HMY
Harmony Gold Mining Company Limited (HMY)
Last Price$12.14.7%
Market Cap$7,569.5M
DCF value
N/A
Overvalued (DCF value)
(100.0%)
Discount Rate
14.8%
Long-Term Growth Rate
2.0%
Stock quality
7/10
Great

HMY DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Jun'20 ActualJun'21 ActualJun'22 ActualJun'23 ActualJun'24 ActualJun'25 EstimateJun'26 EstimateJun'27 EstimateJun'28 EstimateJun'29 EstimateJun'30 EstimateJun'31 EstimateJun'32 EstimateJun'33 EstimateJun'34 EstimateJun'35 Terminal
% growth
29,245.0
8.6%
41,733.0
42.7%
42,645.0
2.2%
49,275.0
15.5%
61,379.0
24.6%
4,029.3
(93.4%)
4,378.9
8.7%
4,351.5
(0.6%)
6,715.2
54.3%
9,861.1
46.8%
13,743.6
39.4%
18,127.4
31.9%
22,554.7
24.4%
26,377.5
16.9%
28,876.6
9.5%
29,454.1
2.0%
(358.0)
(1.2%)
5,961.0
14.3%
(755.0)
(1.8%)
7,095.0
14.4%
11,676.0
19.0%
210.0
5.2%
228.2
5.2%
226.8
5.2%
350.0
5.2%
514.0
5.2%
716.3
5.2%
944.8
5.2%
1,175.6
5.2%
1,374.9
5.2%
1,505.1
5.2%
1,535.2
5.2%
NOPAT
% effective tax rate
(511.4)
(1.7%)
4,941.7
11.8%
(722.2)
(1.7%)
5,244.5
10.6%
8,618.6
14.0%
155.0
3.8%
168.5
3.8%
167.4
3.8%
258.4
3.8%
379.4
3.8%
528.8
3.8%
697.4
3.8%
867.8
3.8%
1,014.8
3.8%
1,111.0
3.8%
1,133.2
3.8%
% of revenue
3,555.0
12.2%
3,877.0
9.3%
3,683.0
8.6%
3,454.0
7.0%
4,642.0
7.6%
311.7
7.7%
338.8
7.7%
336.6
7.7%
519.5
7.7%
762.9
7.7%
1,063.2
7.7%
1,402.4
7.7%
1,744.9
7.7%
2,040.6
7.7%
2,234.0
7.7%
2,278.7
7.7%
% of revenue
(208.0)
(0.7%)
(5,142.0)
(12.3%)
(6,214.0)
(14.6%)
(7,640.0)
(15.5%)
(8,398.0)
(13.7%)
(587.7)
(14.6%)
(638.7)
(14.6%)
(634.7)
(14.6%)
(979.5)
(14.6%)
(1,438.4)
(14.6%)
(2,004.7)
(14.6%)
(2,644.1)
(14.6%)
(3,289.9)
(14.6%)
(3,847.5)
(14.6%)
(4,212.0)
(14.6%)
(4,296.2)
(14.6%)
(548.0)
(1.9%)
591.0
1.4%
(159.0)
(0.4%)
(317.0)
(0.6%)
24.0
0.0%
(13.1)
(0.3%)
(14.3)
(0.3%)
(14.2)
(0.3%)
(21.9)
(0.3%)
(32.1)
(0.3%)
(44.8)
(0.3%)
(59.0)
(0.3%)
(73.5)
(0.3%)
(85.9)
(0.3%)
(94.0)
(0.3%)
(95.9)
(0.3%)
Free Cash Flow to Firm (FCFF)
% of revenue
2,287.6
7.8%
4,267.7
10.2%
(3,412.2)
(8.0%)
741.5
1.5%
4,886.6
8.0%
(134.1)
(3.3%)
(145.7)
(3.3%)
(144.8)
(3.3%)
(223.5)
(3.3%)
(328.2)
(3.3%)
(457.4)
(3.3%)
(603.3)
(3.3%)
(750.7)
(3.3%)
(877.9)
(3.3%)
(961.1)
(3.3%)
(980.3)
(3.3%)
% of FCFF used in calculation
30.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Discount period
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Discount factor
0.93
0.81
0.71
0.62
0.54
0.47
0.41
0.36
0.31
0.27
Discounted FCFF (DFCFF)

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HMY DCF Value

DCF Value Calculation

as of Mar 11, 2025
Sum of DFCFF
% share of EV
N/A
30.0%
Terminal Value (TV)
N/A
Discounted TV
% share of EV
N/A
70.0%
Total Debt
2,291.0M
Shares outstanding
628.2M
FX rate
N/A
100% overvalued

Equity Value Bridge

HMY DCF Financials

Revenue
ZAR 61.4B -> ZAR 28.9B (7.3%) CAGR
Operating Income
ZAR 11.7B -> ZAR 1,505.1M (18.5%) CAGR
FCFF
ZAR 4,886.6M -> (ZAR 961.1M) N/A CAGR

HMY DCF sensitivity

DCF value
Long-term Terminal growth rate
1.0%
1.5%
2.0%
2.5%
3.0%
WACC
14.0%
$0.0
$0.0
$0.0
$0.0
$0.0
14.5%
$0.0
$0.0
$0.0
$0.0
$0.0
14.8%
$0.0
$0.0
$0.0
$0.0
$0.0
15.5%
$0.0
$0.0
$0.0
$0.0
$0.0
16.0%
$0.0
$0.0
$0.0
$0.0
$0.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
1.0%
1.5%
2.0%
2.5%
3.0%
WACC
14.0%
(100.0%)
(100.0%)
(100.0%)
(100.0%)
(100.0%)
14.5%
(100.0%)
(100.0%)
(100.0%)
(100.0%)
(100.0%)
14.8%
(100.0%)
(100.0%)
(100.0%)
(100.0%)
(100.0%)
15.5%
(100.0%)
(100.0%)
(100.0%)
(100.0%)
(100.0%)
16.0%
(100.0%)
(100.0%)
(100.0%)
(100.0%)
(100.0%)

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FAQ

What is Harmony Gold Mining Company Limited DCF (discounted cash flow) valuation?

As of Mar 11, 2025, Harmony Gold Mining Company Limited's Discounted Cash Flow (DCF) valuation estimates its share price at N/A. This suggests it may be overvalued by (100.0%) compared to its current price of around $12.1, using a WACC of 14.8% and growth rates of 2.0%.

What is Harmony Gold Mining Company Limited WACC?

As of Mar 11, 2025, Harmony Gold Mining Company Limited's Weighted Average Cost of Capital (WACC) is approximately 14.8%.

What is Harmony Gold Mining Company Limited Enterprise Value?

As of Mar 11, 2025, Harmony Gold Mining Company Limited's Enterprise Value (EV) is approximately ZAR 0.0. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.