Stock data
| Market cap. | £34.6m |
| Last close | 67.00p |
| High / Low (52 weeks) | 93.8p / 46.2p |
| Stock market listing | AIM, TSX-V |
| Forecast net cash (C$m) | 34.9 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (9.5) | (17.5) | 41.1 |
| Relative * | (4.6) | (16.6) | 19.3 |
* % Relative to local index
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Investment summary
With gold currently trading at c US$1,375/oz, the spotlight is firmly on the companies that can operate sustainably at low costs. In this respect, Caledonia is centre stage with its 49%-owned Blanket gold mine in Zimbabwe. With cash costs under US$700/oz, q-o-q stable production, a dividend paid at least annually, and its indigenisation transaction successfully implemented, Caledonia has proved itself, via its quarterly production figures, as a consistent low-cost gold producer, albeit operating in a challenging political landscape.
Last updated on 05/06/2013
| Y/E Dec | Revenue (C$m) | EBITDA (C$m) | PBT (C$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2011A | 55.7 | 24.3 | 24.2 | 26.4 | 4.0 | 2.1 |
| 2012A | 75.2 | 35.2 | 35.1 | 39.5 | 2.7 | 1.3 |
| 2013E | 58.4 | 20.0 | 24.6 | 32.5 | 3.2 | 2.5 |
| 2014E | 79.8 | 36.1 | 40.9 | 51.3 | 2.1 | 1.4 |
Last updated on 31/05/2013
Latest research
Under US$700/oz, stable gold production
Update | Mining | 30/05/2013
Post-indigenisation growth
Update | Mining | 17/01/2013
Best quarterly production ever
Flash note | Mining | 14/11/2012
Hitting high grade
Flash note | Mining | 14/08/2012
Q112 results as expected
Flash note | Mining | 11/05/2012
Sixth quarterly increase
Update | Mining | 21/11/2011
Indigenisation update
Flash note | Mining | 02/09/2011
Q2/H1 results
Update | Mining | 12/08/2011
Solid gold base
Outlook | Mining | 25/07/2011
Latest webcasts
Industry outlook
Caledonia’s Q113 gold production was 10,472oz, 11% down on Q412 (11,821oz) due to an early Easter holiday shortening the reporting period to only 84 days and gold grade normalising to the LOM average closer to 3.8g/t (NB Q412 production was predicated on an above-LOM head grade, resulting in record gold production for this quarter). We value Caledonia’s shares at C$2.06 (133p) at a 2013 gold price of US$1,448/oz and a US$1,675/oz long-term gold price.
Last updated on 05/06/2013
Key management
| Carl Jonsson, Chairman |
| Stefan Hayden, CEO |
| Steve Curtis, CFO |
Company address
| Suite 1201 67 Yonge Street Toronto Ontario M5E 1J8 Canada +1 (416) 369-9835 View website |