue: R13.0b (down 4.3% from FY 2024). Net loss: R67.8m (down 127% from profit in FY 2024). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% 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 48 percentage points per year, which is a significant difference in performance. Duyuru • Mar 24
Hulamin Limited, Annual General Meeting, May 21, 2026 Hulamin Limited, Annual General Meeting, May 21, 2026. Location: anew hotel, 1 hilton avenue, pietermaritzburg South Africa Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to R1.75, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total loss to shareholders of 42% over the past three years. New Risk • Mar 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.09% net profit margin). Market cap is less than US$100m (R651.5m market cap, or US$38.8m). Duyuru • Mar 06
Hulamin Limited to Report Q4, 2025 Results on Mar 23, 2026 Hulamin Limited announced that they will report Q4, 2025 results at 7:00 AM, South Africa Standard Time on Mar 23, 2026 Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R2.50, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Metals and Mining industry in South Africa. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R2.00, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Metals and Mining industry in South Africa. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R2.68, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Metals and Mining industry in South Africa. Total loss to shareholders of 2.5% over the past three years. New Risk • Sep 05
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 10% 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 Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.09% net profit margin). Market cap is less than US$100m (R845.7m market cap, or US$48.1m). Reported Earnings • Aug 26
First half 2025 earnings released: EPS: R0.14 (vs R0.90 in 1H 2024) First half 2025 results: EPS: R0.14 (down from R0.90 in 1H 2024). Revenue: R7.10b (up 7.8% from 1H 2024). Net income: R42.7m (down 85% from 1H 2024). Profit margin: 0.6% (down from 4.2% in 1H 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 46% 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. New Risk • Aug 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.09% net profit margin). Market cap is less than US$100m (R792.4m market cap, or US$44.9m). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R2.41, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Metals and Mining industry in South Africa. Total loss to shareholders of 11% over the past three years. Duyuru • Jul 28
Hulamin Limited to Report First Half, 2025 Results on Aug 25, 2025 Hulamin Limited announced that they will report first half, 2025 results on Aug 25, 2025 Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R2.95, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Metals and Mining industry in South Africa. Total returns to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R2.24, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total loss to shareholders of 55% over the past three years. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Paul Baloyi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 54% 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 Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (R676.6m market cap, or US$37.4m). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: R0.80 (vs R0.88 in FY 2023) Full year 2024 results: EPS: R0.80 (down from R0.88 in FY 2023). Revenue: R13.6b (down 1.2% from FY 2023). Net income: R246.3m (down 9.4% from FY 2023). Profit margin: 1.8% (down from 2.0% in FY 2023). 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 21% per year, which means it has not declined as severely as earnings. Duyuru • Mar 17
Hulamin Limited, Annual General Meeting, May 22, 2025 Hulamin Limited, Annual General Meeting, May 22, 2025. Location: anew hotel, 1 hilton avenue, pietermaritzburg South Africa Duyuru • Mar 14
Hulamin Limited Announces Board Changes Hulamin Limited announced that Mr. Thabo Leeuw, the independent non-executive chairman of Company has intention to retire from the board of directors of Company after serving the Company and its shareholders for 17 years, with effect from 31 August 2025. This is in keeping with the Board's revitalised succession plan. Thabo has been a valuable member of the Board since 2007. During his tenure, his contribution and leadership have been critical to the direction of the Group's business. As Chairman, Thabo has been instrumental in setting Company's strategy, and guiding its management to bring stability to the Company and turn around the business following the operational and performance constraints experienced by the Group in recent years due to an uncertain and challenging macro environment. Mr. Paul Baloyi has been appointed to the Board