Merafe

JSE:MRF South Africa Other Industrial Metals & Mining
Market Cap
$159.38 Million
ZAC299.90 Billion ZAC
Market Cap Rank
#35113 Global
#109 in South Africa
Share Price
ZAC120.00
Change (1 day)
+0.00%
52-Week Range
ZAC101.00 - ZAC134.00
All Time High
ZAC160.00
Categories
Companies in South Africa Other Industrial Metals & Mining
About

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, chrome ore mines, UG2 plants, and PGM processing plants located in the Northwest, Limpopo, and Mpumalanga provinces of South Africa. It operates in South Africa, Brazil, the United… Read more

Merafe (MRF) - Net Assets

Latest net assets as of June 2025: ZAC4.91 Billion ZAC

Based on the latest financial reports, Merafe (MRF) has net assets worth ZAC4.91 Billion ZAC as of June 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ZAC6.01 Billion) and total liabilities (ZAC1.10 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric Value
Current Net Assets ZAC4.91 Billion
% of Total Assets 81.74%
Annual Growth Rate 11.95%
5-Year Change 114.14%
10-Year Change 42.8%
Growth Volatility 43.57

Merafe - Net Assets Trend (2001–2024)

This chart illustrates how Merafe's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for Merafe (2001–2024)

The table below shows the annual net assets of Merafe from 2001 to 2024.

Year Net Assets Change
2024-12-31 ZAC4.88 Billion -7.27%
2023-12-31 ZAC5.26 Billion +21.44%
2022-12-31 ZAC4.33 Billion +14.86%
2021-12-31 ZAC3.77 Billion +65.56%
2020-12-31 ZAC2.28 Billion -32.64%
2019-12-31 ZAC3.38 Billion -30.91%
2018-12-31 ZAC4.89 Billion +5.55%
2017-12-31 ZAC4.64 Billion +18.95%
2016-12-31 ZAC3.90 Billion +14.13%
2015-12-31 ZAC3.41 Billion +9.32%
2014-12-31 ZAC3.12 Billion +6.76%
2013-12-31 ZAC2.93 Billion +7.98%
2012-12-31 ZAC2.71 Billion +1.92%
2011-12-31 ZAC2.66 Billion +3.25%
2010-12-31 ZAC2.58 Billion +10.35%
2009-12-31 ZAC2.33 Billion -5.88%
2008-12-31 ZAC2.48 Billion +72.35%
2007-12-31 ZAC1.44 Billion +30.07%
2006-12-31 ZAC1.11 Billion +22.23%
2005-12-31 ZAC904.87 Million +183.63%
2004-12-31 ZAC319.03 Million +37.54%
2003-12-31 ZAC231.96 Million +0.37%
2002-12-31 ZAC231.10 Million -36.44%
2001-12-31 ZAC363.61 Million --

Equity Component Analysis

This analysis shows how different components contribute to Merafe's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

  • Retained earnings have grown by 364096475500.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component Amount Percentage
Retained Earnings ZAC3.59 Billion 73.57%
Common Stock ZAC24.99 Million 0.51%
Other Components ZAC1.26 Billion 25.92%
Total Equity ZAC4.88 Billion 100.00%

Merafe Competitors by Market Cap

The table below lists competitors of Merafe ranked by their market capitalization.

Company Market Cap
Kim Hin Joo
KLSE:0210
 		$1.47 Million
Athena Resources Ltd
AU:AHN
 		$1.48 Million
Techindia Nirman Limited
NSE:TECHIN
 		$1.48 Million
Ensysce Biosciences Inc
NASDAQ:ENSC
 		$1.48 Million
NEXT (NXG.SG)
STU:NXG
 		$1.47 Million
Woomera Mining Ltd
AU:WML
 		$1.47 Million
Tivic Health Systems Inc
NASDAQ:TIVC
 		$1.47 Million
3M Co.
LSE:0QNY
 		$1.47 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Merafe's equity between the two most recent reporting periods.

Equity Growth Insights

  • From 2023 to 2024, total equity changed from 5,258,541,000 to 4,876,115,000, a change of -382,426,000 (-7.3%).
  • Net income of 667,207,000 contributed positively to equity growth.
  • Dividend payments of 1,049,633,000 reduced retained earnings.

