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General information

Sector: Basic Materials

The company is available at Interactive Brokers

Harmony Gold Mining Company (JSE:HAR) is a gold mining and exploration company with activities in South Africa and Papua New Guinea, one of the world's premier new gold-copper regions.

In South Africa, the company's nine underground operations are located within the world-renowned Witwatersrand Basin, one in the Klerksdorp goldfield, two in the West Rand and six in the Free State, in the southern portion of the Witwatersrand Basin. In addition, the company has an open-pit mine on the Kraaipan Greenstone Belt as well as several surface treatment operations.

In Papua New Guinea, Hidden Valley is an open-pit gold and silver mine. Harmony's significant copper-gold portfolio includes a 50% stake in the Wafi-Golpu project in the Morobe Province, through a 50:50 joint venture with Newcrest Mining Limited.



  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -2.1% (LTM), projected -2.1%
  • Share price is 397.3% higher than minimum and 9.0% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (8.6x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (5.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (-0.6%)169.67
Share price, USD: 9.02
Common stocks: 632 630 346

Dividend Yield:  0.0%
FCF Yield LTM / expected: -2.1% / -2.1%
EV / LTM EBITDA: 8.6x
Last revenue growth (y/y):  +10.3%
Last growth of EBITDA (y/y):  +89.0%
Historical revenue growth:  +14.9%
Historical growth of EBITDA:  +24.9%
EV / expected EBITDA:
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 5 707
Net Debt ($m): 171
EV (Enterprise Value): 5 878
EBITDA LTM ($m): 681
EV / LTM EBITDA: 8.6x
Price to Book: 3.13x

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

Reuters Headlines

South Africa`s Harmony to start share sale to fund AngloGold deal

Harmony Gold Mining Company, one of South Africa`s biggest gold miners, said it will start its proposed share sale on Wednesday to raise $200 million to part fund its purchase of a rival company`s assets.

2020-06-24

JSE:ANG JSE:HAR JSE:AVI JSE:LEW JSE:ARH JSE:ETO

Harmony plans to issue $200 million worth of shares for AngloGold deal

Harmony Gold Mining Company Ltd said on Wednesday it planned to raise up to $200 million via a share issue to fund part of its purchase of AngloGold Ashanti`s last remaining assets in South Africa.

2020-05-06

JSE:ANG JSE:HAR JSE:AVI JSE:MPT

Production and reserves

Production

Reserves

More information for subscribed users:
detailed calculation of
Potential and Created Value,
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Releases

2022-08-15
Loss-of-life incident at Moab Khotsong
2022-07-12
Harmony meets its annual production guidance; continues to “Mine with Purpose”
2022-07-01
Appointment of future External Auditor
2022-06-28
Resignation of Director and changes to the composition of Harmony’s Board Committees
2022-06-14
Harmony secures regulatory approvals for the expansion of its Kareerand tailings storage facility project
2022-06-07
Loss of life incident at Kusasalethu
2022-06-02
Harmony concludes ESG-linked loans and starts construction of three 10MW solar photovoltaic plants
2022-05-19
Appointment of Directors and changes to the composition Harmony's Audit and Risk Committee
2022-05-12
Operational update for the nine months ended 31 March 2022
2022-05-09
Multiple loss of life incident at Kusasalethu
2022-03-14
Loss of life incident at Doornkop
2022-02-18
Trading statement and operating update for the six months ended 31 December 2021
2022-01-26
Harmony's South African operations' half-year results in line with guidance
2021-12-17
Changes to the Composition of Harmony’s Board Committees
2021-12-15
Loss-of-life incident at Mponeng
2021-12-13
Loss of life incident at Kusasalethu
2021-12-10
Notification of an acquisition of beneficial interest in securities
2021-12-07
Results of Harmony’s 2021 Annual General Meeting
2021-11-24
Dealings by Prescribed Officer of the Company
2021-11-11
Operational update for the three months ended 30 September 2021
2021-11-04
Dealing in securities by executive directors and prescribed officers: Deferred share awards