as an independent non-executive director, with effect from 1 April 2025, and to succeed Thabo as the Chairman of the Board with effect from 1 September 2025. The appointment of Paul was made in accordance with the Company Board policy for the nomination and appointment of directors. A structured handover process from Thabo to Paul, under the oversight of the Nomination and Governance Committee, to ensure continuity and a smooth transition of responsibilities, including institutional knowledge sharing, will commence from 1 April 2025. Paul has been in numerous leadership positions and has over 30 years' experience in the financial services sector. He is a specialist in risk, governance and strategy with significant experience in development finance, enterprise development and institutional capacity building. Paul was previously the Chief Executive Officer and Managing Director of the Development Bank of Southern Africa (DBSA) and the DBSA Development Fund from 2006 to 2013. He was instrumental in significantly increasing the size and scope of the bank's activities both locally and into Africa. Paul further spent 30 years with Standard Bank and Nedbank. His last position at Nedbank was that of Managing Director of Nedbank Africa until 2006, where he established many invaluable business relationships with companies and individuals across the continent. Paul is an entrepreneur and continues to serve as an independent non-executive director on various boards locally and in Africa. He serves as the chairman of ENX Group Ltd. and Momentum Metropolitan Holdings Ltd, and as an independent non-executive director of Bid Corporation Ltd, Alphamin Resources Corp. and Peermont Group Ltd. Paul holds an MBA from Bangor University in the UK, Management of Development, Advanced Management Programme qualification from INSEAD in France, and a Senior Executive Programme qualification from Harvard Business School in the USA. New Risk • Mar 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (R823.8m market cap, or US$44.9m). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R2.79, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 9x in the Metals and Mining industry in South Africa. Total loss to shareholders of 33% over the past three years. New Risk • Feb 25
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 9.1% 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 Risk Share price has been highly volatile over the past 3 months (9.1% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (R751.7m market cap, or US$40.8m). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R2.67, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 10x in the Metals and Mining industry in South Africa. Total loss to shareholders of 36% over the past three years. New Risk • Jan 20
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 6.2% 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: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (R1.05b market cap, or US$56.5m). Duyuru • Nov 29
Hulamin Limited Announces Changes to the Board and Board Committees Hulamin Limited announced that Mr. Naran Maharajh has resigned as a non-executive director of Hulamin with effect from 31 December 2024 due to growing demands for his time with regard to other commitments. To fill the vacancies on the board, shareholders are advised that the board of directors of the Company (‘Board’) announced the appointment of Ms. Zanele Monnakgotla, Dr. Andreas Tostmann and Mr. Linda Yanta as independent non-executive directors with effect from 1 December 2024. The appointments were made in accordance with the board policy for the nomination and appointment of directors. Zanele is a board member of Sasol Khanyisa Public, Sasol South Africa, Ecobank Transnational Incorporated, Rand Water and Adowa Properties. She previously served as a board member of amongst others, the Development Bank of South Africa, Philafrica Foods, Small Enterprise Development Agency, National Advisory Council on Innovation and South Africa Bureau of Standards. Zanele has held key senior management roles and was the Head of Innovation and Head of Strategic High Projects at the Industrial Development Corporation. She founded and was the Managing Director of Freewi Technologies. Zanele holds LLB and BCom degrees, as well as a Post Graduate Diploma in Risk Management, a Masters degree in Management of Finance, and an LLM in Tax law. Andreas is the CEO of Lynius GmbH, based in Münich Germany. He has more than 30 years of executive experience in a wide variety of industries, including car and truck manufacturing, aerospace, maritime sector, IT and mechanical engineering. Andreas was appointed as the Managing Director of Volkswagen of South Africa in January 2004 and was awarded an Honorary doctorate by the Nelson Mandela Metropolitan University for the work he