Company profile - Gemfields Group - 08042019 - Feature image

Gemfields Group

JP: GML

ZAR2398.1m market cap

ZAR1.7 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

We recently initiated coverage on Gemfields Group with a sum-of-the-parts valuation of ZAR5.01 per share. In this bitesize briefing we give an overview of the group’s three main assets, Kagem, MRM and Fabergé, and we discuss the company’s value proposition driven by strong EBITDA growth forecast over the next five years.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 81.7 30.5 55.8 3.9 3.1 N/A
2018A 206.1 58.9 (22.5) (2.3) N/A N/A
2019E 211.9 47.8 21.3 (0.3) N/A N/A
2020E 225.0 53.9 24.8 (0.1) N/A N/A
Last updated on 16/05/2019
Share price graph
Balance sheet
Forecast net cash (US$m) 32.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.9) (8.1) (40.6)
Relative* 1.0 (10.4) (38.6)
52-week high/low ZAR3.0/ZAR1.6
*% relative to local index
Key management
Sean Gilbertson CEO
David Lovett CFO