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HMY

Harmony Gold Mining Company Limited

Basic Materials · $10.9B market cap

Verdict

Share price

$17.38

close of Oct 3, 2026

Fair value

$21.44

Sticker Price

Payback Price

$8.58

buy price

Undervalued

HMY is Undervalued: at $17.38 it trades 19% below its fair value of $21.44. Its buy price (Payback Price) is $8.58, 51% below today's price. Business quality is strong: 4 of 5 key numbers clear the 10% bar.

How we valued it

Buffett Normalized. A profitable, growing business, so we project its earnings 10 years ahead and work out what that is worth today.

Business quality

4 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth14.2% a year✓
Equity per share growth-0.8% a year✗
Sales growth11.9% a year✓
Free cash flow growth27.9% a year✓
Return on invested capital23.7%✓

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About Harmony Gold Mining Company Limited

Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australia. The company explores for gold, uranium, silver, and copper deposits. It has nine underground operations in the Witwatersrand Basin; the Kraaipan Greenstone Belt; and various surface source operations in South Africa. In addition, the company owns interests…

Gold

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works