Stock ARI AFRICAN RAINBOW MINERALS LIMITED
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Financials African Rainbow Minerals Limited

Equities

ARI

ZAE000054045

Specialty Mining & Metals

End-of-day quote Johannesburg S.E.
Other stock markets
 18:00:00 2024-06-27 EDT 		5-day change 1st Jan Change
227 ZAR +0.32% Intraday chart for African Rainbow Minerals Limited +0.50% +13.50%
06-03 Surge Copper Corp. announced that it expects to receive CAD 3.930474 million in funding from African Rainbow Minerals Limited CI
05-31 Surge Copper Closes $3.9 Million Sale of Shares to African Rainbow Minerals MT

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 35,223 33,029 50,001 41,906 39,017 44,504 - -
Enterprise Value (EV) 1 32,622 27,930 41,799 30,731 29,238 37,316 36,372 35,937
P/E ratio 10 x 8.41 x 3.99 x 3.37 x 4.84 x 10.8 x 4.24 x 6.22 x
Yield 7.14% 7.09% 7.83% 15% 13.1% 7.01% 9.17% 7.46%
Capitalization / Revenue 3.67 x 2.67 x 2.33 x 2.48 x 2.66 x 3.45 x 2.5 x 2.32 x
EV / Revenue 3.4 x 2.25 x 1.95 x 1.82 x 1.99 x 2.9 x 2.05 x 1.87 x
EV / EBITDA 22.1 x 7.12 x 3.42 x 3.47 x 5.02 x 16.2 x 7.56 x 6.95 x
EV / FCF - 9.24 x - - 3.18 x 14 x 9.08 x 7.2 x
FCF Yield - 10.8% - - 31.5% 7.12% 11% 13.9%
Price to Book 1.27 x 1.04 x 1.25 x 0.91 x 0.91 x 0.93 x 0.84 x 0.81 x
Nbr of stocks (in thousands) 193,352 195,264 195,815 196,053 196,053 196,053 - -
Reference price 2 182.2 169.2 255.4 213.8 199.0 227.0 227.0 227.0
Announcement Date 8/30/19 8/31/20 9/6/21 9/1/22 9/4/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,595 12,386 21,457 16,917 14,662 12,882 17,778 19,209
EBITDA 1 1,476 3,923 12,227 8,854 5,829 2,300 4,813 5,169
EBIT 1 784 3,271 11,418 8,001 4,951 2,010 3,952 4,074
Operating Margin 8.17% 26.41% 53.21% 47.3% 33.77% 15.6% 22.23% 21.21%
Earnings before Tax (EBT) 1 4,096 6,110 18,805 17,100 11,153 7,667 10,571 8,374
Net income 1 3,554 3,965 12,626 12,426 8,078 5,383 9,036 6,467
Net margin 37.04% 32.01% 58.84% 73.45% 55.09% 41.79% 50.83% 33.67%
EPS 2 18.15 20.11 63.99 63.38 41.11 20.93 53.54 36.49
Free Cash Flow 1 - 3,024 - - 9,199 2,658 4,004 4,990
FCF margin - 24.41% - - 62.74% 20.64% 22.53% 25.98%
FCF Conversion (EBITDA) - 77.08% - - 157.81% 115.59% 83.21% 96.55%
FCF Conversion (Net income) - 76.27% - - 113.88% 49.38% 44.32% 77.16%
Dividend per Share 2 13.00 12.00 20.00 32.00 26.00 15.91 20.83 16.93
Announcement Date 8/30/19 8/31/20 9/6/21 9/1/22 9/4/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1
Net sales 1 - - - - 12,851 9,374
EBITDA 1 2,403 5,089 7,138 - 5,517 4,175
EBIT 1 2,097 4,668 6,750 - 5,096 3,725
Operating Margin - - - - 39.65% 39.74%
Earnings before Tax (EBT) 1 3,069 7,417 11,388 - 11,393 6,639
Net income 1 1,833 4,868 7,758 3,893 8,533 4,387
Net margin - - - - 66.4% 46.8%
EPS 2 9.260 24.74 39.25 19.68 44.20 22.34
Dividend per Share 2 7.000 10.00 10.00 - 20.00 14.00
Announcement Date 8/31/20 3/3/21 9/6/21 3/3/22 9/1/22 1/30/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,601 5,099 8,202 11,175 9,779 7,188 8,132 8,567
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - 3,024 - - 9,199 2,659 4,005 4,991
ROE (net income / shareholders' equity) 19.3% 18.4% 34.9% 26.3% 18.8% 10.9% 16.1% 11.3%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 144.0 163.0 204.0 236.0 219.0 244.0 269.0 280.0
Cash Flow per Share 2 14.70 19.40 27.20 24.40 69.50 36.90 53.60 40.00
Capex 1 931 805 1,657 2,202 4,456 5,595 3,759 2,840
Capex / Sales 9.7% 6.5% 7.72% 13.02% 30.39% 43.43% 21.15% 14.78%
Announcement Date 8/30/19 8/31/20 9/6/21 9/1/22 9/4/23 - - -
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

Ratings for African Rainbow Minerals Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
227 ZAR
Average target price
218.5 ZAR
Spread / Average Target
-3.74%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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