Equity Change Factors (2023 to 2024)

Factor Impact Contribution
Net Income ZAC667.21 Million +13.68%
Dividends Paid ZAC1.05 Billion -21.53%
Total Change ZAC- -7.27%

Book Value vs Market Value Analysis

This analysis compares Merafe's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

  • Current price-to-book ratio: 61.50x
  • The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
  • The price-to-book ratio has decreased from 300.78x to 61.50x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date Book Value per Share Market Price P/B Ratio
2001-12-31 ZAC0.40 ZAC120.00 x
2002-12-31 ZAC0.23 ZAC120.00 x
2003-12-31 ZAC0.20 ZAC120.00 x
2004-12-31 ZAC0.25 ZAC120.00 x
2005-12-31 ZAC0.65 ZAC120.00 x
2006-12-31 ZAC0.47 ZAC120.00 x
2007-12-31 ZAC0.60 ZAC120.00 x
2008-12-31 ZAC1.01 ZAC120.00 x
2009-12-31 ZAC0.94 ZAC120.00 x
2010-12-31 ZAC1.04 ZAC120.00 x
2011-12-31 ZAC1.07 ZAC120.00 x
2012-12-31 ZAC1.08 ZAC120.00 x
2013-12-31 ZAC1.17 ZAC120.00 x
2014-12-31 ZAC1.24 ZAC120.00 x
2015-12-31 ZAC1.36 ZAC120.00 x
2016-12-31 ZAC1.55 ZAC120.00 x
2017-12-31 ZAC1.85 ZAC120.00 x
2018-12-31 ZAC1.95 ZAC120.00 x
2019-12-31 ZAC1.35 ZAC120.00 x
2020-12-31 ZAC0.91 ZAC120.00 x
2021-12-31 ZAC1.50 ZAC120.00 x
2022-12-31 ZAC1.73 ZAC120.00 x
2023-12-31 ZAC2.10 ZAC120.00 x
2024-12-31 ZAC1.95 ZAC120.00 x

Capital Efficiency Dashboard

This dashboard shows how efficiently Merafe utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

  • Current Return on Equity (ROE): 13.68%
  • The company shows good efficiency in utilizing shareholder equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 7.91%
  • • Asset Turnover: 1.37x
  • • Equity Multiplier: 1.26x
  • Recent ROE (13.68%) is above the historical average (3.63%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year Return on Equity Net Profit Margin Asset Turnover Equity Multiplier Economic Value Added
2001 -6.36% -51.79% 0.06x 2.05x ZAC-59.48 Million
2002 -63.84% -80.28% 0.23x 3.41x ZAC-170.65 Million
2003 -46.18% -19.32% 0.65x 3.66x ZAC-130.32 Million
2004 6.50% 4.13% 0.41x 3.85x ZAC-11.18 Million
2005 4.61% 6.79% 0.30x 2.24x ZAC-48.78 Million
2006 12.58% 13.50% 0.49x 1.91x ZAC28.54 Million
2007 16.69% 14.50% 0.64x 1.80x ZAC96.26 Million
2008 41.45% 36.95% 0.74x 1.51x ZAC779.76 Million
2009 -6.53% -8.28% 0.54x 1.46x ZAC-385.68 Million
2010 10.82% 10.89% 0.67x 1.48x ZAC21.20 Million
2011 4.39% 4.81% 0.62x 1.48x ZAC-149.12 Million
2012 1.80% 1.92% 0.59x 1.58x ZAC-222.09 Million
2013 7.20% 6.02% 0.70x 1.71x ZAC-81.97 Million
2014 6.85% 5.93% 0.67x 1.73x ZAC-98.25 Million
2015 10.06% 7.76% 0.83x 1.57x ZAC1.99 Million
2016 13.66% 9.34% 0.96x 1.53x ZAC142.71 Million
2017 19.72% 15.52% 0.93x 1.37x ZAC450.57 Million
2018 13.97% 12.19% 0.85x 1.34x ZAC194.12 Million
2019 -40.28% -25.32% 1.18x 1.35x ZAC-1.70 Billion
2020 -44.05% -20.98% 1.54x 1.37x ZAC-1.23 Billion
2021 44.39% 20.76% 1.63x 1.31x ZAC1.30 Billion
2022 32.56% 17.77% 1.40x 1.31x ZAC976.98 Million
2023 33.34% 18.96% 1.39x 1.27x ZAC1.23 Billion
2024 13.68% 7.91% 1.37x 1.26x ZAC179.60 Million

Industry Comparison

This section compares Merafe's net assets metrics with peer companies in the Other Industrial Metals & Mining industry.

Industry Context

  • Industry: Other Industrial Metals & Mining
  • Average net assets among peers: $2,217,847,923
  • Average return on equity (ROE) among peers: 11.84%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
Merafe (MRF) ZAC4.91 Billion -6.36% 0.22x $1.47 Million
African Rainbow Minerals Ltd (ARI) $7.97 Billion 11.59% 0.48x $17.61 Million
Chrometco Ltd (CMO) $173.11 Million 56.88% 0.29x $108.09K
Mantengu Mining Ltd. (MTU) $46.75 Million 16.36% 1.52x $7.02 Million
Orion Gold NL (ORN) $92.94 Million -5.80% 0.47x $2.02 Million
Wesizwe (WEZ) $2.80 Billion -19.85% 1.72x $389.30K