Caledonia Mining (CMCL)

Company name:	Caledonia Mining Corporation Plc
EPIC:	CMCL	Trading Currency:	GBX
Market Sector:	AMQ1	ISIN:	JE00BF0XVB15
Market Segment:	ASQ1	Share Type:	DE
WWW Address:	http://www.caledoniamining.com/	Description:	COM SHS NPV (DI)
Industry Sector:	MINING

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,115.00	0.0 [0.00]	1,100.00	1,130.00	1,115.00	1,115.00	1,115.00	4,629
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
143.09	12.83	-0.40	92.06	-	12.11	-	1,250.00 - 825.00

Caledonia Mining Key Figures

(at previous day's close)
Market Cap.	143.09	m
Shares In Issue	12.83	m
Prev. Close	1,115.00
PE Ratio	12.11
Dividend Yield	-	%
EPS - basic	92.06	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	140.88	p
Return On Equity (ROE)	10.19	%
Operating Margin	31.32	%
PEG Factor	-0.85
EPS Growth Rate	-14.30	%
Dividends PS Growth Rate	-	%
Net Debt	7.70	m
Gross Gearing	14.38	%
Quick Assets	18.79	m
Net Working Capital	20.62	m
Intangibles / Fixed Assets	-	%
Turnover PS	553.10	p
Pre-Tax Profit PS	173.22	p
Retained Profit PS	47.12	p
Cash PS	78.19	p
Net Cash PS	-2.44	p
Net Tangible Asset Value PS *	823.09	p
Net Asset Value PS	823.09	p
Spread	30.00 (2.65%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Caledonia Mining Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,130.00	1,095.00
4 weeks	1,235.00	1,090.00
12 weeks	1,235.00	905.00
1 year	1,250.00	825.00

Share Price Chart (5 years)

Caledonia Mining Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,100.00	15.00	1.36	1,095.00	0.01		1,112.46
4 weeks	1,145.00	-30.00	-2.62	1,090.00	0.01		1,167.48
12 weeks	1,037.50	77.50	7.47	905.00	0.01		1,086.41
26 weeks	895.00	220.00	24.58	825.00	0.00		1,033.65
1 year	890.00	225.00	25.28	825.00	0.00		1,018.53
3 years	770.00	345.00	44.81	600.00	0.01		1,098.83
5 years	522.50	592.50	113.40	330.00	0.00		939.47
† periods calculated are whole weeks rather than calendar months

Caledonia Mining Key Management Ratios

Caledonia Mining Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	1.14
PE Ratio	12.11
Tobin's Q Ratio	0.74
Tobin's Q Ratio (excl. intangibles)	0.74
Dividend Yield	-	%
Market-to-Book Ratio	1.35
Price-to-Pre-Tax Profit PS	6.44
Price-to-Retained Profit PS	23.66
Price-to-Cash Flow PS	7.91
Price-to-Sales PS	2.02
Price-to-Net Tangible Asset Value PS	1.35
Price-to-Cash PS	14.26
Net Working Capital PS	160.67
Price Pct to Working Capital PS	6.94	%
Earnings Yield	8.26	%
Average PE	4.97
Years in average	5
PE to PE average	243.56	%

Caledonia Mining Financial Ratios

(Leverage Ratios)
Debt Ratio	6.54	%
Debt-to-Equity Ratio	0.07
Debt-to-Equity Ratio (excl. Intgbl)	0.07
Debt-to-Equity Market Value	0.05
Net Gearing	6.24	%
Net Gearing (excl. Intangibles)	6.24	%
Gross Gearing	14.38	%
Gross Gearing (excl. Intangibles)	14.38	%
Gearing Under 1 Year	8.39	%
Gearing Under 1 Year (excl. Intgbl)	8.39	%
Assets/Equity	1.17
Cash/Equity	9.50
(Liquidity Ratios)
Net Working Capital to Total Assets	16.71	%
Current Ratio	2.99
Quick Ratio (Acid Test)	1.82
Liquidity Ratio	0.97
Cash & Equiv/Current Assets	32.40	%
(Solvency Ratios)
Enterprise Value	140.45	m
CFO/Sales	0.25
CFO/Attributable Profit	1.68
CFO/Assets	0.15
CFO/Debt	1.02
Total Debt/Equity Market Value	0.12
Total Debt/Sales	0.25
Total Debt/Pre-Tax Profit	0.80
Total Debt	17.74	m
Total Debt/Net Current Assets	0.86	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	11.43	%
10 yr Compound Earnings Growth	56.19	%
Earn drops > 5% in 10yrs	6