undertook, whilst leading Volkswagen of South Africa in promoting economic development, driving industry co-operation and collaboration on an international level and furthering education for engineering students. Andreas was a member of the Volkswagen executive board for Production and CEO of MAN Truck and Bus. He was previously a board member of Sinotruk (Hong Kong), Fraunhofer Austria Research GmbH, MAN Truck & Bus Deutschland GmbH, Rheinmetall MAN Military Vehicles GmbH and VDA Vorstandskreis Nutzfahrzeuge. Andreas holds degrees in Economics and Mechanical Engineering. Linda is a seasoned independent governance consultant. He is a board member of M&G Investment Group (previously Prudential), M&G Life (a subsidiary) and chairs the organisation's group audit, risk and compliance committee. Linda was previously the CFO of Arena Holdings Group and a director in the Corporate Governance Services unit at SNG. He also chaired the board of Trustees of the Anglo Platinum Community Trust and briefly chaired the Rand Water Medical Scheme Audit Committee. Linda has held key senior management roles in finance at Unilever, Eskom, Transnet and National Sorghum Brewery. Linda has a depth of experience in the various aspects of finance and assurance. Linda is a qualified Chartered Accountant (SA). Changes to Board Committees: As a consequence of the above resignation and appointments, the Board committees have been reconstituted as follows: Audit Committee: Naran resigns as a member and chair with effect from 31 December 2024. Linda is appointed as a member with effect from 1 December 2024 and incoming chair with effect from 31 December 2024. Remuneration Committee: Naran resigns as a member with effect from 31 December 2024. Zanele is appointed as a member with effect from 1 December 2024. Risk Committee: Naran resigns as a member with effect from 31 December 2024. Andreas is appointed as a member with effect from 1 December 2024. Linda is appointed as a member with effect from 1 December 2024 Social, Ethics and Sustainability Committee: Zanele is appointed as a member with effect from 1 December 2024. Ms Ayanda Mngadi, the Hulamin Group Executive for Corporate Affairs, resigns as a member with effect from 1 December 2024. Nomination and Governance Committee: Naran resigns as a member with effect from 31 December 2024. Linda is appointed as a member with effect from 31 December 2024. Reported Earnings • Aug 23
First half 2024 earnings released: EPS: R0.83 (vs R0.95 in 1H 2023) First half 2024 results: EPS: R0.83 (down from R0.95 in 1H 2023). Revenue: R6.97b (down 5.9% from 1H 2023). Net income: R257.0m (down 13% from 1H 2023). Profit margin: 3.7% (down from 4.0% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Aug 21
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: 1.8% Last year net profit margin: 2.9% 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: Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (R1.16b market cap, or US$65.1m). Duyuru • Aug 06
Hulamin Limited to Report Q2, 2024 Results on Aug 19, 2024 Hulamin Limited announced that they will report Q2, 2024 results on Aug 19, 2024 Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R3.94, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Metals and Mining industry in South Africa. Total returns to shareholders of 82% over the past three years. Duyuru • May 25
Hulamin Limited Announces Resignation of Robert Lennart Larson as an Independent Non-Executive Director and Member of the Risk Committee Hulamin Limited announced that Mr. Robert Lennart Larson ("Robert") has resigned as an independent non-executive director of the Company and as a member of the Risk Committee, with effect from 24 May 2024. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R3.40, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 7x in the Metals and Mining industry in South Africa. Total returns to shareholders of 57% over the past three years. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. CEO & Executive Director Mark Gounder was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Duyuru • Apr 27
Hulamin Limited, Annual General Meeting, May 24, 2024 Hulamin Limited, Annual General Meeting, May 24, 2024, at 15:00 South Africa Standard Time. Reported Earnings • Mar 04
Full year 2023 earnings released Full year 2023 results: Revenue: R13.8b (down 13% from FY 2022). Net income: R271.8m (down 9.3% from FY 2022). Profit margin: 2.0% (up from 1.9% in FY 2022). The increase in margin was driven by lower expenses. New Risk • Mar 01
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (R986.6m market cap, or US$51.5m). Duyuru • Feb 27
Hulamin Limited to Report Fiscal Year 2023 Results on Mar 04, 2024 Hulamin Limited announced that they will report fiscal year 2023 results at 7:00 AM, South Africa Standard Time on Mar 04, 2024 Reported Earnings • Aug 20
