I was a little disappointed with today's results, with cost and capex higher than I was expecting. But for 2020 we have the following to look forward to:
- higher GOLD pries (so far). Average realised price for 2019 is 1266/oz. 2020 YTD price is 1466, 16% higher - 13koz increased in production - lower cash costs - lower capex, with sustaining capex of 15-20m only - aggressive debt retirement - high level of dividend growth
Premium listing and new auditor should ease some of those worries
Issuers with a Premium Listing are required to meet the UK’s super-equivalent rules which are higher than the EU minimum requirements. A Premium Listing means the company is expected to meet the UK’s highest standards of regulation and corporate governance – and as a consequence may enjoy a lower cost of capital through greater transparency and through building investor confidence.
Not sure if this reflects the JSE listing compliance requirements or Cobus' lack of experience in shareholder communication. Probably both. PAF have always been this way. Typical of PAF communications, too many different measures and complicated. So may things are wrong with this statement. They are releasing results soon, why would they give a range for results? Do they not know them yet?
Edison gives 0.99p which is normalised HEPS. HEPS is 0.92p. If it's the latter than its probably a beat, the former and its a miss.
The only thing useful from this statement I can get is that given H1 HEPS was 0.39p, H2 is between 30% and 60% better than H1. Hopefully the same for cash flow.
I am glad that that the reporting currency has been changed to USD. The GBP thing was a real pain
I use IG, eventually they got it right with 15% WHT off both my ISA and normal portfolio holdings. They got the number wrong twice, looks like they got the currency wrong and then the WHT, and subsequently credited my account twice it took 3 weeks to make the payment but it got there in the end
Not quite sure what to make of the EPS number as it not something I really focus on. The lowest number is HEPS continuing 1.12c, which is 0.9p. This compares to Edison of 0.99p. Not really sure this even matters as cash flow will be key.
Nothing jumps to mind. GDP smashed expectations last week, and its pretty much more of the same from the last few months with Eskom going bust and the platinum miners wage negotiations. Something I missed?
ZAR up, gold down and pound up, all moving against PAF. The other smaller players in the UK all impacted as well over the last couple of days, HGM, TSG, SHG etc