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Updated 2h ago
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Merafe Resources LimitedJSE:MRF Stock Report

Market Cap R3.4b
Updated 2h ago
Share Price
n/a
1Y29.8%
7D-0.7%
1D-1.5%
Portfolio Value
​
View

Merafe Resources Limited

JSE:MRF Stock Report

Market Cap: R3.4b

  • Company Overview
    • Valuation
    • Future Growth
    • Past Performance
    • Financial Health
    • Dividend
  • Management
  • Ownership
  • Other Information
  • Stock Community

Merafe Resources (MRF) Stock Overview

Engages in the mining and beneficiation of chrome ore into ferrochrome and associated minerals. More details

MRF fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance3/6
Financial Health6/6
Dividends4/6

Rewards

Trading at 63.3% below our estimate of its fair value

Revenue is forecast to grow 22.08% per year

Risk Analysis

Earnings have declined by 25.9% per year over past 5 years

Dividend of 8.89% is not well covered by earnings


MRF Community Fair Values

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R
Current Price
R1.3512.9% undervalued intrinsic discount
%/yr
Decrease
Increase
PastFuture-2b18b2016201920222025202620282031Revenue R18.3bEarnings R1.1b
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Merafe Resources Limited Competitors

Kumba Iron Ore

Symbol: JSE:KIO
Market cap: R73.0b

Master Drilling Group

Symbol: JSE:MDI
Market cap: R2.3b

Tharisa

Symbol: JSE:THA
Market cap: R8.2b

Nampak

Symbol: JSE:NPK
Market cap: R3.9b

Price History & Performance

Summary of share price highs, lows and changes for Merafe Resources
Historical stock prices
Current Share PriceR1.37
52 Week HighR1.50
52 Week LowR0.94
Beta0.35
1 Month Change-4.86%
3 Month Change7.03%
1 Year Change31.73%
3 Year Change12.30%
5 Year Change45.74%
Change since IPO1,857.20%

Recent News & Updates

Recent updates

Analysis Article • Aug 15

Merafe Resources (JSE:MRF) Is Reducing Its Dividend To ZAR0.04

Merafe Resources Limited's ( JSE:MRF ) dividend is being reduced from last year's payment covering the same period to...
Analysis Article • May 07

Merafe Resources Limited's (JSE:MRF) CEO Compensation Is Looking A Bit Stretched At The Moment

Key Insights Merafe Resources will host its Annual General Meeting on 13th of May Total pay for CEO Zanele Matlala...
Analysis Article • Mar 17

Some May Be Optimistic About Merafe Resources' (JSE:MRF) Earnings

The most recent earnings report from Merafe Resources Limited ( JSE:MRF ) was disappointing for shareholders. However...
Analysis Article • Mar 30

Merafe Resources Limited's (JSE:MRF) Shares Bounce 27% But Its Business Still Trails The Market

Merafe Resources Limited ( JSE:MRF ) shareholders would be excited to see that the share price has had a great month...
Analysis Article • Aug 17

We Think That There Are Issues Underlying Merafe Resources' (JSE:MRF) Earnings

Unsurprisingly, Merafe Resources Limited's ( JSE:MRF ) stock price was strong on the back of its healthy earnings...
Analysis Article • May 11

Should Shareholders Reconsider Merafe Resources Limited's (JSE:MRF) CEO Compensation Package?

The results at Merafe Resources Limited ( JSE:MRF ) have been quite disappointing recently and CEO Zanele Matlala bears...
Analysis Article • Mar 03

What Type Of Returns Would Merafe Resources'(JSE:MRF) Shareholders Have Earned If They Purchased Their SharesThree Years Ago?

Merafe Resources Limited ( JSE:MRF ) shareholders will doubtless be very grateful to see the share price up 52% in the...
Analysis Article • Feb 05

What Type Of Shareholders Make Up Merafe Resources Limited's (JSE:MRF) Share Registry?

A look at the shareholders of Merafe Resources Limited ( JSE:MRF ) can tell us which group is most powerful. Generally...
Analysis Article • Dec 27

Should You Buy Merafe Resources Limited (JSE:MRF) For Its Dividend?

Today we'll take a closer look at Merafe Resources Limited ( JSE:MRF ) from a dividend investor's perspective. Owning a...
Analysis Article • Nov 30

Read This Before Selling Merafe Resources Limited (JSE:MRF) Shares

We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are...

Shareholder Returns

MRFZA Metals and MiningZA Market
7D0.7%-2.7%-0.9%
1Y31.7%1.1%5.4%

Return vs Industry: MRF exceeded the ZA Metals and Mining industry which returned 1.1% over the past year.

Return vs Market: MRF exceeded the ZA Market which returned 5.4% over the past year.

Price Volatility

Is MRF's price volatile compared to industry and market?
MRF volatility
MRF Average Weekly Movement4.9%
Metals and Mining Industry Average Movement7.4%
Market Average Movement4.7%
10% most volatile stocks in ZA Market10.8%
10% least volatile stocks in ZA Market2.6%

Stable Share Price: MRF has not had significant price volatility in the past 3 months compared to the ZA market.

Volatility Over Time: MRF's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1987n/aZanele Matlalawww.meraferesources.co.za

Merafe Resources Limited, together with its subsidiaries, engages in the mining and beneficiation of chrome ore into ferrochrome and associated minerals. The company operates ferrochrome smelters, ferrochrome furnaces, and platinum group metals processing plants in the Western and Eastern limbs of the Bushveld Complex; and chrome ore mines and UG2 plants located in the northwest, Limpopo, and Mpumalanga provinces of South Africa. It has operations in South Africa, Egypt, Turkey, Brazil, the United States, Indonesia, China, India, Japan, South Korea, Taiwan, Australia, Belgium, England, Canada, Mexico, Italy, France, the Netherlands, Slovenia, and Spain.

Merafe Resources Limited Fundamentals Summary

How do Merafe Resources's earnings and revenue compare to its market cap?
MRF fundamental statistics
Market capR3.42b
Earnings (TTM)R421.50m
Revenue (TTM)R6.75b
8.1x
P/E Ratio
0.5x
P/S Ratio

Is MRF overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
MRF income statement (TTM)
RevenueR6.75b
Cost of RevenueR0
Gross ProfitR6.75b
Other ExpensesR6.33b
EarningsR421.50m

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

n/a

Earnings per share (EPS)0.17
Gross Margin100.00%
Net Profit Margin6.25%
Debt/Equity Ratio0%

How did MRF perform over the long term?

See historical performance and comparison

Dividends

8.8%
Current Dividend Yield
9,534%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/22 16:08
End of Day Share Price 2026/09/21 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

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
  • SEC Form 10-K
  • SEC Form 10-Q
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
  • Analyst Research Reports
  • Blue Matrix
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
  • ICE Market Data
  • SEC Form S-1
Ownership10 years
  • Top shareholders
  • Insider trading
  • SEC Form 4
  • SEC Form 13D
Management10 years
  • Leadership team
  • Board of directors
  • SEC Form 10-K
  • SEC Form DEF 14A
Key Developments10 years
  • Company announcements
  • SEC Form 8-K

* 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 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

Merafe Resources Limited is covered by 5 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew SnowdowneBofA Global Research
J. ClarkDeutsche Bank
Anshul GadiaHSBC

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Financial Data provided by S&P Global Market Intelligence LLC, analysis provided by Simply Wall Street Pty Ltd. Copyright © 2026, S&P Global Market Intelligence LLC. All rights reserved.
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