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 -3,619 -15,912 -31,376
Change - 39.67% 273.58% -202.51% -284.55% 67.54% -339.68% -97.18%
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 19,502 22,139 19,324
Change - 20.85% 22.95% 9.92% 41.16% 64.5% 13.52% -12.71%
Free Cash Flow (FCF) 1 4,037 710 2,308 7,252 10,792 13,946 12,006 8,313
Change - -82.41% 225.07% 214.21% 48.81% 29.22% -13.91% -30.76%
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% 49.49% 52.1% 47.53%
EBIT Margin (%) 16.98% 8.62% 14.4% 19.02% 27.55% 42.7% 45.26% 42.72%
EBT Margin (%) 16.16% -2.48% 13.41% 19.18% 28.7% 41.79% 50.18% 51.26%
Net margin (%) 13.31% -2.47% 9.78% 13.99% 19.47% 27.79% 34.83% 34.07%
FCF margin (%) 9.67% 1.66% 4.68% 11.82% 14.6% 14.4% 10.2% 6.62%
FCF / Net Income (%) 72.7% -67.49% 47.88% 84.45% 75.03% 51.83% 29.29% 19.42%

Profitability

        
ROA 11.84% 6.39% 9.5% 19.5% 21.07% 21.2% 20.9% 15.4%
ROE 20.27% 9.98% 15.25% 30.38% 32.65% 46.61% 45.56% 34.99%

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% 20.14% 18.81% 15.38%
CAPEX / EBITDA (%) 46.84% 84.42% 72.43% 51.46% 47.05% 40.7% 36.1% 32.36%
CAPEX / FCF (%) 127.37% 875.21% 331.02% 115.8% 109.85% 139.84% 184.4% 232.46%

Items per share

        
Cash flow per share 1 14.9 11.26 16.1 24.84 36 68.38 80.18 87.66
Change - -24.44% 42.98% 54.31% 44.95% 89.91% 17.25% 9.33%
Dividend per Share 1 1.37 0.62 0.75 2.41 3.82 13.84 17.46 20.42
Change - -54.74% 20.97% 221.33% 58.51% 262.31% 26.16% 16.96%
Book Value Per Share 1 52.36 49.08 56.06 64.72 77.55 107.2 153.6 199.3
Change - -6.26% 14.21% 15.45% 19.82% 38.29% 43.24% 29.76%
EPS 1 9.01 -1.72 7.8 13.86 23.13 44.37 66.64 69.53
Change - -119.09% 553.49% 77.69% 66.88% 91.82% 50.2% 4.33%
Nbr of stocks (in thousands) 6,09,898 6,16,478 6,18,025 6,19,936 6,22,183 6,24,835 6,24,835 6,24,835
Announcement Date 31/08/21 30/08/22 29/08/23 04/09/24 28/08/25 - - -
1ZAR
Estimates
2026 *2027 *
P/E 5.39x 3.59x
PBR 2.23x 1.56x
EV / Sales 1.5x 1.13x
Yield 5.79% 7.31%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
239.00ZAR
Average target price
332.50ZAR
Spread / Average Target
+39.12%

Annual profits - Rate of surprise

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