Financials Gold Fields Limited

Equities

GFI

ZAE000018123

Gold

End-of-day quote Johannesburg S.E. 06:00:00 2024-06-10 pm EDT 5-day change 1st Jan Change
285 ZAR -1.85% Intraday chart for Gold Fields Limited +1.54% +2.61%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 79,441 121,520 154,587 157,016 248,208 255,109 - -
Enterprise Value (EV) 1 99,150 137,156 169,075 169,872 267,838 263,456 239,702 216,940
P/E ratio 32.4 x 11.6 x 13.1 x 12.1 x 18.6 x 10.2 x 7.02 x 7.31 x
Yield 1.04% 3.49% 2.7% 4.23% 2.68% 3.6% 4.85% 4.73%
Capitalization / Revenue 1.81 x 2.13 x 2.45 x 2.01 x 2.88 x 2.54 x 2.21 x 2.27 x
EV / Revenue 2.26 x 2.4 x 2.68 x 2.17 x 3.1 x 2.62 x 2.08 x 1.93 x
EV / EBITDA 5.19 x 4.89 x 4.69 x 3.81 x 5.75 x 4.7 x 3.51 x 3.41 x
EV / FCF 23.9 x 13.9 x 21 x 14.4 x 26.9 x 15.7 x 7.5 x 6.51 x
FCF Yield 4.18% 7.18% 4.77% 6.93% 3.72% 6.39% 13.3% 15.4%
Price to Book 1.93 x 2.27 x 2.6 x 2.04 x 2.89 x 2.54 x 2.08 x 1.8 x
Nbr of stocks (in thousands) 828,633 883,334 887,717 891,379 893,541 895,024 - -
Reference price 2 95.87 137.6 174.1 176.2 277.8 285.0 285.0 285.0
Announcement Date 2/12/20 2/18/21 2/17/22 2/22/23 2/21/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 43,937 57,118 63,188 78,265 86,260 100,434 115,468 112,223
EBITDA 1 19,102 28,030 36,052 44,591 46,541 56,073 68,359 63,669
EBIT 1 10,069 18,325 25,310 29,176 32,151 42,540 59,851 57,534
Operating Margin 22.92% 32.08% 40.06% 37.28% 37.27% 42.36% 51.83% 51.27%
Earnings before Tax (EBT) 1 5,187 17,286 18,894 21,248 23,197 39,137 50,721 50,640
Net income 1 2,393 10,610 11,884 12,936 13,292 24,215 34,838 32,919
Net margin 5.45% 18.58% 18.81% 16.53% 15.41% 24.11% 30.17% 29.33%
EPS 2 2.962 11.89 13.31 14.56 14.93 27.82 40.59 39.01
Free Cash Flow 1 4,149 9,844 8,062 11,769 9,970 16,823 31,944 33,349
FCF margin 9.44% 17.23% 12.76% 15.04% 11.56% 16.75% 27.67% 29.72%
FCF Conversion (EBITDA) 21.72% 35.12% 22.36% 26.39% 21.42% 30% 46.73% 52.38%
FCF Conversion (Net income) 173.39% 92.77% 67.84% 90.98% 75.01% 69.47% 91.69% 101.3%
Dividend per Share 2 1.000 4.800 4.700 7.450 7.450 10.25 13.83 13.48
Announcement Date 2/12/20 2/18/21 2/17/22 2/22/23 2/21/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q2 2022 S1 2022 S2 2023 S1 2023 S2 2024 Q1 2024 S1
Net sales 23,524 30,366 31,373 29,665 - 33,311 - 37,868 37,454 43,216 42,825 - 43,608
EBITDA - - - - 9,213 18,831 9,978 - 21,223 24,589 21,826 - -
EBIT - 11,618 - - - 12,876 - 37,477 - - - - -
Operating Margin - 38.26% - - - 38.65% - 98.97% - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - 2,680 - - - 6,049 - - 3,663 8,648 - - -
Net margin - 8.83% - - - 18.16% - - 9.78% 20.01% - - -
EPS 1.629 - 9.245 - - - - - - - - - -
Dividend per Share - 1.600 3.200 - - - - 3.000 - - - - -
Announcement Date 2/12/20 8/20/20 2/18/21 8/19/21 2/17/22 2/17/22 8/25/22 8/25/22 2/22/23 8/17/23 2/21/24 - -
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 19,709 15,636 14,487 12,855 19,630 8,348 - -
Net Cash position 1 - - - - - - 15,407 38,169
Leverage (Debt/EBITDA) 1.032 x 0.5578 x 0.4018 x 0.2883 x 0.4218 x 0.1489 x - -
Free Cash Flow 1 4,149 9,844 8,062 11,769 9,970 16,823 31,944 33,349
ROE (net income / shareholders' equity) 6.03% 22.4% 23.3% 25.9% 19.3% 24.1% 27.6% 20.7%
ROA (Net income/ Total Assets) 2.59% 10.4% 12% 14.4% 10.8% 14.2% 19.4% 14.5%
Assets 1 92,336 102,088 98,954 89,534 123,542 170,409 179,444 227,342
Book Value Per Share 2 49.70 60.70 67.00 86.20 96.00 112.0 137.0 159.0
Cash Flow per Share 2 16.00 20.90 26.90 35.10 33.70 41.10 42.70 47.70
Capex 1 9,070 8,537 15,850 19,523 20,214 21,805 16,928 15,774
Capex / Sales 20.64% 14.95% 25.08% 24.94% 23.43% 21.71% 14.66% 14.06%
Announcement Date 2/12/20 2/18/21 2/17/22 2/22/23 2/21/24 - - -
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
7
Last Close Price
285 ZAR
Average target price
294.1 ZAR
Spread / Average Target
+3.17%
Consensus

Quarterly revenue - Rate of surprise

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