Financials Pan African Resources PLC Johannesburg S.E.

Equities

PAN

GB0004300496

Gold

End-of-day quote Johannesburg S.E. Other stock markets 18:00:00 2024-07-04 EDT			5-day change	1st Jan Change
6.3 ^ZAR	0.00%		+4.13%	+54.03%

06-27	Berenberg cuts Anglo American and Rio Tinto	AN
06-04	Pan African Resources inks five-year wage deal at Barberton	AN

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	192.8	338.4	332.4	397.7	239.9	518.4	-	-
Enterprise Value (EV) ¹	296.9	397.2	360.6	409	257.6	586.1	544.6	402.2
P/E ratio	6.33 x	9.81 x	6.17 x	6.13 x	4.9 x	7.35 x	4.91 x	3.82 x
Yield	1.27%	3.73%	5.31%	4.35%	6.11%	2.94%	3.97%	4.65%
Capitalization / Revenue	1.11 x	1.59 x	1.25 x	1.22 x	0.93 x	1.66 x	1.38 x	1.15 x
EV / Revenue	1.7 x	1.87 x	1.35 x	1.25 x	1 x	1.88 x	1.45 x	0.9 x
EV / EBITDA	6.53 x	5.9 x	3.47 x	3.41 x	2.79 x	4.5 x	3.09 x	1.91 x
EV / FCF	-26.3 x	-	13.2 x	17.2 x	-25.6 x	-17.4 x	6.11 x	2.82 x
FCF Yield	-3.8%	-	7.57%	5.8%	-3.91%	-5.74%	16.4%	35.5%
Price to Book	-	-	1.62 x	1.55 x	1.02 x	1.73 x	1.33 x	1.02 x
Nbr of stocks (in thousands)	1,928,329	1,928,329	1,928,329	1,916,504	1,916,504	1,916,504	-	-
Reference price ²	0.1000	0.1755	0.1724	0.2075	0.1252	0.2705	0.2705	0.2705
Announcement Date	9/18/19	9/16/20	9/15/21	9/14/22	9/13/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	174.2	212.9	266.4	326.6	257.7	311.6	374.7	449.2
EBITDA ¹	45.5	67.27	104.1	120	92.15	130.3	176.3	210.8
EBIT ¹	32.5	50.55	92.42	96.42	75.41	107.9	156.9	220.4
Operating Margin	18.65%	23.75%	34.7%	29.52%	29.26%	34.64%	41.88%	49.07%
Earnings before Tax (EBT) ¹	37.03	40.59	75.7	92.75	68.55	98.34	145.4	194.8
Net income ¹	30.45	34.45	53.94	65.09	48.99	69.62	104.2	150.7
Net margin	17.48%	16.19%	20.25%	19.93%	19.01%	22.35%	27.8%	33.54%
EPS ²	0.0158	0.0179	0.0279	0.0338	0.0256	0.0368	0.0551	0.0708
Free Cash Flow ¹	-11.29	-	27.29	23.71	-10.07	-33.63	89.07	142.6
FCF margin	-6.48%	-	10.25%	7.26%	-3.91%	-10.79%	23.77%	31.74%
FCF Conversion (EBITDA)	-	-	26.23%	19.76%	-	-	50.51%	67.64%
FCF Conversion (Net income)	-	-	50.6%	36.43%	-	-	85.51%	94.64%
Dividend per Share ²	0.001270	0.006550	0.009150	0.009030	0.007650	0.007940	0.0108	0.0126
Announcement Date	9/18/19	9/16/20	9/15/21	9/14/22	9/13/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	102	109.7	132.1	133.7	143	158.6	129.7	132.1	154.5	151.8
EBITDA ¹	-	-	-	-	-	-	-	-	-	60.21
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	19.43	-	32.36	-	-	-	37.25	-	-
Net income ¹	-	17.41	-	24.5	-	25.12	-	25.66	33.93	31.72
Net margin	-	15.87%	-	18.32%	-	15.84%	-	19.42%	21.95%	20.9%
EPS ²	0.008750	0.009020	0.0152	0.0127	-	-	-	0.0134	0.0177	0.0180
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/18/20	9/16/20	2/16/21	9/15/21	2/16/22	9/14/22	2/10/23	9/13/23	2/14/24	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	104	58.8	28.2	11.3	17.6	67.6	26.2	-
Net Cash position ¹	-	-	-	-	-	-	-	116
Leverage (Debt/EBITDA)	2.287 x	0.8739 x	0.2706 x	0.094 x	0.191 x	0.5191 x	0.1487 x	-
Free Cash Flow ¹	-11.3	-	27.3	23.7	-10.1	-33.6	89.1	143
ROE (net income / shareholders' equity)	20.7%	24.1%	-	26%	20.7%	19.8%	20.1%	22.5%
ROA (Net income/ Total Assets)	9.68%	-	17.5%	16%	12.8%	14%	19%	20%
Assets ¹	314.6	-	307.5	407.2	383.8	497.3	548.2	753.3
Book Value Per Share ²	-	-	0.1100	0.1300	0.1200	0.1600	0.2000	0.2700
Cash Flow per Share ²	0.0200	0.0200	0.0300	0.0500	0.0400	0.0500	0.0700	0.0800
Capex ¹	42.1	27	32.1	71.8	90.2	123	59.1	34.6
Capex / Sales	24.17%	12.69%	12.05%	21.97%	35%	39.35%	15.77%	7.71%
Announcement Date	9/18/19	9/16/20	9/15/21	9/14/22	9/13/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pan African Resources PLC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.2705 GBP

Average target price

0.3225 GBP

Spread / Average Target

+19.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Gold Mining

	1st Jan change	Capi.
NEWMONT CORPORATION	+7.54%	51.22B
AGNICO EAGLE MINES LIMITED	+27.26%	34.85B
BARRICK GOLD CORPORATION	-0.67%	30.63B
WHEATON PRECIOUS METALS CORP.	+16.34%	25.32B
ANGLOGOLD ASHANTI PLC	+54.25%	12.03B
KINROSS GOLD CORPORATION	+43.89%	10.41B
NORTHERN STAR RESOURCES LIMITED	-6.08%	9.93B
POLYUS	-.--%	8.97B
ROYAL GOLD, INC.	+8.30%	8.61B

Gold Mining