Pan African Resources

PAFRY

Gold · Basic Materials

Price

$25.53

+0.00 (+0.00%)

Market Cap

$129.4M

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+2.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.8M (2021) → 4.9M (2025)

Pan African Resources is a gold mining company based in South Africa. It digs gold out of the ground and sells it to refiners, banks, and bullion dealers. The company operates several mines and processing facilities across South Africa, including the Barberton Mines, which is one of the oldest gold mining operations in the world, and the Elikhulu tailings retreatment plant, which extracts gold from old mine waste.

The company makes money by selling gold at market prices, so its profits rise and fall with the gold price. Pan African Resources operates almost entirely within South Africa, making it a focused, single-country producer. Its ability to process old mine tailings at low cost gives it a competitive edge, since it can produce gold cheaply even when prices dip. The main risks are a falling gold price, South Africa's unreliable electricity supply, and the operational challenges of mining in an aging district.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+96.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+152.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.8%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$79M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Pan African Resources is growing revenue at 97% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

48.8%

Healthy — 48.8% gross margin

Operating Margin

47.7%

Excellent — 47.7% operating margin

ROCE

22.8%

Exceptional — 22.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+173.9%

Fast-growing sales (173.9% YoY)

EPS YoY

+183.4%

Earnings growing fast (183.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

159%

Turns 159% of profit into real cash

FCF Margin

30.9%

Converts sales into free cash efficiently (30.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.35

Conservative — low debt load (0.35)

Interest Cover

31.48x

Comfortably covers interest (31.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

0.5x

Attractive valuation — P/E 0.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.30%

Moderate income — 2.30% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

no trend

Data not available

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