Financial Data and Key Metrics Changes - Group revenue increased by 25% to ZAR 61 billion, driven by higher production and gold prices [27] - Net profit rose by 78% to ZAR 8.7 billion, with EBITDA increasing by 54% to just under ZAR 19 billion [27][28] - Headline earnings per share increased by 132% to 1,852 South African cents or $0.99 per share [28] - Operating free cash flow surged over 100% to a record ZAR 13 billion or US$681 million, achieving a margin of 22% [8][22] Business Line Data and Key Metrics Changes - Gold production increased by 6% to 1.56 million ounces, exceeding revised guidance [7] - Underground recovery grades improved by 6% to 6.11 grams per tonne [8] - Silver production rose by 39% to a record 3.7 million ounces, generating revenue of ZAR 1.7 billion [21] - Uranium production increased by 13% to 590,000 pounds, generating revenue of just under ZAR 900 million [21] Market Data and Key Metrics Changes - 96% of revenue is from gold, with byproducts (silver and uranium) contributing 3% and 1% respectively [20] - The company expects approximately 20% of future production to come from copper within the next 10 years, primarily from the Wafi-Golpu and Eva Copper projects [3][10] Company Strategy and Development Direction - Harmony's strategy focuses on responsible stewardship, operational excellence, cash certainty, and effective capital allocation [3] - Major capital is allocated towards high-quality assets like Moab Khotsong and Mponeng, as well as projects that lower risk profiles [4][10] - The company aims to grow reserves and improve margins through investments in existing assets and new projects [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets of 1.4 to 1.5 million ounces in FY '25, with underground recovery grades expected above 5.8 grams per tonne [33] - The company is optimistic about maintaining a strong balance sheet and cash flow, with a net cash position of ZAR 2.9 billion [28][31] - Management emphasized the importance of safety and operational excellence, aiming for zero loss of life [19][20] Other Important Information - Harmony has been included in the FTSE4Good Index for the 7th consecutive year, reflecting its commitment to sustainability [9] - The company is progressing with the feasibility study for the Eva Copper project, which is expected to produce between 50,000 and 60,000 tonnes of copper per annum [13] - Total capital expenditure for FY '25 is expected to increase to ZAR 10.8 billion, with a focus on high-grade underground projects [14][30] Q&A Session Summary Question: Thoughts on underground operations and grade improvements - Management attributed grade improvements to acquiring high-grade assets in Mponeng and Moab Khotsong, emphasizing operational excellence and quality control [36][38] Question: FY '25 guidance and potential for better performance - Management expressed optimism about beating guidance, citing strong momentum in operations and a conservative planning approach [40][41] Question: Drivers for increased CapEx in FY '25 and FY '26 - Management highlighted the need for sustaining capital due to better performance, development requirements, and ongoing IT upgrades as key drivers for increased CapEx [42][43][47] Question: Succession plan and intentions for cash reserves - Management confirmed that a succession plan is in place, with a focus on maintaining a balanced capital allocation framework while pursuing growth opportunities [50][53]

Investment Thesis - Harmony Gold is one of the highest-cost gold miners globally, with significant earnings leverage to gold prices [2] - The company's production growth in 2024 surprised the market, driven by improved recovered grades in its two young underground mines, which are viewed as sustainable [2] - FY24 performance exceeded production targets and cost guidance, with full-year adjusted EPS up over 100% from the previous year [2] Company Overview - Harmony Gold Mining Company Limited is a mid-sized gold miner based in South Africa, with nearly all its gold mine assets located in South Africa, accounting for 90% of total output [3][5] - Key assets include Moab Khotsong and Mponeng, both high-grade ultra-deep underground mines with over 20 years of remaining life [3] - The company also operates a large surface operation in South Africa and one major mine in Papua New Guinea, Hidden Valley [3] Production and Guidance - FY23 production was 1,467,715 ounces, with FY24 guidance set between 1.38 to 1.48 million ounces [4] - In 1HFY24, gold production increased by 12% year-over-year to 832,000 ounces, exceeding initial guidance [10] - Management raised the full-year production target to 1.55 million ounces, with actual production reaching 1.56 million ounces, a 6% year-over-year increase [10] Cost Profile - Harmony Gold has the third-highest All-in Sustainable Cost (AISC) among global gold miners, negatively impacting margins, especially when gold prices are low [7] - The company’s AISC was reported at $1,588 per ounce in Q1 2023, with a 4.1% increase from Q4 2022 [8] Financial Performance - The total attributable reserve was 39.3 million ounces at the end of FY23, primarily located in South Africa [5] - Financials began to recover in 1HFY24, with earnings more than doubling in FY24 due to a rally in gold prices [9][15] Market Outlook - The outlook for gold prices remains positive, with expectations of continued upward trends even after anticipated rate cuts by the Fed [12][15] - Harmony Gold's share price has outperformed many peers, rallying over 155% in the past year, attributed to high operating leverage to gold prices and strong production growth [13] Valuation - Harmony Gold's valuation is considered not stretched at 8.6x FY25 PE, despite the strong share price rally [13]

