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Pan African Resources

April 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PAF
  • Price:
  • 17p
At first glance Pan African Resources' interim results don't look that impressive with turnover of £49.5m slightly below Canaccord's estimates of £54.5m while profit after tax was £12.3m, against forecasts of £13.8m. The miss was blamed on rising South African energy and labour costs, compounded by lower than expected tonnes mined at its main Barberton gold operation and a slow ramp up from the Phoenix platinum mine. However, the key point is that the company has just completed its acquisition of the Evander gold mine from Harmony Gold and at a stroke this doubles run rate gold production to 200,000 oz. Canaccord's latest forecasts, which reflect a first-time contribution from Evander, are for eps of 2.6p for the year t ...

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Pan African Resources - 49% compound eps growth over 5 years (January 2013)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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