Merafe Resources Limited (MRF) Fair Value & Analysis
Basic Materials · ZA · Market cap 3.3B ZAC
Fair value as of: Jun 26, 2026
From 25 valuation models · updated 3 days ago
Fair value updated Jun 26, 2026 — revised from R3.22 to R1.36 (−57.8%) since Jun 24, 2026. Share price +2.4% over the past month.
Price vs Fair Value (12 months)
12‑month range R1.01 – R1.35 · fair‑value band R0.9000 – R1.36 · the R1.28 price screens below the R1.36 fair value. As of Jun 26, 2026.
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Merafe Resources Limited (MRF) currently trades at R1.28, while our model-based Fair Value estimate is R1.36 — implying the stock looks roughly 6.3% undervalued today. We read business quality at 95/100 (high 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, Merafe Resources Limited generated revenue of 5.8B ZAR at a net margin of 2.4%. Revenue declined 10.4% year over year. It earns a return on equity of 3.0%. The balance sheet holds a net cash position of 1.2B ZAR. Fundamentals as of Jun 26, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.
About the company
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 was incorporated in 1987 and is headquartered in Bryanston, South Africa.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Merafe Resources Limited reported revenue of R5.8B in FY2025 versus R8.1B in FY2021, a compound −7.8%/yr. Reported net income was R143M in FY2025, compounding −46.0%/yr from FY2021.
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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.