Financials Gold Fields Limited

Equities

GFI

ZAE000018123

Gold

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
310.7 ^ZAR	-7.51%		-3.99%	+11.85%

Apr. 30	A flurry of corporate results ahead of the Fed's rate decision
Apr. 30	Gold Fields Limited Announces Chief Financial Officer Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	79,441	121,520	154,587	157,016	248,208	278,084	-	-
Enterprise Value (EV) ¹	99,150	137,156	169,075	169,872	267,838	287,361	261,494	238,564
P/E ratio	32.4 x	11.6 x	13.1 x	12.1 x	18.6 x	10.5 x	7.53 x	7.94 x
Yield	1.04%	3.49%	2.7%	4.23%	2.68%	3.53%	4.52%	4.53%
Capitalization / Revenue	1.81 x	2.13 x	2.45 x	2.01 x	2.88 x	2.66 x	2.3 x	2.38 x
EV / Revenue	2.26 x	2.4 x	2.68 x	2.17 x	3.1 x	2.75 x	2.16 x	2.05 x
EV / EBITDA	5.19 x	4.89 x	4.69 x	3.81 x	5.75 x	5 x	3.73 x	3.61 x
EV / FCF	23.9 x	13.9 x	21 x	14.4 x	26.9 x	15.4 x	7.63 x	5.58 x
FCF Yield	4.18%	7.18%	4.77%	6.93%	3.72%	6.5%	13.1%	17.9%
Price to Book	1.93 x	2.27 x	2.6 x	2.04 x	2.89 x	2.71 x	2.23 x	1.92 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	310.7	310.7	310.7
Announcement Date	2/12/20	2/18/21	2/17/22	2/22/23	2/21/24	-	-	-

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	104,353	120,883	116,626
EBITDA ¹	19,102	28,030	36,052	44,591	46,541	57,450	70,178	66,129
EBIT ¹	10,069	18,325	25,310	29,176	32,151	47,077	64,726	63,092
Operating Margin	22.92%	32.08%	40.06%	37.28%	37.27%	45.11%	53.54%	54.1%
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	27,124	40,000	37,687
Net margin	5.45%	18.58%	18.81%	16.53%	15.41%	25.99%	33.09%	32.31%
EPS ²	2.962	11.89	13.31	14.56	14.93	29.51	41.28	39.11
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%	28.37%	36.68%
FCF Conversion (EBITDA)	21.72%	35.12%	22.36%	26.39%	21.42%	32.5%	48.87%	64.69%
FCF Conversion (Net income)	173.39%	92.77%	67.84%	90.98%	75.01%	68.83%	85.73%	113.52%
Dividend per Share ²	1.000	4.800	4.700	7.450	7.450	10.98	14.05	14.06
Announcement Date	2/12/20	2/18/21	2/17/22	2/22/23	2/21/24	-	-	-

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	2/12/20	8/20/20	2/18/21	8/19/21	2/17/22	2/17/22	8/25/22	8/25/22	2/22/23	8/17/23	2/21/24	-

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	-	-	-	-	-	-	16,534	39,387
Leverage (Debt/EBITDA)	1.032 x	0.5578 x	0.4018 x	0.2883 x	0.4218 x	0.1618 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	176,418	187,271	258,207
Book Value Per Share ²	49.70	60.70	67.00	86.20	96.00	114.0	139.0	161.0
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	22,273	17,288	15,908
Capex / Sales	20.64%	14.95%	25.08%	24.94%	23.43%	21.38%	14.32%	13.66%
Announcement Date	2/12/20	2/18/21	2/17/22	2/22/23	2/21/24	-	-	-

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

Ratings for Gold Fields Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

310.7 ZAR

Average target price

284.1 ZAR

Spread / Average Target

-8.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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