Pan African Resources PLC

LSE:PAF Stock Report

Market Cap: UK£3.3b

Pan African Resources Valuation

Is PAF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of PAF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: PAF (£1.59) is trading below our estimate of future cash flow value (£3.05)

Significantly Below Future Cash Flow Value: PAF is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PAF?

Key metric: As PAF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PAF. This is calculated by dividing PAF's market cap by their current earnings.
What is PAF's PE Ratio?
PE Ratio18x
EarningsUS$241.35m
Market CapUS$4.47b

Price to Earnings Ratio vs Peers

How does PAF's PE Ratio compare to its peers?

The above table shows the PE ratio for PAF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.8x
HOC Hochschild Mining
22.8x26.37%UK£3.5b
ALTN AltynGold
10.1x15.19%UK£345.8m
SRB Serabi Gold
7.9x41.56%UK£253.7m
HILS Hill & Smith
22.3x9.78%UK£1.9b
PAF Pan African Resources
18x26.45%UK£3.3b

Price-To-Earnings vs Peers: PAF is expensive based on its Price-To-Earnings Ratio (18x) compared to the peer average (7.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does PAF's PE Ratio compare vs other companies in the GB Metals and Mining Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ENPL En+ Group International
2.2x8.04%US$4.67b
NLMK Novolipetsk Steel
0.8xn/aUS$4.08b
EVR EVRAZ
0.4xn/aUS$1.42b
POG Petropavlovsk
2.5x12.47%US$56.91m
PAF 18.0xIndustry Avg. 21.9xNo. of Companies6PE01020304050+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PAF is good value based on its Price-To-Earnings Ratio (18x) compared to the UK Metals and Mining industry average (21.9x).

Price to Earnings Ratio vs Fair Ratio

What is PAF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PAF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18x
Fair PE Ratio25.1x

Price-To-Earnings vs Fair Ratio: PAF is good value based on its Price-To-Earnings Ratio (18x) compared to the estimated Fair Price-To-Earnings Ratio (25.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PAF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£1.59
UK£1.71
+8.02%
9.77%UK£2.00UK£1.60n/a4
Apr ’27UK£1.54
UK£1.75
+14.10%
9.51%UK£2.00UK£1.60n/a4
Mar ’27UK£1.79
UK£1.78
-0.95%
10.06%UK£2.00UK£1.60n/a4
Feb ’27UK£1.32
UK£1.50
+13.46%
14.34%UK£1.80UK£1.25n/a4
Jan ’27UK£1.21
UK£1.30
+7.44%
2.72%UK£1.35UK£1.25n/a4
Dec ’26UK£1.04
UK£1.01
-2.27%
25.31%UK£1.25UK£0.58n/a4
Nov ’26UK£0.84
UK£1.01
+21.11%
25.31%UK£1.25UK£0.58n/a4
Oct ’26UK£0.88
UK£0.88
-0.057%
22.45%UK£1.10UK£0.58n/a4
Sep ’26UK£0.66
UK£0.63
-5.87%
8.04%UK£0.71UK£0.58n/a4
Aug ’26UK£0.56
UK£0.63
+12.61%
8.04%UK£0.71UK£0.58n/a4
Jul ’26UK£0.47
UK£0.58
+24.47%
3.92%UK£0.61UK£0.55n/a4
Jun ’26UK£0.46
UK£0.56
+20.82%
5.21%UK£0.60UK£0.52n/a4
May ’26UK£0.43
UK£0.56
+28.74%
5.21%UK£0.60UK£0.52n/a4
Apr ’26UK£0.44
UK£0.46
+4.99%
12.92%UK£0.55UK£0.39UK£1.544
Mar ’26UK£0.34
UK£0.46
+35.83%
12.92%UK£0.55UK£0.39UK£1.794
Feb ’26UK£0.40
UK£0.45
+11.87%
4.84%UK£0.48UK£0.42UK£1.324
Jan ’26UK£0.34
UK£0.44
+28.82%
1.87%UK£0.45UK£0.43UK£1.214
Dec ’25UK£0.35
UK£0.42
+21.56%
5.05%UK£0.45UK£0.40UK£1.044
Nov ’25UK£0.36
UK£0.37
+4.34%
7.44%UK£0.40UK£0.34UK£0.844
Oct ’25UK£0.33
UK£0.35
+7.25%
7.59%UK£0.40UK£0.33UK£0.884
Sep ’25UK£0.31
UK£0.34
+9.68%
8.57%UK£0.38UK£0.30UK£0.664
Aug ’25UK£0.29
UK£0.34
+16.24%
8.57%UK£0.38UK£0.30UK£0.564
Jul ’25UK£0.27
UK£0.32
+19.00%
10.37%UK£0.38UK£0.30UK£0.474
Jun ’25UK£0.26
UK£0.29
+12.52%
9.95%UK£0.32UK£0.25UK£0.464
May ’25UK£0.25
UK£0.28
+11.34%
8.33%UK£0.31UK£0.25UK£0.434
Apr ’25UK£0.23
UK£0.25
+12.59%
8.11%UK£0.28UK£0.23UK£0.443
UK£1.71
Fair Value
7.4% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/15 17:52
End of Day Share Price 2026/04/15 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pan African Resources PLC is covered by 17 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Herbert KharivheAbsa Bank Limited
Richard HatchBerenberg
William DalbyBerenberg