Financials Gold Fields Limited

Equities

GFI

ZAE000018123

Gold

End-of-day quote Johannesburg S.E. 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
328.1 ZAR +0.22% Intraday chart for Gold Fields Limited -3.88% +18.12%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 79,441 121,520 154,587 157,016 248,208 293,657 - -
Enterprise Value (EV) 1 99,150 137,156 169,075 169,872 267,838 302,934 277,056 254,111
P/E ratio 32.4 x 11.6 x 13.1 x 12.1 x 18.6 x 11.1 x 7.95 x 8.39 x
Yield 1.04% 3.49% 2.7% 4.23% 2.68% 3.35% 4.28% 4.29%
Capitalization / Revenue 1.81 x 2.13 x 2.45 x 2.01 x 2.88 x 2.81 x 2.43 x 2.52 x
EV / Revenue 2.26 x 2.4 x 2.68 x 2.17 x 3.1 x 2.9 x 2.29 x 2.18 x
EV / EBITDA 5.19 x 4.89 x 4.69 x 3.81 x 5.75 x 5.27 x 3.95 x 3.84 x
EV / FCF 23.9 x 13.9 x 21 x 14.4 x 26.9 x 16.2 x 8.08 x 5.94 x
FCF Yield 4.18% 7.18% 4.77% 6.93% 3.72% 6.16% 12.4% 16.8%
Price to Book 1.93 x 2.27 x 2.6 x 2.04 x 2.89 x 2.87 x 2.35 x 2.03 x
Nbr of stocks (in thousands) 828,633 883,334 887,717 891,379 893,541 895,024 - -
Reference price 2 95.87 137.6 174.1 176.2 277.8 328.1 328.1 328.1
Announcement Date 12/02/20 18/02/21 17/02/22 22/02/23 21/02/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 43,937 57,118 63,188 78,265 86,260 104,385 120,920 116,662
EBITDA 1 19,102 28,030 36,052 44,591 46,541 57,473 70,206 66,156
EBIT 1 10,069 18,325 25,310 29,176 32,151 47,106 64,763 63,126
Operating Margin 22.92% 32.08% 40.06% 37.28% 37.27% 45.13% 53.56% 54.11%
Earnings before Tax (EBT) 1 5,187 17,286 18,894 21,248 23,197 43,218 58,634 58,758
Net income 1 2,393 10,610 11,884 12,936 13,292 27,141 40,023 37,708
Net margin 5.45% 18.58% 18.81% 16.53% 15.41% 26% 33.1% 32.32%
EPS 2 2.962 11.89 13.31 14.56 14.93 29.52 41.30 39.13
Free Cash Flow 1 4,149 9,844 8,062 11,769 9,970 18,671 34,294 42,781
FCF margin 9.44% 17.23% 12.76% 15.04% 11.56% 17.89% 28.36% 36.67%
FCF Conversion (EBITDA) 21.72% 35.12% 22.36% 26.39% 21.42% 32.49% 48.85% 64.67%
FCF Conversion (Net income) 173.39% 92.77% 67.84% 90.98% 75.01% 68.79% 85.69% 113.45%
Dividend per Share 2 1.000 4.800 4.700 7.450 7.450 10.98 14.06 14.07
Announcement Date 12/02/20 18/02/21 17/02/22 22/02/23 21/02/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q2 2022 S1 2022 S2 2023 S1 2023 S2 2024 Q1
Net sales 23,524 30,366 31,373 29,665 - 33,311 - 37,868 37,454 43,216 42,825 -
EBITDA - - - - 9,213 18,831 9,978 - 21,223 24,589 21,826 -
EBIT - 11,618 - - - 12,876 - 37,477 - - - -
Operating Margin - 38.26% - - - 38.65% - 98.97% - - - -
Earnings before Tax (EBT) - - - - - - - - - - - -
Net income - 2,680 - - - 6,049 - - 3,663 8,648 - -
Net margin - 8.83% - - - 18.16% - - 9.78% 20.01% - -
EPS 1.629 - 9.245 - - - - - - - - -
Dividend per Share - 1.600 3.200 - - - - 3.000 - - - -
Announcement Date 12/02/20 20/08/20 18/02/21 19/08/21 17/02/22 17/02/22 25/08/22 25/08/22 22/02/23 17/08/23 21/02/24 -
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 19,709 15,636 14,487 12,855 19,630 9,277 - -
Net Cash position 1 - - - - - - 16,602 39,547
Leverage (Debt/EBITDA) 1.032 x 0.5578 x 0.4018 x 0.2883 x 0.4218 x 0.1614 x - -
Free Cash Flow 1 4,149 9,844 8,062 11,769 9,970 18,671 34,294 42,781
ROE (net income / shareholders' equity) 6.03% 22.4% 23.3% 25.9% 19.3% 25.9% 27.5% 22.3%
ROA (Net income/ Total Assets) 2.59% 10.4% 12% 14.4% 10.8% 15.3% 21.3% 14.6%
Assets 1 92,336 102,088 98,954 89,534 123,542 177,094 187,908 259,071
Book Value Per Share 2 49.70 60.70 67.00 86.20 96.00 115.0 140.0 162.0
Cash Flow per Share 2 16.00 20.90 26.90 35.10 33.70 41.10 42.70 47.70
Capex 1 9,070 8,537 15,850 19,523 20,214 22,308 17,327 15,952
Capex / Sales 20.64% 14.95% 25.08% 24.94% 23.43% 21.37% 14.33% 13.67%
Announcement Date 12/02/20 18/02/21 17/02/22 22/02/23 21/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
6
Last Close Price
328.1 ZAR
Average target price
284.8 ZAR
Spread / Average Target
-13.20%
Consensus

Quarterly revenue - Rate of surprise

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