Caledonia Mining (CMCL)

Business description

Caledonia Mining mines gold at its main operating asset, the 49%-owned Blanket gold mine in southern Zimbabwe. It is also progressing its understanding of a number of promising satellite projects close to Blanket.

Stock data

Market cap.£45.8m
Last close432.50p
High / Low (52 weeks)143.0p / 69.0p
Stock market listingLN, CN
Forecast net cash (US$m)10.5
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(7.5)(12.6)(38.9)
Relative *(10.5)(13.3)(43.5)

* % Relative to local index

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Company news

Investment summary

Record production was recorded for Q317 at the Blanket gold mine in Zimbabwe. Approximately 14,839oz of Au was produced, a 15% q-o-q increase and a 7% increase from the same period a year before. As a result of very strong quarterly production, the company has narrowed its end-year production guidance range from 52-57koz Au to 54-56koz. This Q317 production record follows three quarters on from the previous record set in Q416 and, in our view, demonstrates the company’s increasing flexibility in its gold mining operation as it looks to ramp up production to 80koz Au produced by 2021, alongside a commensurate reduction in operating expenditures as it realises economies of scale.

Last updated on 02/11/2017

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 49.0 9.0 5.1 40.0 14.3 7.3
2016A 62.0 23.3 19.6 106.9 5.4 2.4
2017E 67.6 23.8 20.4 135.6 4.2 2.7
2018E 78.7 29.8 24.9 147.1 3.9 2.3

Last updated on 24/10/2017

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Our valuation of CMCL's shares reflects its last audited accounts (for H117), leading to a valuation of 933p for successful implementation and operation of the Blanket IP.

Last updated on 02/11/2017

Key management

Leigh Alan Wilson, Chairman
Steve Curtis, CEO
Mark Learmonth, CFO
Maurice Mason , Head of IR

Company address

Suite 4009
1 King Street West
Toronto
Ontario
M5H 1A1
Canada
+1 (416) 369-9835
View website