Projected Income Statement: Harmony Gold Mining Company Limited

Forecast Balance Sheet: Harmony Gold Mining Company Limited

Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 542 757 2,828 -2,899 -11,148 -14,075 -38,461 -64,351
Change - 39.67% 273.58% -202.51% -284.55% -26.26% -173.26% -67.31%
Announcement Date 31/08/21 30/08/22 29/08/23 04/09/24 28/08/25 - - -
1ZAR in Million
Estimates

Cash Flow Forecast: Harmony Gold Mining Company Limited

Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 5,142 6,214 7,640 8,398 11,855 14,216 16,535 17,260
Change - 20.85% 22.95% 9.92% 41.16% 19.91% 16.32% 4.39%
Free Cash Flow (FCF) 1 4,037 710 2,308 7,252 10,792 18,952 25,284 57,016
Change - -82.41% 225.07% 214.21% 48.81% 75.61% 33.41% 125.5%
Announcement Date 31/08/21 30/08/22 29/08/23 04/09/24 28/08/25 - - -
1ZAR in Million
Estimates

Forecast Financial Ratios: Harmony Gold Mining Company Limited

Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 26.31% 17.26% 21.41% 26.59% 34.1% 50.47% 52.97% 49.58%
EBIT Margin (%) 16.98% 8.62% 14.4% 19.02% 27.55% 44% 46.79% 43.29%
EBT Margin (%) 16.16% -2.48% 13.41% 19.18% 28.7% 43.78% 42.63% 37.63%
Net margin (%) 13.31% -2.47% 9.78% 13.99% 19.47% 32.3% 36.27% 34.32%
FCF margin (%) 9.67% 1.66% 4.68% 11.82% 14.6% 18.53% 20.27% 45.85%
FCF / Net Income (%) 72.7% -67.49% 47.88% 84.45% 75.03% 57.39% 55.89% 133.61%

Profitability

        
ROA 11.84% 6.39% 9.5% 19.5% 21.07% 26.4% 30.7% 29.8%
ROE 20.27% 9.98% 15.25% 30.38% 32.65% 51.66% 44.7% 31.76%

Financial Health

        
Leverage (Debt/EBITDA) 0.05x 0.1x 0.27x - - - - -
Debt / Free cash flow 0.13x 1.07x 1.23x - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 12.32% 14.57% 15.5% 13.68% 16.04% 13.9% 13.26% 13.88%
CAPEX / EBITDA (%) 46.84% 84.42% 72.43% 51.46% 47.05% 27.54% 25.03% 28%
CAPEX / FCF (%) 127.37% 875.21% 331.02% 115.8% 109.85% 75.01% 65.4% 30.27%

Items per share

        
Cash flow per share 1 14.9 11.26 16.1 24.84 36 75.37 80.33 87.66
Change - -24.44% 42.98% 54.31% 44.95% 109.34% 6.57% 9.13%
Dividend per Share 1 1.37 0.62 0.75 2.41 3.82 8.271 11.58 14.48
Change - -54.74% 20.97% 221.33% 58.51% 116.53% 39.99% 25.07%
Book Value Per Share 1 52.36 49.08 56.06 64.72 77.55 126.5 176.6 219.6
Change - -6.26% 14.21% 15.45% 19.82% 63.13% 39.61% 24.34%
EPS 1 9.01 -1.72 7.8 13.86 23.13 55.55 72.87 69.98
Change - -119.09% 553.49% 77.69% 66.88% 140.14% 31.18% -3.96%
Nbr of stocks (in thousands) 6,09,898 6,16,478 6,18,025 6,19,936 6,22,183 6,22,552 6,22,552 6,22,552
Announcement Date 31/08/21 30/08/22 29/08/23 04/09/24 28/08/25 - - -
1ZAR
Estimates
2026 *2027 *
P/E ratio 5.9x 4.5x
PBR 2.59x 1.85x
EV / Sales 1.76x 1.24x
Yield 2.53% 3.53%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
BB
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
327.55ZAR
Average target price
430.00ZAR
Spread / Average Target
+31.28%

Annual profits - Rate of surprise

  1. Stock Market
  2. Equities
  3. HAR Stock
  4. Financials Harmony Gold Mining Company Limited