Gemfields Group

JP: GML

ZAR2519.8m market cap

ZAR1.75 last close

Gemfields Group (Gemfields) is a world-leading supplier of responsibly sourced coloured gemstones. It owns 75% of the Montepuez Ruby Mining in Mozambique, 75% of the Kagem emerald mine in Zambia, the Fabergé jewellery business and investments in Sedibelo Platinum and Jupiter Mines.

Investment summary

Gemfields Group Limited (Gemfields) provides investors with exposure to major producing coloured gemstone mines at Montepuez Ruby Mining (MRM – rubies) and Kagem Mining (Kagem – emeralds) with additional value upside from the potential turnaround of Fabergé and its investments in Sedibelo Platinum Mines (Sedibelo – platinum group metals) and Jupiter Mines (Jupiter – manganese). Our sum-of-the-parts (SOTP) valuation of Gemfields totals ZAR5.01/share.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 81.7 30.5 55.8 3.9 3.2 N/A
2018A 206.1 58.9 (22.5) (2.3) N/A N/A
2019E 211.9 47.8 21.3 (0.3) N/A N/A
2020E 225.0 53.9 24.8 (0.1) N/A N/A
Last updated on 17/04/2019
Share price graph
Balance sheet
Forecast net cash (US$m) 32.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.6 (3.3) (25.1)
Relative* (4.5) (12.2) (26.9)
52-week high/low ZAR3.0/ZAR1.6
*% relative to local index
Key management
Sean Gilbertson CEO
David Lovett CFO