Caledonia Mining (CMCL)

Business description

Caledonia Mining mines gold at its main operating asset, the 49%-owned Blanket gold mine, in southern Zimbabwe.

Share price chart

Share chart

Stock data

Market cap.£22.7m
Last close43.50p
High / Low (52 weeks)61.0p / 35.5p
Stock market listingLN, CN
Forecast net cash (C$m)21.4
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual13.01.2(4.4)
Relative *9.0(6.6)(11.5)

* % Relative to local index

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Company news

PEG Ratio (5 yr expected):

Mon, 31 Mar 2014 01:29:58 GMT

Caledonia Mining Corporation: Share purchase

Mon, 26 Jan 2015 07:07:30 GMT

Caledonia Mining Corporation: Update on Implementation of the Revised ...

Fri, 27 Feb 2015 06:56:15 GMT

Caledonia Mining Corporation: Fidelity Amend their Pricing and Payment terms ...

Fri, 06 Feb 2015 13:52:30 GMT

Caledonia Mining Corporation: Revised Investment Plan and Production ...

Mon, 03 Nov 2014 06:56:15 GMT

Investment summary

Caledonia’s FY14 results reflect a challenging period for the Blanket mine. Subdued grades and limitations imposed by infrastructure have led the company to re-invigorate the operation via a substantial US$70m investment programme (funded from cash-flow). This investment has already started, with the goal to lift production to 70-75koz by 2021, and provide for greater flexibility in mining at Blanket. FY15 will be the first full year of production under the new plan and a realistic 42koz production target has been set as expansion gathers pace.

Last updated on 01/04/2015

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 65.1 25.3 21.9 18.2 4.6 1.9
2014A 59.1 16.3 12.2 7.5 11.0 2.3
2015E 69.7 19.7 15.0 20.4 4.1 2.4
2016E 87.1 32.1 27.4 35.6 2.3 1.4

Last updated on 08/04/2015

Latest video

Executive Interview - Caledonia Mining

Industry outlook

We have updated our model for the revised plan and gold price forecasts and use a 10% discount rate to reflect general equity risk. On this basis, we value Caledonia’s shares at £1.46 (C$2.67), reflecting the increased value present in the new plan over an 11-year period (2015-25). This compares with our previous valuation of £1.32 (C$2.33), which also used higher gold price assumptions. Gold currently trades at c US$1,200/oz vs Caledonia's H114 all-in sustaining cost of production of US$903/oz.

Last updated on 31/03/2015

Key management

Carl Jonsson, Chairman
Stefan Hayden, CEO
Steve Curtis, CFO

Company address

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