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UK-listed gold mining company operating gold mines and tailings-retreatment operations in South Africa.
UK-listed gold mining company operating gold mines and tailings-retreatment operations in South Africa.
Sells gold at the world price, so results follow that price and the rand, since mine costs are paid in South African currency. Barberton mines dig deep underground, while Elikhulu reprocesses old mine waste dumps, which needs no new digging and costs less. Listed in London and Johannesburg.
In one line: A UK-listed South African gold miner.
Moat: none (scale, installed base). Owns established South African gold assets but is subject to commodity and cost swings.
Headquarters: London, UK · Founded: 2000 · Employees: 2,710
Size Pan African Resources (PAF.L) is a United Kingdom Materials company (Precious Metals) with a market value of $3.79B, the 112th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £115.70 on 6 Nov 2026.
Performance Over six months the shares fell 24.6%, against -1.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 106.5% over the last twelve months (peer median +43.9%); the operating margin is 54.1% (peer median 42.5%).
Valuation It trades at 7.2× forward earnings against a peer median of 11.1× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.1 points above its cost of capital (10.7% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | £861M | £862M | £417M | £297M | £266M |
| Revenue growth | — | +106% | +41% | +12% | — |
| Gross profit | £476M | £475M | £173M | £102M | £81.7M |
| EBITDA | £514M | £453M | £177M | £110M | £93.2M |
| Net income | £266M | £266M | £109M | £63.1M | £50.6M |
| Free cash flow | £297M | £298M | £18.9M | -£43.1M | £8.80M |
| Capital expenditure | £161M | £161M | £123M | £132M | £93.8M |
| Total debt | n/a | £44.7M | £141M | £103M | £44.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pan African Resources PAF.L | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% |
| Gold Fields Limited Sponsored ADR GFI | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% |
| DRDGOLD Ltd. Sponsored ADR DRD | $2.00B | -16% | +53% | 51% | 8.1× | -16.4% |
| Anglogold Ashanti AU | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PAF.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | -2.6% | 5th highest of 21 |
| 6-month return | -24.6% | -1.5% | 5th lowest of 21 |
| Distance from 52-week high | -39.2% | -24.6% | 5th lowest of 21 |
| Revenue growth (TTM) | +106.5% | +43.9% | 3rd highest of 18 |
| Operating margin | 54.1% | 42.5% | 5th highest of 18 |
| Forward P/E | 7.2× | 11.1× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -6.7% | 1.1% | 5th least demanding of 17 |
| Growth delivered (Del g) | +25.7% | +26.9% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | -32.4 pp | -24.9 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +44.1 pp | +18.9 pp | 4th highest of 20 |
| EV / EBITDA | 5.2× | 6.2× | 6th cheapest of 16 |
| Net debt / EBITDA | -0.3× | -0.5× | 5th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% | +25.7% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | n/a | n/a | n/a | n/a |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| Vault Minerals VAU.AX | Australia | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% | +59.0% |
| Centerra Gold CG.TO | Canada | $4.25B | +27% | +44% | 27% | 12.4× | 6.5% | +13.9% |
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Capricorn Metals CMM.AX | Australia | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% | +33.9% |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |
| Allied Gold AAUC.TO | Canada | $3.24B | -19% | +54% | 32% | 3.9× | n/a | n/a |
| Predictive Discovery PDI.AX | Australia | $3.08B | -13% | n/a | -28% | n/a | n/a | n/a |
| Hunan Gold 002155.SZ | China | $4.72B | -33% | +1% | 4% | 15.3× | 11.1% | +27.4% |
| Emerald Resources NL EMR.AX | Australia | $3.04B | +6% | +40% | 61% | 15.2× | 1.5% | +26.4% |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% | +10.3% |
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | n/a | 18.4× | n/a | n/a |
| K92 Mining KNT.TO | Canada | $4.86B | +10% | +62% | 68% | 11.0× | 0.7% | +31.3% |
| Lingbao Gold 3330.HK | Hong Kong | $2.94B | -28% | -10% | 22% | 8.0× | -5.6% | +17.8% |
| Wesdome Gold Mines WDO.TO | Canada | $2.92B | +6% | +49% | 57% | 7.8× | -10.7% | +33.5% |
| Fortuna Mining FVI.TO | Canada | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% | +29.0% |