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.£23.7m
Last close45.50p
High / Low (52 weeks)61.0p / 35.5p
Stock market listingLN, CN
Forecast net cash (C$m)21.8
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual7.115.2(6.2)
Relative *7.212.6(10.6)

* % Relative to local index

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Company news

Caledonia Mining Corporation: Election of Directors

Thu, 14 May 2015 16:52:30 GMT

Caledonia Mining Corporation 121.7% Potential Upside Indicated by Sanlam ...

Wed, 13 May 2015 09:00:00 GMT

Caledonia Mining Corporation: Major Shareholder Notification

Thu, 30 Apr 2015 16:35:39 GMT

PEG Ratio (5 yr expected):

Fri, 01 Feb 2002 00:00:00 GMT

Caledonia Mining Corporation – Speculative Buy: Upgraded Gold Resource

Wed, 20 May 2015 08:03:45 GMT

Investment summary

The first quarter of 2015 has provided Caledonia with a solid footing to progress towards its FY15 production and expansion goals. Production is in line with budget, and expansion underway and firmly on track (with the tramming loop estimated to be ready a few weeks earlier than planned). We reiterate our forecasts and stress that Caledonia is a lowest-quartile AISC African gold miner with significant cash flow-funded growth due to start coming through in early 2016. A 6c dividend (equating to an 8% yield, twice the FTSE Mining Index average) is currently payable quarterly, with cash flow at current gold prices making a similar dividend in 2016 look likely.

Last updated on 13/05/2015

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 11.2 2.3
2015E 66.6 18.8 14.3 19.5 4.3 2.6
2016E 83.2 30.7 26.2 34.0 2.5 1.5

Last updated on 13/05/2015

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Adjusting for its FY14 results, revised gold prices as per our February 2015 sector report Gold: The value of gold and other metals, and a C$:£ rate of 1.88 (1.83 previously) and C$:US$ rate of 1.26 (1.16 previously), our previous £1.46 (C$2.67) base case valuation of Caledonia’s shares increases by 4.1% to £1.52 (C$2.84) a share using a 10% discount rate to reflect general equity risk.

Last updated on 06/05/2015

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
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