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
925.00	95.0 [11.45]	900.00	950.00	830.00	930.00	830.00	21,682
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
98.95	10.70	0.43	57.58	-	16.06	-	930.00 - 330.00

Caledonia Mining Key Figures

(at previous day's close)
Market Cap.	98.95	m
Shares In Issue	10.70	m
Prev. Close	830.00
PE Ratio	16.06
Dividend Yield	-	%
EPS - basic	57.58	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	94.90	p
Return On Equity (ROE)	10.82	%
Operating Margin	30.33	%
PEG Factor	1.12
EPS Growth Rate	14.34	%
Dividends PS Growth Rate	-	%
Net Debt	20.51	m
Gross Gearing	37.30	%
Quick Assets	10.77	m
Net Working Capital	9.18	m
Intangibles / Fixed Assets	-	%
Turnover PS	333.00	p
Pre-Tax Profit PS	101.00	p
Retained Profit PS	27.01	p
Cash PS	60.09	p
Net Cash PS	-5.43	p
Net Tangible Asset Value PS *	423.33	p
Net Asset Value PS	423.33	p
Spread	50.00 (5.26%)
* 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	930.00	800.00
4 weeks	930.00	650.00
12 weeks	930.00	605.00
1 year	930.00	330.00

Share Price Chart (5 years)

Caledonia Mining Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	810.00	115.00	14.20	800.00	0.01		814.91
4 weeks	660.00	265.00	40.15	650.00	0.01		769.00
12 weeks	615.00	310.00	50.41	605.00	0.01		728.86
26 weeks	475.00	450.00	94.74	470.00	0.01		670.69
1 year	430.00	495.00	115.12	330.00	0.00		575.12
3 years	587.50	337.50	57.45	287.50	0.01		540.13
5 years	195.00	730.00	374.36	190.00	0.02		430.09
† 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	3.64
PE Ratio	16.06
Tobin's Q Ratio	0.84
Tobin's Q Ratio (excl. intangibles)	0.84
Dividend Yield	-	%
Market-to-Book Ratio	2.19
Price-to-Pre-Tax Profit PS	9.16
Price-to-Retained Profit PS	34.24
Price-to-Cash Flow PS	9.75
Price-to-Sales PS	2.78
Price-to-Net Tangible Asset Value PS	2.19
Price-to-Cash PS	15.39
Net Working Capital PS	85.78
Price Pct to Working Capital PS	10.78	%
Earnings Yield	6.23	%
Average PE	15.70
Years in average	5
PE to PE average	102.34	%

Caledonia Mining Financial Ratios

(Leverage Ratios)
Debt Ratio	30.56	%
Debt-to-Equity Ratio	0.44
Debt-to-Equity Ratio (excl. Intgbl)	0.44
Debt-to-Equity Market Value	0.20
Net Gearing	28.40	%
Net Gearing (excl. Intangibles)	28.40	%
Gross Gearing	37.30	%
Gross Gearing (excl. Intangibles)	37.30	%
Gearing Under 1 Year	9.70	%
Gearing Under 1 Year (excl. Intgbl)	9.70	%
Assets/Equity	1.59
Cash/Equity	14.20
(Liquidity Ratios)
Net Working Capital to Total Assets	12.71	%
Current Ratio	2.31
Quick Ratio (Acid Test)	1.54
Liquidity Ratio	0.92
Cash & Equiv/Current Assets	39.72	%
(Solvency Ratios)
Enterprise Value	112.45	m
CFO/Sales	0.28
CFO/Attributable Profit	2.07
CFO/Assets	0.14
CFO/Debt	0.38
Total Debt/Equity Market Value	0.27
Total Debt/Sales	0.76
Total Debt/Pre-Tax Profit	2.49
Total Debt	26.94	m
Total Debt/Net Current Assets	2.94	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	83.91	%
5 yr Compound Earnings Growth	60.45	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	4

Beta (60-Mnth)	Beta (36-Mnth)
0.4287	0.3669

Caledonia Mining Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	16.57	%
Return On Assets (ROA)	4.16	%
Net Profit Margin	13.75	%
Assets Turnover	0.30
Return On Equity (ROE)	10.82	%
Return On Investment (ROI)	4.71	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	6.62	%
Net Income Of Revenues	8.11	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.48
Fixed Assets Turnover	0.40
Current Assets Turnover	1.27
Net Working Capital Turnover
Inventory Turnover	3.83
(Other Operating Ratios)
Total Assets-to-Sales	3.31
Debtors-to-Sales	18.15	%
Debt Collection Period	66.24	Days

Caledonia Mining Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
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 2015 (CAD)		31 Dec 2016 (CAD)		31 Dec 2017 (CAD)		31 Dec 2018 (CAD)
turnover	48.98	100.00%	61.99	100.00%	69.76	100.00%	61.99	100.00%	m
pre tax profit	7.96	16.25%	18.80	30.33%	20.59	29.51%	18.80	30.33%	m
attributable profit	4.78	9.76%	8.53	13.75%	9.38	13.45%	8.53	13.75%	m
retained profit	2.28	4.65%	5.53	8.92%	6.07	8.71%	5.03	8.11%	m
eps - basic	8.90		15.90		86.50		98.90
eps - diluted	8.90		15.80		86.40		98.90
dividends per share	-		-		-		-

Caledonia Mining Balance Sheet

	31 Dec 2015 (CAD)		31 Dec 2016 (CAD)		31 Dec 2017 (CAD)		31 Dec 2018 (CAD)


	31 Dec 2015 (CAD)		31 Dec 2016 (CAD)		31 Dec 2017 (CAD)		31 Dec 2018 (CAD)
ASSETS
fixed assets	49.28	67.65%	64.92	71.57%	82.14	74.64%	97.53	77.59%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	-	-%	-	-%	0.30	0.24%	m
stocks	6.09	8.36%	7.22	7.96%	9.18	8.34%	9.43	7.50%	m
debtors	4.90	6.73%	4.24	4.67%	5.67	5.15%	7.26	5.77%	m
cash & securities	12.57	17.25%	14.34	15.80%	13.07	11.87%	11.19	8.90%	m

TOTAL	72.84	100%	90.71	100%	110.06	100%	125.69	100%	m

LIABILITIES
creditors - short	8.40	11.53%	9.83	10.84%	15.60	14.18%	12.20	9.70%	m
creditors - long	14.08	19.33%	21.56	23.77%	25.24	22.94%	34.69	27.60%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	22.48	30.86%	31.39	34.61%	40.85	37.11%	46.89	37.30%	m

EQUITY
ord cap, reserves	50.36	69.14%	59.32	65.39%	69.21	62.89%	78.81	62.70%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	50.36	69.14%	59.32	65.39%	69.21	62.89%	78.81	62.70%	m

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

Caledonia Mining Cash Flow Statement

	31 Dec 2015 (CAD)	31 Dec 2016 (CAD)	31 Dec 2017 (CAD)	31 Dec 2018 (CAD)
Operating CF	6.87	23.01	24.51	17.67	m
Pre-Financing CF	-9.70	3.13	2.87	-2.53	m
Retained CF	-12.20	3.50	-1.84	-1.58	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