15.   SUMMARY EQUITY VALUE

15.3

Equity Value Analysis

The following tables contain details on the Equity Value for Kumba, Eyesizwe and Exxaro at various discount factors:

 

15.3.1 

Kumba

 

Table 15.9 Kumba Equity Value Analysis: WACC Sensitivity Analysis – Scenario I

  South Africa Australia Projects  
Sensitivity Discount Factor Discount Factor Discount Factor NPV
(%) (%) (%) (%) (ZAR/share)
–20.00% 9.80% 8.18% 12.96% 131.98
–15.00% 10.41% 8.70% 13.77% 124.86
–10.00% 11.03% 9.21% 14.58% 118.27
– 5.00% 11.64% 9.72% 15.39% 112.16
0.00% 12.25% 10.23% 16.20% 106.49
5.00% 12.86% 10.74% 17.01% 101.22
10.00% 13.48% 11.25% 17.82% 96.31
15.00% 14.09% 11.76% 18.63% 91.74
20.00% 14.70% 12.28% 19.44% 87.47

Table 15.10 Kumba Equity Value Analysis: WACC Sensitivity Analysis – Scenario II

         
  South Africa Australia Projects  
Sensitivity Discount Factor Discount Factor Discount Factor NPV
(%) (%) (%) (%) (ZAR/share)
–20.00% 9.80% 8.18% 12.96% 147.98
–15.00% 10.41% 8.70% 13.77% 138.70
–10.00% 11.03% 9.21% 14.58% 130.26
– 5.00% 11.64% 9.72% 15.39% 122.56
0.00% 12.25% 10.23% 16.20% 115.53
5.00% 12.86% 10.74% 17.01% 109.08
10.00% 13.48% 11.25% 17.82% 103.16
15.00% 14.09% 11.76% 18.63% 97.72
20.00% 14.70% 12.28% 19.44% 97.70
 

15.3.2  

Eyesizwe

Table 15.11 Eyesizwe Equity Value Analysis: WACC Sensitivity Analysis – Scenario I

  South Africa  
Sensitivity Discount Factor NPV
(%) (%)   (ZARm)
–20.00% 9.80% 2,504
–15.00% 10.41% 2,364
–10.00% 11.03% 2,236
– 5.00%   11.64%   2,118
0.00%   12.25%   2,009
5.00% 12.86% 1,909
10.00% 13.48% 1,815
15.00% 14.09% 1,728
20.00%   14.70%   1,648

Table 15.12 Eyesizwe Equity Value Analysis: WACC Sensitivity Analysis – Scenario II

  South Africa Australia Projects  
Sensitivity Discount Factor Discount Factor Discount Factor NPV
(%) (%) (%) (%) (ZAR/share)
–20.00% 12.25% 10.23% 16.20% 2,829
–15.00% 12.25% 10.23% 16.20% 2,658
–10.00% 12.25% 10.23% 16.20% 2,502
– 5.00% 12.25% 10.23% 16.20% 2,359
0.00% 12.25% 10.23% 16.20% 2,228
5.00% 12.25% 10.23% 16.20% 2,107
10.00% 12.25% 10.23% 16.20% 1,996
15.00% 12.25% 10.23% 16.20% 1,894
20.00% 12.25% 10.23% 16.20% 1,800

15.3.3  

Exxaro

Table 15.13 Exxaro Equity Value Analysis: WACC Sensitivity Analysis – Scenario I

  South Africa Australia Projects  
Sensitivity Discount Factor Discount Factor Discount Factor NPV
(%) (%) (%) (%) (ZAR/share)
–20.00% 9.80% 8.18% 12.96% 60.81
–15.00% 10.41% 8.70% 13.77% 56.92
–10.00% 11.03% 9.21% 14.58% 53.82
– 5.00% 11.64% 9.72% 15.39% 49.99
0.00% 12.25% 10.23% 16.20% 46.91
5.00% 12.86% 10.74% 17.01% 44.04
10.00% 13.48% 11.25% 17.82% 41.37
15.00% 14.09% 11.76% 18.63% 38.89
20.00% 14.70% 12.28% 19.44% 36.57

Table 15.14 Exxaro Equity Value Analysis: WACC Sensitivity Analysis – Scenario II

  South Africa Australia Projects  
Sensitivity Discount Factor Discount Factor Discount Factor NPV
(%) (%) (%) (%) (ZAR/share)
–20.00% 9.80% 8.18% 12.96% 73.58
–15.00% 10.41% 8.70% 13.77% 67.92
–10.00% 11.03% 9.21% 14.58% 62.83
– 5.00% 11.64% 9.72% 15.39% 58.22
0.00% 12.25% 10.23% 16.20% 54.04
5.00% 12.86% 10.74% 17.01% 50.24
10.00% 13.48% 11.25% 17.82% 46.77
15.00% 14.09% 11.76% 18.63% 43.59
20.00% 14.70% 12.28% 19.44% 40.68
 


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