Beta (60-Mnth)	Beta (36-Mnth)
-0.4004	-0.2383

Caledonia Mining Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	19.67	%
Return On Assets (ROA)	5.54	%
Net Profit Margin	15.17	%
Assets Turnover	0.37
Return On Equity (ROE)	10.19	%
Return On Investment (ROI)	5.96	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	6.36	%
Net Income Of Revenues	8.52	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.42
Fixed Assets Turnover	0.49
Current Assets Turnover	1.47
Net Working Capital Turnover
Inventory Turnover	3.77
(Other Operating Ratios)
Total Assets-to-Sales	2.74
Debtors-to-Sales	15.48	%
Debt Collection Period	56.52	Days

Caledonia Mining Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
04 Jan 2022	Quarterly	USX	14.00	31/12/2020	31/12/2021	13/01/2022	14/01/2022	28/01/2022	53.00
04 Oct 2021	Quarterly	USX	14.00	31/12/2020	31/12/2021	14/10/2021	15/10/2021	29/10/2021	-
06 Jul 2021	Quarterly	USX	13.00	31/12/2020	31/12/2021	15/07/2021	16/07/2021	30/07/2021	-
06 Apr 2021	Quarterly	USX	12.00	31/12/2020	31/12/2021	15/04/2021	16/04/2021	30/04/2021	-
01 Oct 2020	Quarterly	USX	10.00	31/12/2019	31/12/2020	15/10/2020	16/10/2020	30/10/2020	33.00
29 Jun 2020	Quarterly	USX	8.50	31/12/2019	31/12/2020	16/07/2020	17/07/2020	31/07/2020	-
29 Apr 2020	Quarterly	USX	7.50	31/12/2019	31/12/2020	14/05/2020	15/05/2020	29/05/2020	-
03 Jan 2020	Quarterly	USX	7.50	31/12/2019	31/12/2020	16/01/2020	17/01/2020	31/01/2020	-
01 Oct 2019	Quarterly	USX	6.88	31/12/2018	31/12/2019	10/10/2019	11/10/2019	25/10/2019	27.50
02 Jul 2019	Quarterly	USX	6.87	31/12/2018	31/12/2019	11/07/2019	12/07/2019	26/07/2019	-
02 Apr 2019	Quarterly	USX	6.88	31/12/2018	31/12/2019	11/04/2019	12/04/2019	26/04/2019	-
02 Jan 2019	Quarterly	USX	6.87	31/12/2018	31/12/2019	10/01/2019	11/01/2019	25/01/2019	-
02 Oct 2018	Quarterly	USX	6.87	31/12/2017	31/12/2018	11/10/2018	12/10/2018	26/10/2018	27.50
03 Jul 2018	Quarterly	USX	6.88	31/12/2017	31/12/2018	12/07/2018	13/07/2018	27/07/2018	-
03 Apr 2018	Quarterly	USX	6.87	31/12/2017	31/12/2018	12/04/2018	13/04/2018	27/04/2018	-
02 Jan 2018	Quarterly	USX	6.88	31/12/2017	31/12/2018	11/01/2018	12/01/2018	26/01/2018	-
03 Oct 2017	Quarterly	USX	6.88	31/12/2016	31/12/2017	12/10/2017	13/10/2017	27/10/2017	-
04 Jul 2017	Quarterly	USX	6.88	31/12/2016	31/12/2017	12/07/2017	13/07/2017	14/07/2017	-
04 Apr 2017	Quarterly	USX	1.37	31/12/2016	31/12/2017	17/04/2017	18/04/2017	28/04/2017	-
03 Jan 2017	Quarterly	USX	1.38	31/12/2016	31/12/2017	12/01/2017	13/01/2017	27/01/2017	-
04 Oct 2016	Quarterly	USX	1.38	31/12/2015	31/12/2016	13/10/2016	14/10/2016	28/10/2016	5.00
05 Jul 2016	Quarterly	USX	1.38	31/12/2015	31/12/2016	14/07/2016	15/07/2016	29/07/2016	-
05 Apr 2016	Quarterly	USX	1.12	31/12/2015	31/12/2016	14/04/2016	15/04/2016	29/04/2016	-
05 Jan 2016	Quarterly	USX	1.13	31/12/2015	31/12/2016	14/01/2016	15/01/2016	29/01/2016	-
06 Oct 2015	Quarterly	USX	1.50	31/12/2014	31/12/2015	15/10/2015	16/10/2015	30/10/2015	6.00
07 Jul 2015	Quarterly	USX	1.50	31/12/2014	31/12/2015	16/07/2015	17/07/2015	31/07/2015	-
07 Apr 2015	Quarterly	USX	1.50	31/12/2014	31/12/2015	16/04/2015	17/04/2015	30/04/2015	-
06 Jan 2015	Quarterly	USX	1.50	31/12/2014	31/12/2015	15/01/2015	16/01/2015	30/01/2015	-
07 Oct 2014	Quarterly	USX	1.50	31/12/2013	31/12/2014	16/10/2014	17/10/2014	31/10/2014	6.00
08 Jul 2014	Quarterly	USX	1.50	31/12/2013	31/12/2014	16/07/2014	18/07/2014	31/07/2014	-
08 Apr 2014	Quarterly	USX	1.50	31/12/2013	31/12/2014	17/04/2014	22/04/2014	30/04/2014	-
07 Jan 2014	Quarterly	USX	1.50	31/12/2013	31/12/2014	20/01/2014	22/01/2014	31/01/2014	-
04 Apr 2013	Final	USX	1.50	31/12/2012	31/12/2013	17/04/2013	19/04/2013	30/04/2013	1.50