SENS Announcements

2024-04-16
Notification of an acquisition of beneficial interest in securities
2024-04-04
Harmony reaches five-year wage agreement
2024-03-19
Notification of an acquisition of beneficial interest in securities
2024-03-08
Dealing in securities by executive director
2024-02-28
Financial results for the six-month period ended 31 December 2023 - short-form announcement
2024-02-22
Trading statement and operating update for the six months ended 31 December 2023
2024-01-31
Results of Harmony's Extraordinary General Meeting for Shareholders
2024-01-25
Harmony remains on track to meet higher end of full-year production guidance with costs comfortably below guidance
2024-01-05
Loss-of-life incident at Harmony’s Mponeng mine
2023-12-18
Publication of Shareholder Circular in Relation to the Proposed Extraordinary General Meeting
2023-12-11
Harmony creates long-term value for its stakeholders through two responsible stewardship transactions
2023-12-04
Results of Harmony’s 2023 Annual General Meeting
2023-11-30
Dealing in securities by executive directors, prescribed officers and company secretary
2023-11-14
Dealing in securities by executive director
2023-11-13
Operational update for the three months ended 30 September 2023 ("Q1FY24”)
2023-11-01
Dealing in securities by Directors and Prescribed Officers
2023-10-31
Harmony’s Form 20-F filing
2023-10-25
Harmony publishes its suite of reports for the financial year ended 30 June 2023
2023-10-06
Loss-of-life incident at Harmony’s Tshepong North mine
2023-09-06
Loss of life incident at Harmony's Kusasalethu mine
2023-09-05
Notification of an acquisition of beneficial interest in securities
2023-08-30
Results for the year ended 30 June 2023 - short-form announcement
2023-08-23
Trading statement and operating update for the financial year ended 30 June 2023 ("FY23")
2023-06-22
Pre-close update: Harmony anticipates to meet annual guidance for FY 2023 with strong production performance
2023-06-02
Dealing in securities by Executive Director and Prescribed Officer
2023-05-24
Dealing in securities by executive director and prescribed officer
2023-05-10
Operational update for the nine months ended 31 March 2023
2023-05-02
Loss of life incident at Harmony's Kusasalethu mine
2023-04-06
Harmony moves one significant step closer to securing the special mining lease for its Tier 1 Copper-Gold Project
2023-03-24
Dealing in securities by Prescribed Officers
2023-03-24
Loss of life incident at Harmony's Kusasalethu Mine
2023-03-23
Dealing in securities by Financial Director
2023-03-17
Notification of an acquisition of beneficial interest in securities
2023-03-10
Dealing in securities by Executive Director
2023-03-08
Loss of life incident at Harmony's Tshepong North Mine
2023-03-01
Results for the six-month period ended 31 December 2022 - Short form announcement
2023-02-27
Notification of an acquisition of beneficial interest in securities
2023-02-23
Trading statement and operating update for the six months ended 31 December 2022
2023-02-16
Dealings by a former director of the Company
2023-02-01
Changes to Group Operational Structure
2023-02-01
Excellent recovered grades at Harmony's South African underground mines boost second-quarter production
2023-01-31
Harmony included in the 2023 Bloomberg Gender-Equality Index for fifth consecutive year
2022-12-19
Loss of life incident at Harmony's Kusasalethu Mine
2022-12-15
Harmony's conclusion of the acquisition of Eva Copper
2022-11-29
Results of Harmony’s 2022 Annual General Meeting
2022-11-17
Operational update for the three months ended 30 September 2022
2022-11-08
Loss of life incident at Tshepong North Harmony Gold Mine ("Tshepong")
2022-10-31
Harmony’s Form 20-F filing
2022-10-27
Dealing in securities by Directors and Prescribed Officers
2022-10-25
Harmony publishes its suite of reports for financial year ended 30 June 2022, which includes its notice of AGM
2022-10-24
Dealing in securities by Executive Directors, Prescribed Officers and Company Secretary: Deferred Share Awards
2022-10-06
Harmony transforms by adding near-term copper production in a tier 1 mining jurisdiction
2022-09-29
Notification of an acquisition of beneficial interest in securities
2022-09-23
Notification of an acquisition of beneficial interest in securities
2022-08-31
Dealings by Prescribed Officer of the Company
2022-08-30
Results for the year ended 30 June 2022 - Short- form announcement
2022-08-24
Trading statement for the year ended 30 June 2022
2022-08-18
Changes to the composition of Harmony's board committees
2022-08-15
Loss-of-life incident at Moab Khotsong
2022-07-12
Harmony meets its annual production guidance; continues to “Mine with Purpose”
2022-07-01
Appointment of future External Auditor
2022-06-28
Resignation of Director and changes to the composition of Harmony’s Board Committees
2022-06-14
Harmony secures regulatory approvals for the expansion of its Kareerand tailings storage facility project
2022-06-07
Loss of life incident at Kusasalethu
2022-06-02
Harmony concludes ESG-linked loans and starts construction of three 10MW solar photovoltaic plants
2022-05-19
Appointment of Directors and changes to the composition Harmony's Audit and Risk Committee
2022-05-12
Operational update for the nine months ended 31 March 2022
2022-05-09
Multiple loss of life incident at Kusasalethu