Projected Income Statement: Harmony Gold Mining Company Limited

Forecast Balance Sheet: Harmony Gold Mining Company Limited

Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 1,361 542 757 2,828 -2,899 -14,846 -30,059 -51,203
Change - -60.18% 39.67% 273.58% -202.51% -412.11% -102.47% -70.34%
Announcement Date 15/09/20 31/08/21 30/08/22 29/08/23 04/09/24 - - -
1ZAR in Million
Estimates

Cash Flow Forecast: Harmony Gold Mining Company Limited

Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 3,610 5,142 6,214 7,640 8,398 10,526 10,892 9,997
Change - 42.44% 20.85% 22.95% 9.92% 25.34% 3.48% -8.22%
Free Cash Flow (FCF) 1 1,113 4,037 710 2,308 7,252 2,069 12,016 26,873
Change - 262.71% -82.41% 225.07% 214.21% -71.47% 480.84% 123.65%
Announcement Date 15/09/20 31/08/21 30/08/22 29/08/23 04/09/24 - - -
1ZAR in Million
Estimates

Forecast Financial Ratios: Harmony Gold Mining Company Limited

Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 24.61% 26.31% 17.26% 21.41% 26.59% 40.4% 48.27% 46.28%
EBIT Margin (%) 12.61% 16.98% 8.62% 14.4% 19.02% 31.98% 43.47% 39.83%
EBT Margin (%) -2.03% 16.16% -2.48% 13.41% 19.18% 32.36% 41.55% 33.95%
Net margin (%) -3% 13.31% -2.47% 9.78% 13.99% 6.87% 35.69% 40.28%
FCF margin (%) 3.81% 9.67% 1.66% 4.68% 11.82% 2.78% 13.29% 29.59%
FCF / Net Income (%) -126.77% 72.7% -67.49% 47.88% 84.45% 40.4% 37.24% 73.46%

Profitability

        
ROA - 11.84% 6.39% 9.5% 19.5% 22.5% 31.1% 25.8%
ROE -3.82% 20.27% 9.98% 15.25% 30.38% 10.75% 40.54% 29.44%

Financial Health

        
Leverage (Debt/EBITDA) 0.19x 0.05x 0.1x 0.27x - - - -
Debt / Free cash flow 1.22x 0.13x 1.07x 1.23x - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 12.34% 12.32% 14.57% 15.5% 13.68% 14.12% 12.05% 11.01%
CAPEX / EBITDA (%) 50.16% 46.84% 84.42% 72.43% 51.46% 34.95% 24.96% 23.78%
CAPEX / FCF (%) 324.35% 127.37% 875.21% 331.02% 115.8% 508.84% 90.65% 37.2%

Items per share

        
Cash flow per share 1 8.634 14.9 11.26 16.1 24.84 51.96 51.78 44.73
Change - 72.58% -24.44% 42.98% 54.31% 109.19% -0.36% -13.61%
Dividend per Share 1 - 1.37 0.62 0.75 2.41 2.002 7.562 7.727
Change - - -54.74% 20.97% 221.33% -16.92% 277.67% 2.19%
Book Value Per Share 1 43.68 52.36 49.08 56.06 64.72 75.4 126.7 162.2
Change - 19.86% -6.26% 14.21% 15.45% 16.5% 68.04% 27.98%
EPS 1 -1.64 9.01 -1.72 7.8 13.86 13.48 45.6 46.08
Change - 649.39% -119.09% 553.49% 77.69% -2.72% 238.23% 1.06%
Nbr of stocks (in thousands) 6,03,104 6,09,898 6,16,478 6,18,025 6,19,936 6,22,183 6,22,183 6,22,183
Announcement Date 15/09/20 31/08/21 30/08/22 29/08/23 04/09/24 - - -
1ZAR
Estimates
2025 *2026 *
P/E ratio 19.3x 5.71x
PBR 3.45x 2.05x
EV / Sales 1.97x 1.46x
Yield 1.83% 2.91%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
BB
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
6
Last Close Price
260.21ZAR
Average target price
55.57ZAR
Spread / Average Target
-78.64%
Consensus

Annual profits - Rate of surprise

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