HAR (HAR) Fair Value & Analysis

Basic Materials · Market cap 153B ZAC

H HAR HAR · JSE

PriceR251.00

Fair ValueR391.35

Upside+55.9%

Quality59/100

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Evidence: High Range R279.72 – R551.38

Fair value as of: Jun 26, 2026

From 26 valuation models · updated 6 days ago

Share price −8.8% over the past month.

Price vs Fair Value (12 months)

12‑month range R218.17 – R391.32 · fair‑value band R279.72 – R551.38 · the R251.00 price screens below the R391.35 fair value. As of Jun 26, 2026.

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Analysis

HAR (HAR) currently trades at R251.00, while our model-based Fair Value estimate is R391.35 — implying the stock looks roughly 55.9% undervalued today. We read business quality at 59/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, HAR generated revenue of 81.2B ZAR at a net margin of 20.1%. Revenue grew 19.5% year over year. It earns a return on equity of 33.5%. The balance sheet holds a net cash position of 10.9B ZAR. Fundamentals as of Jun 26, 2026

Key figures & financial health

Revenue (TTM) 81.2B ZAC

Revenue growth (YoY) +19.5%

Net margin 20.1%

Return on equity 33.5%

Free cash flow 10.8B ZAC FY2025

P/E ratio 9.5

More key figures

Operating margin 33.3%

EPS (TTM) R25.74

Dividend yield 0.0%

EPS growth (YoY) +22.7%

Net cash 10.9B ZAC FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

HAR reported revenue of R73.9B in FY2025 versus R41.7B in FY2021, a compound +15.4%/yr. Reported net income was R14.4B in FY2025, compounding +29.7%/yr from FY2021.

Revenue +15.4%/yr

FY21 R41.7B

FY22 R42.6B

FY23 R49.3B

FY24 R61.4B

FY25 R73.9B

Net income +29.7%/yr

FY21 R5.1B

FY22 −R1.1B

FY23 R4.8B

FY24 R8.6B

FY25 R14.4B

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Similar stocks

6 more Gold stocks, each showing price versus our Fair Value estimate (as of Jun 26, 2026).

Stock	Price	Fair Value	vs Fair Value
Newmont Corporation NEMCL	$112.00	$186.78	+67%
Zijin Mining Group 601899	¥27.70	¥39.42	+42%
NEM NEM	A$137.30	A$250.93	+83%
Agnico Eagle Mines Limited AEM	$166.85	$222.49	+33%
Barrick Mining Corporation B	$37.19	$70.51	+90%
Wheaton Precious Metals Corp SII	€93.84	€49.15	-48%

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Frequently asked questions

Is HAR (HAR) undervalued?

As of Jun 26, 2026, our model estimates a fair value of R391.35 versus a price of R251.00 — about +56% (undervalued). Model-based estimate, not financial advice.

What is the fair value of HAR?

Our model-based fair value for HAR is R391.35 (as of Jun 26, 2026), built from audited fundamentals. The current price is R251.00.

What is the quality score of HAR?

HAR has a Quality Score of 59/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of HAR (HAR)?

HAR reported trailing-twelve-month revenue of about 81.2B ZAR (latest available figure, as of Jun 26, 2026).

What is the net profit margin of HAR?

The net profit margin of HAR is about 20.1%, meaning it keeps roughly 20.1% of revenue as net income. Based on the latest reported figures.

Does HAR pay a dividend?

HAR currently shows a dividend yield of about 0.03% relative to its recent price (as of Jun 26, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.