First half 2023 earnings released: EPS: R0.95 (vs R0.47 in 1H 2022) First half 2023 results: EPS: R0.95 (up from R0.47 in 1H 2022). Revenue: R7.40b (down 7.0% from 1H 2022). Net income: R294.3m (up 103% from 1H 2022). Profit margin: 4.0% (up from 1.8% in 1H 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
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 7.6% 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: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (R836.3m market cap, or US$43.8m). Duyuru • Aug 12
Hulamin Limited Appoints Lerato Manaka as the Company Secretary Hulamin appointed Lerato Manaka as the Company Secretary with effect from 1 August 2023 at the Board meeting held 11 August 2023. Ms Manaka has over 15 years of governance and company secretarial experience within the JSE-listed environment. She holds the degrees of B.Com Law, LLB and MBA. Luvivi (Pty) Ltd. provides governance services across multiple sectors. Duyuru • Aug 10
Hulamin Limited Provides Earnings Guidance for the Six-Month Period Ended 30 June 2023 Hulamin Limited provided earnings guidance for the six-month period ended 30 June 2023. For the period, the company expects Basic earnings per share will increase between 94% and 113% compared to 47 cents achieved for the six-month period ended 30 June 2022 ("H1 2022"), resulting in a range of between 91 cents and 100 cents. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R3.15, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 212% over the past three years. Duyuru • Aug 05
Hulamin Limited to Report First Half, 2023 Results on Aug 14, 2023 Hulamin Limited announced that they will report first half, 2023 results on Aug 14, 2023 Duyuru • May 27
Hulamin Limited Announces Board Changes Hulamin Limited at the annual general meeting of the Company held on 25 May 2023 approved appointment of VN Khumalo as a member of the Social, Ethics and Sustainability Committee; Appointment of SP Ngwenya as a member of the Social, Ethics and Sustainability Committee; Appointment of BA Mngadi as a member of the Social, Ethics and Sustainability Committee; and Appointment of Dr. B Mehlomakulu as a member of the Social, Ethics and Sustainability Committee. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: R0.97 (vs R1.92 in FY 2021) Full year 2022 results: EPS: R0.97 (down from R1.92 in FY 2021). Revenue: R15.9b (up 22% from FY 2021). Net income: R299.7m (down 49% from FY 2021). Profit margin: 1.9% (down from 4.5% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R3.20, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 105% over the past three years. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: R1.92 (vs R0.78 loss in FY 2020) Full year 2021 results: EPS: R1.92 (up from R0.78 loss in FY 2020). Revenue: R13.0b (up 52% from FY 2020). Net income: R591.3m (up R830.8m from FY 2020). Profit margin: 4.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 24% share price gain to R3.95, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 5x in the Metals and Mining industry in South Africa. Total loss to shareholders of 18% over the past three years. Reported Earnings • Apr 17
Full year 2020 earnings released 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: R8.55b (down 20% from FY 2019). Net loss: R230.4m (loss narrowed 81% from FY 2019). Is New 90 Day High Low • Feb 06
New 90-day high: R2.48 The company is up 146% from its price of R1.01 on 06 November 2020. The South African market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: R1.89 The company is up 105% from its price of R0.92 on 18 September 2020. The South African 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 down 3.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: R1.49 The company is up 38% from its price of R1.08 on 02 September 2020. The South African 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 down 11% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: R1.28 The company is up 28% from its price of R1.00 on 17 July 2020. The South African market is down 3.0% 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. Reported Earnings • Sep 23
First half earnings released Over the last 12 months the company has reported total losses of R1.28b, with losses widening by 26% from the prior year. Total revenue was R9.14b over the last 12 months, down 21% from the prior year. Major Estimate Revision • Sep 20
Analysts update estimates The 2020 consensus revenue estimate increased from R8.11b to R8.26b. The company's losses in 2020 are expected to worsen with analysts lowering their EPS forecasts from -R0.99 to -R1.10. The Metals and Mining industry in South Africa is expected to see an average net income growth of 120% next year. The consensus price target was lowered from R1.30 to R1.10. Share price is down by 8.0% to R0.92 over the past week. 