Company Valuation: Sibanye Gold

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 137,893 126,574 70,481 42,402 171,249 117,299 - -
Change - -8.21% -44.32% -39.84% 303.87% -31.5% - -
Enterprise Value (EV) 1 128,180 123,545 85,931 68,418 197,975 139,938 134,895 130,208
Change - -3.62% -30.45% -20.38% 189.36% -29.32% -3.6% -3.48%
P/E 4.35x 6.88x -1.87x -5.81x -33.1x 4.91x 5.16x 5.87x
PBR 1.73x 1.44x 1.45x 0.96x 4.33x 2.14x 1.7x 1.52x
PEG - -0.2x 0x 0.1x 1.1x -0x -1.09x -0.5x
Capitalization / Revenue 0.8x 0.92x 0.62x 0.38x 1.32x 0.71x 0.64x 0.68x
EV / Revenue 0.74x 0.89x 0.76x 0.61x 1.53x 0.85x 0.74x 0.75x
EV / EBITDA 1.87x 3.01x 4.18x 5.23x 5.24x 2.54x 2.3x 2.29x
EV / EBIT 2.14x 3.65x 8.24x 16.8x 6.96x 3x 2.74x 2.76x
EV / FCF 6.57x 13x -8.09x -5.97x 180x 5.9x 5.86x 5.55x
FCF Yield 15.2% 7.7% -12.4% -16.7% 0.56% 17% 17.1% 18%
Dividend per Share 2 4.79 2.6 0.53 - 1.31 3.503 5.477 3.742
Rate of return 9.76% 5.81% 2.13% - 2.17% 8.45% 13.2% 9.03%
EPS 2 11.29 6.5 -13.34 -2.58 -1.83 8.439 8.038 7.054
Distribution rate 42.4% 40% -3.97% - -71.6% 41.5% 68.1% 53%
Net sales 1 172,194 138,288 113,684 112,129 129,677 165,443 182,212 173,312
EBITDA 1 68,606 41,111 20,556 13,088 37,800 55,144 58,666 56,788
EBIT 1 59,930 33,806 10,431 4,063 28,433 46,688 49,175 47,113
Net income 1 33,054 18,396 -37,772 -7,297 -5,171 28,752 31,761 33,005
Net Debt 1 -9,713 -3,029 15,450 26,016 26,726 22,639 17,597 12,909
Reference price 2 49.10 44.72 24.90 14.98 60.50 41.44 41.44 41.44
Nbr of stocks (in thousands) 2,808,406 2,830,370 2,830,567 2,830,567 2,830,567 2,830,567 - -
Announcement Date 3/3/22 2/28/23 3/5/24 2/21/25 2/20/26 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.06x1.14x4.83x10.3% 10.69B
4.91x0.85x2.54x8.45% 7.13B
20.48x - - - 2.21B
17.28x2.79x11.34x1.3% 1.72B
-917.1x67.19x98.36x - 1.66B
17.66x4.51x9.24x - 1.09B
8.36x9.88x8.31x1.1% 351M
Average -120.34x 14.39x 22.44x 5.29% 3.55B
Weighted average by Cap. -53.43x 6.32x 11.74x 8.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield