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General information

Sector: Basic Materials

The company is not available at Interactive Brokers

Gemfields Group Limited (JSE:GML), formerly Pallinghurst Resources Limited, is a world-leading supplier of responsibly sourced gemstones.

The Company 2019s main objective is to carry on the business of an operating mining company. It does so through the following assets:

Kagem Mining Limited (Emerald)

The world 2019s single-largest producing emerald mine. The 41 square kilometre licence area is located in the Ndola Rural Emerald Restricted Area and lies south of Kitwe and west of Ndola, in Zambia 2019s Copperbelt Province. It is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia. The mine comprises three open pits.

Montepuez Ruby Mining Limitada (Ruby)

The Montepuez ruby deposit is located in the northeast of Mozambique within the Cabo Delgado Province, believed to be the most significant recently discovered ruby deposit in the world, covering an area of 34,966 hectares. MRM is 75% owned by Gemfields and 25% owned by local Mozambican minority partner, Mwriti Limitada.

Faberge Limited

Faberg 00e9 is one of the world 2019s most recognised luxury brand names, underscored by a well-documented and globally respected heritage. As a wholly owned subsidiary of Gemfields, Faberg 00e9 provides direct access to the end-consumer of coloured gemstones through directly operated boutiques and international wholesale partners, and boosts the international presence and perception of coloured gemstones through its consumer-focussed marketing campaigns.

Web Gemstone Mining plc (Emerald)

Gemfields owns 75% of Web Gemstone Mining plc ( 201cWGM 201d), a company that holds a 200-square-kilometre emerald exploration licence in southern Ethiopia. Exploration activity began in June 2015 in an area to the north of the licence, called the Dogogo Block. The area was selected based on favourable geological settings and evidence of past artisanal activity. 

Sedibelo Platinum Mines Limited

Sedibelo is a single contiguous operation with shallow resources of approximately 70 million 4E PGM (platinum, palladium, rhodium and gold) ounces. Together with its other assets, Sedibelo Platinum Mines Limited ( 201cSedibelo Platinum Mines 201d, 201cSedibelo 201d or 201cSPM 201d, formerly Platmin Limited) has a total resources base of some 100 million ounces, making it one of the world 2019s significant PGM asset owners which can extract its shallow resources in a safe and sustainable manner. 

Gemfields Group Limited is incorporated in Guernsey and listed on the Johannesburg Stock Exchange and London AIM Stock Exchange.



  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 15.8% (LTM), projected 15.8%
  • Share price is 114.8% higher than minimum and 31.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (1.5x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (1.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (+1.8%)2.90
Share price, USD: 0.1529
Common stocks: 1 168 421 053

Dividend Yield:  0.0%
FCF Yield LTM / expected: 15.8% / 15.8%
EV / LTM EBITDA: 1.5x
Last revenue growth (y/y):  -20.4%
Last growth of EBITDA (y/y):  -28.9%
Historical revenue growth:  +164.3%
Historical growth of EBITDA:  +64.3%
EV / expected EBITDA:
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 179
Net Debt ($m): 26
EV (Enterprise Value): 205
EBITDA LTM ($m): 132
EV / LTM EBITDA: 1.5x
Price to Book: 0.32x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

More information for subscribed users:
detailed calculation of
Potential and Created Value,
website traffic data

Releases

2022-07-27
Market Update: Operating Results to 30 June 2022
2022-07-20
Update regarding Cabo Delgado insurgency
2022-07-01
Non-Executive Director Resignation
2022-06-30
Update on Company Secretary Dealing, Cancellation of Issue of Equity and Total Voting Rights update
2022-06-30
Company Secretary dealing, issue of Equity and total voting rights update
2022-06-29
Results of Annual General Meeting
2022-06-23
Issue of Equity and Total Voting Rights update
2022-06-20
Record Ruby Auction Results
2022-06-15
Issue of Equity and Total Voting Rights update
2022-06-14
Gemfields Group Limited - Annual General Meeting
2022-06-13
Update regarding Cabo Delgado insurgency
2022-06-09
Issue of Equity and Total Voting Rights update
2022-06-01
Disclosure of beneficial interests in securities
2022-05-27
Record Emerald Auction Results
2022-05-26
Issue of Equity and Total Voting Rights update
2022-05-24
Director/PDMR Shareholding
2022-05-10
Director/PDMR Shareholding
2022-05-09
PDMR shareholding, Issue of Equity and Total Voting Rights update
2022-04-29
Dividend Update
2022-04-29
Distribution of Notice of AGM
2022-04-28
Issue of Equity and Total Voting Rights update
2022-04-26
Director/PDMR Shareholding
2022-04-21
PDMR shareholding, Issue of Equity and Total Voting Rights update
2022-04-19
No Change Statement, Notice of AGM and BBEE Annual Compliance Report
2022-04-14
Issue of Equity and Total Voting Rights
2022-04-08
Dividend Finalisation
2022-04-07
PDMR shareholding, Issue of Equity and Total Voting Rights update
2022-04-04
Record Emerald Auction Results
2022-03-31
Issue of Equity and Total Voting Rights
2022-03-25
Audited Annual Results for the year ended 31 December 2021 & Special Dividend
2022-03-22
Trading Statement
2022-02-24
Issue of Equity and Total Voting Rights

SENS Announcements

2024-03-25
Auction Results – Commercial Quality Emeralds
2024-03-25
Audited 2023 Annual Report Released, Dividend Announced and Board Role Changes
2024-03-22
Trading Statement for the year ended 31 December 2023
2024-01-29
Operational Update up to 31 December 2023
2024-01-04
PDMR Shareholdings
2023-12-20
Cancellation and De-listing of Treasury Shares and Total Voting Rights
2023-12-14
PDMR Dealing, Issue of Equity and Total Voting Rights
2023-12-06
Final 2023 auction results underscore the ongoing vitality of the ruby market
2023-11-16
Appointment of Nomad and Broker
2023-11-15
AIM Rule 17 Schedule 2(g) Update
2023-11-02
TR-1: Standard form for notification of major holdings
2023-11-02
Notification of major holdings, Director/PDMR shareholdings
2023-10-25
TR-1: Standard form for notification of major holdings
2023-10-25
Notification of major holdings
2023-10-23
Completion of Share Buyback Programme, Transaction in Own Shares and Total Voting Rights
2023-10-20
Update on Share Buyback Programme
2023-10-19
Transaction in Own Shares and Total Voting Rights
2023-10-18
Transaction in Own Shares and Total Voting Rights
2023-10-17
Transaction in Own Shares and Total Voting Rights
2023-10-13
Transaction in Own Shares and Total Voting Rights
2023-10-12
Transaction in Own Shares and Total Voting Rights
2023-10-11
Transaction in Own Shares and Total Voting Rights
2023-10-09
Transaction in Own Shares and Total Voting Rights
2023-10-05
Transaction in Own Shares and Total Voting Rights
2023-10-04
Transaction in Own Shares and Total Voting Rights
2023-10-03
TR-1: Standard form for notification of major holdings
2023-10-03
Notification of major holdings
2023-10-03
Transaction in Own Shares and Total Voting Rights
2023-09-27
Transaction in Own Shares and Total Voting Rights
2023-09-26
Transaction in Own Shares and Total Voting Rights
2023-09-22
Reviewed Interim Results for the six months ended 30 June 2023
2023-09-18
Auction Results – Commercial Quality Emeralds
2023-09-14
Trading Statement for the six months ended 30 June 2023
2023-09-13
Gemfields Auction Update
2023-08-25
Grant of performance share awards under Long Term Incentive Plan (LTIP) and PDMR dealings
2023-08-15
Cancellation and De-listing of Treasury Shares and Total Voting Rights
2023-08-07
MRM Signs Second Processing Plant Contract
2023-08-04
TR-1: Standard form for notification of major holdings
2023-08-04
Notification of Major Holdings
2023-08-01
Notification of Major Holdings
2023-08-01
TR-1: Standard form for notification of major holdings
2023-07-31
Transaction in Own Shares and Total Voting Rights
2023-07-31
Operational Market Update – 30 June 2023
2023-07-25
Issue of Equity and Total Voting Rights
2023-06-27
Results of Annual General Meeting
2023-06-27
PDMR Dealing, Issue of Equity and Total Voting Rights
2023-06-21
Ruby Auction Results
2023-06-15
Issue of Equity and Total Voting Rights
2023-06-02
Record Emerald Auction Results
2023-05-23
Director/PDMR Shareholding
2023-05-18
Transaction in Own Shares and Total Voting Rights
2023-05-12
PDMR Dealing, Issue of Equity and Total Voting Rights
2023-04-28
Notice of AGM and B-BBEE Annual Compliance Report
2023-04-19
Director/PDMR Shareholding
2023-04-14
Dividend Finalisation
2023-04-14
Issue of Equity and Total Voting Rights update
2023-04-06
Issue of Equity and Total Voting Rights update
2023-03-31
Audited Annual Results for the year ended 31 December 2022, Release of Annual Report
