Valuation Harmony Gold Mining Company Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 13/03/2026			5-day change	1st Jan Change
256.90 ^ZAR	-5.43%		-19.24%	-23.79%

11/03	Harmony Gold Mining Company Limited, H1 2026 Earnings Call, Mar 11, 2026
11/03	Harmony Gold Mining Company Limited Reports Earnings Results for the Half Year Ended December 31, 2025	CI

Data adjusted to current consolidation scope

Fiscal Period: June	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	32,178	32,038	48,978	1,04,180	1,52,317	1,60,520	-	-
Change	-	-0.43%	52.87%	112.71%	46.21%	5.39%	-	-
Enterprise Value (EV) ¹	32,720	32,795	51,806	1,01,281	1,41,169	1,45,465	1,21,015	92,266
Change	-	0.23%	57.97%	95.5%	39.38%	3.04%	-16.81%	-23.76%
P/E ratio	5.86x	-30.2x	10.2x	12.1x	10.6x	5.99x	3.53x	3.67x
PBR	1.01x	1.06x	1.41x	2.6x	3.16x	2.41x	1.55x	1.26x
PEG	-	0x	-0x	0.2x	0.2x	0.1x	0.1x	-0.93x
Capitalization / Revenue	0.77x	0.75x	0.99x	1.7x	2.06x	1.66x	1.29x	1.29x
EV / Revenue	0.78x	0.77x	1.05x	1.65x	1.91x	1.5x	0.97x	0.74x
EV / EBITDA	2.98x	4.46x	4.91x	6.21x	5.6x	3.25x	1.83x	1.5x
EV / EBIT	4.62x	8.92x	7.3x	8.67x	6.93x	3.77x	2.07x	1.73x
EV / FCF	8.11x	46.2x	22.4x	14x	13.1x	9.83x	4.59x	3.54x
FCF Yield	12.3%	2.16%	4.46%	7.16%	7.64%	10.2%	21.8%	28.3%
Dividend per Share ²	1.37	0.62	0.75	2.41	3.82	13.24	14.67	16.16
Rate of return	2.6%	1.19%	0.95%	1.43%	1.56%	5.15%	5.71%	6.29%
EPS ²	9.01	-1.72	7.8	13.86	23.13	42.88	72.87	69.98
Distribution rate	15.2%	-36%	9.62%	17.4%	16.5%	30.9%	20.1%	23.1%
Net sales ¹	41,733	42,645	49,275	61,379	73,896	96,801	1,24,707	1,24,272
EBITDA ¹	10,978	7,361	10,548	16,318	25,199	44,794	66,095	61,487
EBIT ¹	7,085	3,678	7,094	11,676	20,357	38,626	58,363	53,430
Net income ¹	5,553	-1,052	4,820	8,587	14,384	25,546	36,246	31,111
Net Debt ¹	542	757	2,828	-2,899	-11,148	-15,055	-39,505	-68,254
Reference price ²	52.76	51.97	79.25	168.05	244.81	256.90	256.90	256.90
Nbr of stocks (in thousands)	6,09,898	6,16,478	6,18,025	6,19,936	6,22,183	6,24,835	-	-
Announcement Date	31/08/21	30/08/22	29/08/23	04/09/24	28/08/25	-	-	-

¹ZAR in Million²ZAR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
HARMONY GOLD MINING COMPANY LIMITED	5.99x	1.5x	3.25x	5.15%	947.65Cr
ZIJIN GOLD INTERNATIONAL COMPANY LIMITED	44.05x	12.06x	20.45x	-	6.43TCr
FRANCO-NEVADA CORPORATION	27.63x	17.4x	18.97x	0.66%	4.85TCr
GOLD FIELDS LIMITED	8.15x	3.33x	4.51x	4.53%	4.12TCr
ZHONGJIN GOLD CORP.,LTD	26.83x	-	-	2.27%	2.16TCr
EVOLUTION MINING LIMITED	15.23x	4.56x	7.59x	3.34%	1.92TCr
TRIPLE FLAG PRECIOUS METALS CORP.	27.89x	14.65x	16.95x	0.64%	740.28Cr
RAMELIUS RESOURCES LIMITED	10.87x	5.85x	9.03x	2.13%	543.54Cr
PT ANEKA TAMBANG TBK	12.02x	0.91x	7.95x	3.78%	540.76Cr
Average	19.85x	7.53x	11.09x	2.81%	2.47TCr
Weighted average by Cap.	25.92x	9.97x	14.01x	2.64%