Caledonia Mining Fundamentals

	31 Dec 2018 (CAD)		31 Dec 2019 (CAD)		31 Dec 2020 (CAD)		31 Dec 2021 (CAD)
turnover	61.99	100.00%	75.83	100.00%	100.00	100.00%	121.33	100.00%	m
pre tax profit	18.80	30.33%	60.69	80.04%	40.43	40.43%	38.00	31.32%	m
attributable profit	8.53	13.75%	42.02	55.41%	20.78	20.78%	18.41	15.17%	m
retained profit	5.03	8.11%	38.62	50.94%	16.24	16.24%	10.34	8.52%	m
eps - basic	98.90		382.00		173.40		148.60
eps - diluted	98.90		381.50		173.20		148.50
dividends per share	-		-		-		-

Caledonia Mining Balance Sheet

	31 Dec 2018 (CAD)		31 Dec 2019 (CAD)		31 Dec 2020 (CAD)		31 Dec 2021 (CAD)


	31 Dec 2018 (CAD)		31 Dec 2019 (CAD)		31 Dec 2020 (CAD)		31 Dec 2021 (CAD)
ASSETS
fixed assets	97.53	77.59%	113.71	79.21%	133.33	74.94%	157.94	74.90%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	-	-%	-	-%	1.18	0.67%	-	-%	m
current assets - other	0.30	0.24%	0.10	0.07%	0.50	0.28%	-	-%	m
stocks	9.43	7.50%	11.09	7.73%	16.80	9.44%	20.81	9.87%	m
debtors	7.26	5.77%	9.26	6.45%	7.01	3.94%	14.97	7.10%	m
cash & securities	11.19	8.90%	9.38	6.54%	19.09	10.73%	17.15	8.13%	m

TOTAL	125.69	100%	143.55	100%	177.92	100%	210.88	100%	m

LIABILITIES
creditors - short	12.20	9.70%	9.88	6.88%	9.96	5.60%	17.69	8.39%	m
creditors - long	34.69	27.60%	8.96	6.24%	9.91	5.57%	12.63	5.99%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	46.89	37.30%	18.84	13.12%	19.88	11.17%	30.32	14.38%	m

EQUITY
ord cap, reserves	78.81	62.70%	108.42	75.52%	158.04	88.83%	180.56	85.62%	m
prefs, minorities	-	-%	16.30	11.36%	-	-%	-	-%	m

TOTAL	78.81	62.70%	124.72	86.88%	158.04	88.83%	180.56	85.62%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Caledonia Mining Cash Flow Statement

	31 Dec 2018 (CAD)	31 Dec 2019 (CAD)	31 Dec 2020 (CAD)	31 Dec 2021 (CAD)
Operating CF	17.67	18.06	30.96	30.90	m
Pre-Financing CF	-2.53	-0.96	2.96	-5.02	m
Retained CF	-1.58	-2.19	10.30	-2.65	m

Caledonia Mining Brokers

Name	Activity	Type	Mnemonic	Code
Royal Bank of Canada Europe	Market Maker(MMF)	Broker/Dealer	RBCE	ROYCGB22
Shore Capital Stockbrokers Ltd	Market Maker(MMF)	Broker/Dealer	SCAP	SHOCGB21
Seymour Pierce	Market Maker(MMF)	Broker/Dealer	SEYP	SPBTGB21
Winterflood Securities Ltd	Market Maker(MMF)	Broker/Dealer	WINS	WNTSGB2LBIC