2023-03-30
Issue of Equity and Total Voting Rights update
2023-03-27
Emerald Auction Results – Commercial Quality
2023-03-24
Unaudited Annual Results for the year ended 31 December 2022 & Dividend Announced
2023-02-15
Gemfields releases updated ‘G-Factor for Natural Resources’
2023-02-14
Invitation to Shareholders: Update on the Company’s Long Term Incentive Plan
2023-02-14
Cabo Delgado insurgency: evacuation of personnel from Nairoto Resources
2023-01-31
Operational Market Update – 31 December 2022
2023-01-19
Issue of Equity and Total Voting Rights update
2023-01-12
Issue of Equity and Total Voting Rights update
2023-01-10
Issue of Equity and Total Voting Rights update
2022-12-20
Commencement of Share Buy-Back Programme
2022-12-15
Issue of Equity and Total Voting Rights update
2022-12-14
Director/PDMR Shareholding
2022-12-09
Ruby Auction Results
2022-12-09
Issue of Equity and Total Voting Rights update
2022-11-30
Results of Extraordinary General Meeting
2022-11-30
PDMR Dealing, Issue of Equity and Total Voting Rights
2022-11-25
Issue of Equity and Total Voting Rights update
2022-11-21
Update: Mr Carel Malan, Non-Executive Director
2022-11-18
Emerald Auction Results
2022-11-11
Issue of Equity and Total Voting Rights update
2022-10-31
Distribution of Circular and Notice of EGM
2022-10-31
TR-1: Standard form for notification of major holdings
2022-10-31
Notification of major holdings
2022-10-28
Issue of Equity and Total Voting Rights update
2022-10-24
MRM Operational Update
2022-10-20
Update regarding Cabo Delgado insurgency: neighbouring ruby mine attacked, MRM evacuation plan initiated
2022-10-19
Director/PDMR Shareholding
2022-10-11
Dividend Finalisation
2022-10-07
Director/PDMR and Company Secretary Shareholdings
2022-10-06
Standard form for notification of major holdings”.
2022-10-06
Notification of major holdings
2022-10-05
PDMR Dealing, Company Secretary Dealing, Issue of Equity and Total Voting Rights update
2022-09-29
Reviewed Interim Results for the Six Months Ending 30 June 2022 and Interim Dividend
2022-09-27
MRM Commercial-Quality Auction Results
2022-09-26
Trading Statement
2022-09-20
Emerald Auction Results
2022-09-15
Issue of Equity and Total Voting Rights update
2022-09-01
Invitation to Shareholders: the Company’s Remuneration Policy and Long Term Incentive Plan
2022-08-31
Issue of Equity and Total Voting Rights update
2022-08-24
Issue of Equity and Total Voting Rights update
2022-07-27
Market Update: Operating Results to 30 June 2022
2022-07-20
Update regarding Cabo Delgado insurgency
2022-07-01
Non-Executive Director Resignation
2022-06-30
Update on Company Secretary Dealing, Cancellation of Issue of Equity and Total Voting Rights update
2022-06-30
Company Secretary dealing, issue of Equity and total voting rights update
2022-06-29
Results of Annual General Meeting
2022-06-23
Issue of Equity and Total Voting Rights update
2022-06-20
Record Ruby Auction Results
2022-06-15
Issue of Equity and Total Voting Rights update
2022-06-14
Gemfields Group Limited - Annual General Meeting
2022-06-13
Update regarding Cabo Delgado insurgency
2022-06-09
Issue of Equity and Total Voting Rights update
2022-06-01
Disclosure of beneficial interests in securities
2022-05-27
Record Emerald Auction Results
2022-05-26
Issue of Equity and Total Voting Rights update
2022-05-24
Director/PDMR Shareholding
2022-05-10
Director/PDMR Shareholding
2022-05-09
PDMR shareholding, Issue of Equity and Total Voting Rights update