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
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
200.9 ZAR +5.76% Intraday chart for African Rainbow Minerals Limited +1.72% +0.44%
Mar. 08 Transcript : African Rainbow Minerals Limited, Q2 2024 Earnings Call, Mar 08, 2024
Mar. 08 African Rainbow Minerals Limited Reports Earnings Results for the Half Year Ended December 31, 2023 CI

Valuation

Fiscal Period: Giugno 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 35,223 33,029 50,001 41,906 39,017 39,385 - -
Enterprise Value (EV) 1 32,622 27,930 41,799 30,731 29,238 31,407 30,925 30,230
P/E ratio 10 x 8.41 x 3.99 x 3.37 x 4.84 x 6.35 x 5.08 x 5.53 x
Yield 7.14% 7.09% 7.83% 15% 13.1% 8.53% 9.49% 8.44%
Capitalization / Revenue 3.67 x 2.67 x 2.33 x 2.48 x 2.66 x 2.96 x 2.17 x 2.03 x
EV / Revenue 3.4 x 2.25 x 1.95 x 1.82 x 1.99 x 2.36 x 1.7 x 1.56 x
EV / EBITDA 22.1 x 7.12 x 3.42 x 3.47 x 5.02 x 11.9 x 5.99 x 5.67 x
EV / FCF - 9.24 x - - 3.18 x 11.8 x 7.72 x 6.06 x
FCF Yield - 10.8% - - 31.5% 8.46% 12.9% 16.5%
Price to Book 1.27 x 1.04 x 1.25 x 0.91 x 0.91 x 0.81 x 0.75 x 0.72 x
Nbr of stocks (in thousands) 193,352 195,264 195,815 196,053 196,053 196,053 - -
Reference price 2 182.2 169.2 255.4 213.8 199.0 200.9 200.9 200.9
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: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,595 12,386 21,457 16,917 14,662 13,293 18,167 19,401
EBITDA 1 1,476 3,923 12,227 8,854 5,829 2,641 5,165 5,328
EBIT 1 784 3,271 11,418 8,001 4,951 2,323 4,134 4,133
Operating Margin 8.17% 26.41% 53.21% 47.3% 33.77% 17.47% 22.76% 21.3%
Earnings before Tax (EBT) 1 4,096 6,110 18,805 17,100 11,153 7,739 9,549 9,139
Net income 1 3,554 3,965 12,626 12,426 8,078 7,069 7,200 6,445
Net margin 37.04% 32.01% 58.84% 73.45% 55.09% 53.18% 39.63% 33.22%
EPS 2 18.15 20.11 63.99 63.38 41.11 31.61 39.52 36.31
Free Cash Flow 1 - 3,024 - - 9,199 2,658 4,004 4,990
FCF margin - 24.41% - - 62.74% 20% 22.04% 25.72%
FCF Conversion (EBITDA) - 77.08% - - 157.81% 100.65% 77.53% 93.67%
FCF Conversion (Net income) - 76.27% - - 113.88% 37.61% 55.62% 77.44%
Dividend per Share 2 13.00 12.00 20.00 32.00 26.00 17.14 19.07 16.96
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 7,978 8,460 9,155
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% 11.5% 14.1% 11.2%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 144.0 163.0 204.0 236.0 219.0 249.0 268.0 280.0
Cash Flow per Share 2 14.70 19.40 27.20 24.40 69.50 44.30 58.10 39.10
Capex 1 931 805 1,657 2,202 4,456 5,602 3,798 2,847
Capex / Sales 9.7% 6.5% 7.72% 13.02% 30.39% 42.14% 20.91% 14.67%
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
200.9 ZAR
Average target price
195.2 ZAR
Spread / Average Target
-2.85%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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