The best performing JSE listed gold mining shares in 2023’
In this article we look at JSE listed gold producers AngloGold Ashanti, Gold Fields, Harmony Gold, DRD Gold and Pan African Resources in terms of total returns, broker ratings and price targets.
The following table highlights total returns for locally listed gold counters over a one month, three month and year to date look back period. Total returns reflect capital gains and dividends paid over the respective periods.
Over the past month a sharp drop in the underlying gold price has seen all gold counters under pressure.
Pan-African Resources has been the worst performer over all three look back periods.
DRD Gold has outperformed its gold mining peers over a one, three and year to date reflection period, having produced a high single digit return for 2023 thus far.
Gold share price targets and broker ratings
The below table shows locally listed gold counters, highlighting long term price targets and broker ratings as of the 16th of February 2023, sourced from Refinitiv Workspace.
Ironically, Pan African Resources, the worst performing gold counter this year, trades at the steepest discount to its longer-term consensus price target, carrying a ‘strong buy’ recommendation.
DRD Gold on the other hand, the best performing gold counter this year, trades at the highest premium to its consensus long term price target and carrying a ‘sell’ recommendation. It should be noted that DRD Gold carries the least analyst coverage (2) of the gold shares covered.
AngloGold Ashanti and Gold Fields both trade at double digit discounts to price targets, with buy and hold recommendations respectively.
Gold Fields Ltd: in its FY22 operational and trading update (released 15 February 2023), expects its HEPS to be between 16.0% and 22.0%, higher than in the previous year.
AngloGold Ashanti Ltd : in its trading update for the year ending 31 December 2022 (released 15 February 2023), expects HEPS to be between 8.0% and 13.0% lower than in the previous year.
Pan African Resources PLC: 1H23 results (released 15 February 2023), showed basic and diluted EPS to have increased by 36.4% from the prior year’s comparative period.
DRDGOLD Ltd: 1H23 results (released 15 February 2023) showed half year profit to have increased by 7.4% against the prior year’s comparative period.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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