Company Performance - Harmony Gold closed at $11.16, reflecting a decrease of -0.53% from the previous trading session, underperforming the S&P 500's gain of 0.42% [1] - Over the past month, shares of Harmony Gold have increased by 23.43%, while the Basic Materials sector has declined by 0.84% and the S&P 500 has gained 1.77% [1] Earnings Forecast - The upcoming earnings report for Harmony Gold is scheduled for August 28, 2024, with Zacks Consensus Estimates predicting earnings of $1.20 per share and revenue of $3.7 billion, representing increases of +166.67% and +33.15% from the previous year, respectively [2] Analyst Sentiment - Recent revisions to analyst forecasts for Harmony Gold are being monitored, as positive changes in estimates indicate optimism regarding the company's business and profitability [3] Valuation Metrics - Harmony Gold has a Forward P/E ratio of 9.35, which is a discount compared to the industry average Forward P/E of 16.83 [6] - The Mining - Gold industry, part of the Basic Materials sector, currently holds a Zacks Industry Rank of 99, placing it in the top 40% of over 250 industries [6] Zacks Rank - Harmony Gold currently has a Zacks Rank of 5 (Strong Sell), with no changes in the Zacks Consensus EPS estimate over the past month [5] - The Zacks Rank system has a strong track record, with stocks rated 1 delivering an average annual return of +25% since 1988 [5]

Harmony Gold (HMY) closed the latest trading day at $10.13, indicating a +1.3% change from the previous session's end. The stock lagged the S&P 500's daily gain of 1.61%. Meanwhile, the Dow experienced a rise of 1.39%, and the technology-dominated Nasdaq saw an increase of 2.34%. Coming into today, shares of the gold miner had lost 5.12% in the past month. In that same time, the Basic Materials sector lost 5.56%, while the S&P 500 lost 2.88%. Analysts and investors alike will be keeping a close eye on the p ...

In the latest market close, Harmony Gold (HMY) reached $9.48, with a +0.48% movement compared to the previous day. The stock's change was more than the S&P 500's daily gain of 0.47%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.51%. Prior to today's trading, shares of the gold miner had lost 5.79% over the past month. This has lagged the Basic Materials sector's loss of 3.94% and the S&P 500's loss of 4.45% in that time. Investors will be eagerly watching for the performance of Harmo ...

Harmony Gold (HMY) closed the latest trading day at $9.57, indicating a -1.54% change from the previous session's end. This change lagged the S&P 500's 1.37% loss on the day. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 2.3%. Shares of the gold miner have appreciated by 3.85% over the course of the past month, outperforming the Basic Materials sector's loss of 0.16% and the S&P 500's gain of 1.11%. The investment community will be paying close attention to the earnings performance ...

Harmony Gold (HMY) closed at $9.09 in the latest trading session, marking a +0.55% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the techheavy Nasdaq lost 0.06%. The investment community will be closely monitoring the performance of Harmony Gold in its forthcoming earnings report. For the full year, the Zacks Consensus Estimates project earnings of $1.20 per share and a revenue of $3.7 billion, demonstrating changes of +166.67% and + ...

For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.20 per share and a revenue of $3.7 billion, signifying shifts of +166.67% and +33.15%, respectively, from the last year. In terms of valuation, Harmony Gold is presently being traded at a Forward P/E ratio of 8.02. This denotes a discount relative to the industry's average Forward P/E of 16.84. Harmony Gold (HMY) closed at $9.45 in the latest trading session, marking a -1.77% move from the prior day. This move lagged the S&P 500' ...

Advantages of Investing in Gold Miner Stocks Going back to the investing purists, who scoff at the idea of investing in a commodity with no earnings, they do make a reasonable point. However, there is one way to both invest in gold, and potentially derive some income. Gold mining stocks offer the advantage of getting exposure to gold, while also offering an income stream through dividends, which are paid from the profits of running a gold mine. Of course, they aren't perfect and it's important to be aware o ...

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Harmony Gold (HMY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Harmony Gold is a member of our Basic Materials group, which includes 240 different companies and currently sits at #2 in the Zacks Sec ...