Financials Harmony Gold Mining Company Limited

Equities

HAR

ZAE000015228

Gold

End-of-day quote Johannesburg S.E. 06:00:00 2024-07-04 pm EDT 5-day change 1st Jan Change
176.3 ZAR +2.05% Intraday chart for Harmony Gold Mining Company Limited +4.91% +47.42%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 17,132 43,339 32,178 32,038 48,978 109,295 - -
Enterprise Value (EV) 1 22,054 44,700 32,720 32,795 51,806 106,983 96,930 83,805
P/E ratio -6.37 x -43.8 x 5.86 x -30.2 x 10.2 x 8.96 x 6.65 x 6.14 x
Yield - - 2.6% 1.19% 0.95% 1.58% 2.24% 2.71%
Capitalization / Revenue 0.64 x 1.48 x 0.77 x 0.75 x 0.99 x 1.76 x 1.58 x 1.58 x
EV / Revenue 0.82 x 1.53 x 0.78 x 0.77 x 1.05 x 1.73 x 1.41 x 1.21 x
EV / EBITDA 4.06 x 6.21 x 2.98 x 4.46 x 4.91 x 5.16 x 3.58 x 3.09 x
EV / FCF -61.8 x 40.2 x 8.11 x 46.2 x 22.4 x 18.3 x 9.07 x 5.72 x
FCF Yield -1.62% 2.49% 12.3% 2.16% 4.46% 5.47% 11% 17.5%
Price to Book 0.74 x 1.64 x 1.01 x 1.06 x 1.41 x 2.43 x 1.85 x 1.48 x
Nbr of stocks (in thousands) 539,755 603,104 609,898 616,478 618,025 619,936 - -
Reference price 2 31.74 71.86 52.76 51.97 79.25 176.3 176.3 176.3
Announcement Date 8/20/19 9/15/20 8/31/21 8/30/22 8/29/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 26,912 29,245 41,733 42,645 49,275 61,993 68,972 69,288
EBITDA 1 5,430 7,197 10,978 7,361 10,548 20,734 27,068 27,141
EBIT 1 1,376 3,689 7,085 3,678 7,094 16,371 20,496 18,620
Operating Margin 5.11% 12.61% 16.98% 8.62% 14.4% 26.41% 29.72% 26.87%
Earnings before Tax (EBT) 1 -2,746 -595 6,743 -1,058 6,606 16,487 19,589 20,116
Net income 1 -2,607 -878 5,553 -1,052 4,820 11,512 17,220 20,017
Net margin -9.69% -3% 13.31% -2.47% 9.78% 18.57% 24.97% 28.89%
EPS 2 -4.980 -1.640 9.010 -1.720 7.800 19.67 26.52 28.73
Free Cash Flow 1 -357 1,113 4,037 710 2,308 5,847 10,690 14,661
FCF margin -1.33% 3.81% 9.67% 1.66% 4.68% 9.43% 15.5% 21.16%
FCF Conversion (EBITDA) - 15.46% 36.77% 9.65% 21.88% 28.2% 39.49% 54.02%
FCF Conversion (Net income) - - 72.7% - 47.88% 50.79% 62.08% 73.24%
Dividend per Share 2 - - 1.370 0.6200 0.7500 2.782 3.947 4.770
Announcement Date 8/20/19 9/15/20 8/31/21 8/30/22 8/29/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2021 S1 2022 S1 2022 S2 2023 S1 2024 S1
Net sales 15,477 21,588 21,951 - - -
EBITDA 1 4,111 6,780 3,624 - 4,410 9,950
EBIT 1 2,185 4,964 1,814 - - 7,569
Operating Margin 14.12% 22.99% 8.26% - - -
Earnings before Tax (EBT) - - - - - -
Net income - - 1,387 - - -
Net margin - - 6.32% - - -
EPS 2.400 - - - - -
Dividend per Share 2 - - 0.4000 0.2200 - 1.470
Announcement Date 2/11/20 2/23/21 2/28/22 8/30/22 - 2/28/24
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 4,922 1,361 542 757 2,828 - - -
Net Cash position 1 - - - - - 2,312 12,365 25,490
Leverage (Debt/EBITDA) 0.9064 x 0.1891 x 0.0494 x 0.1028 x 0.2681 x - - -
Free Cash Flow 1 -357 1,113 4,037 710 2,308 5,847 10,690 14,661
ROE (net income / shareholders' equity) 4.45% -3.82% 20.3% 9.98% 15.3% 29% 30.8% 24.8%
ROA (Net income/ Total Assets) 2.8% - 11.8% 6.39% 9.5% 19.5% 22.6% 19.7%
Assets 1 -93,159 - 46,909 -16,462 50,750 58,926 76,276 101,850
Book Value Per Share 2 43.20 43.70 52.40 49.10 56.10 72.70 95.40 119.0
Cash Flow per Share 2 8.780 8.630 14.90 11.30 16.10 27.30 27.40 30.70
Capex 1 5,036 3,610 5,142 6,214 7,640 9,030 9,211 6,661
Capex / Sales 18.71% 12.34% 12.32% 14.57% 15.5% 14.57% 13.35% 9.61%
Announcement Date 8/20/19 9/15/20 8/31/21 8/30/22 8/29/23 - - -
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
C
More Ratings
Sell
Consensus
Buy
Mean consensus
SELL
Number of Analysts
7
Last Close Price
176.3 ZAR
Average target price
132.4 ZAR
Spread / Average Target
-24.88%
Consensus

Quarterly revenue - Rate of surprise

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