Diversified Mining & Minerals - Precious and Base Metals
Strategic Profile
ARM operates through four main segments: ARM Platinum (platinum group metals and nickel), ARM Ferrous (iron ore, manganese ore, and chrome ore), ARM Coal (Goedgevonden Mine), and ARM Corporate (Machadodorp Works and gold investments). Management attributes expected earnings growth mainly to higher US dollar PGM basket prices at the Two Rivers and Modikwa mines.
Cyborg Score Rationale
The company expects basic earnings for 1H F2026 in a range of ZAR300 million to ZAR440 million, compared with ZAR394 million reported for 1H F2025. Its latest twelve months EV/EBITDA is 0.7x with a 5-year average of 1.0x. Strong dividend yield and commodity exposure support valuation.
Top Insights
1H F2026 basic earnings guided at ZAR300-440 million (vs ZAR394 million prior) with EPS guidance of 1,173-1,244 cents vs 711 cents prior year
Analysts maintain fair value estimate at ~ZAR233.33 per share with minimal technical adjustments
Forward dividend yield of 10.73% provides strong income component
Company seeks to boost revenues by increasing ore production, optimizing mine operations, and enhancing manganese export logistics
Named Competitors
Platinum Group Metals — PGM mining competitors
Manganese & Iron Ore — Ferrous metals segment competitors
Gold Investment — Strategic gold exposure through equity stake
Recent Developments
(Feb 2026) Dr Patrice Motsepe retired as Executive Chairman following JSE amendments requiring chairman independence; COO appointment made
(Feb 2026) 1H F2026 earnings guidance issued with ZAR300-440 million range vs ZAR394 million in 1H F2025
(Jan 2026) Stock price approached 52-week highs around ZAR242 following multi-year breakout from accumulation base
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