15.   SUMMARY EQUITY VALUE

15.4  

Equity Value Sensitivity Analysis

The following tables assess the Equity Value Per Share of Kumba, Eyesizwe and Exxaro against a single parameter and double parameter sensitivy:

15.4.1 

Kumba

Table 15.15 Kumba: Single Parameter Equity Value Sensitivity at the WACC – Scenario I
Sensitivity Range – Revenue –30% –20% –10% 0% 10% 20% 30%
Sensitivity Range – Total Working Cost –15% –10% –5% 0% 5% 10% 15%
Sensitivity Range – Capital Expenditure –15% –10% –5% 0% 5% 10% 15%
  (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/
  share) share) share) share) share) share) share)
Revenue neg 1.27 52.62 106.49 162.92 221.85 283.33
Total Working Cost 144.37 131.74 119.12 106.49 93.87 81.224 68.62
Capital Expenditure 113.46 111.14 108.81 106.49 101.85 101.85 99.52
               

Table 15.16 Kumba: Single Parameter Equity Value Sensitivity at the WACC – Scenario II
               
Sensitivity Range – Revenue –30% –20% –10% 0% 10% 20% 30%
Sensitivity Range – Total Working Cost –15% –10% –5% 0% 5% 10% 15%
Sensitivity Range – Capital Expenditure –15% –10% –5% 0% 5% 10% 15%
  (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/
  share) share) share) share) share) share) share)
Revenue neg 4.53 58.73 115.53 174.93 236.95 301.57
Total Working Cost 155.42 142.13 128.83 115.53 102.23 88.93 75.63
Capital Expenditure 122.64 120.27 117.90 115.53 111.15 110.78 108.41
 

15.4.2

Eyesizwe

Table 15.17 Eyesizwe: Single Parameter Equity Value Sensitivity at the WACC – Scenario I
Sensitivity Range – Revenue –30% –20% –10% 0% 10% 20% 30%
Sensitivity Range – Total Working Cost –15% –10% –5% 0% 5% 10% 15%
Sensitivity Range – Capital Expenditure –15% –10% –5% 0% 5% 10% 15%
  (ZARm) (ZARm) (ZARm) (ZARm) (ZARm) (ZARm) (ZARm)
Revenue neg neg 59 2,009 3,955 5,902 7,850
Total Working Cost 3,890 3,262 2,634 2,009 1,379 751 123
Capital Expenditure 1,454 1,399 1,344 2,009 1,233 1,178 1,122

Table 15.18 Eyesizwe: Single Parameter Equity Value Sensitivity at the WACC – Scenario II
Sensitivity Range – Revenue –30% –20% –10% 0% 10% 20% 30%
Sensitivity Range – Total Working Cost –15% –10% –5% 0% 5% 10% 15%
Sensitivity Range – Capital Expenditure –15% –10% –5% 0% 5% 10% 15%
  (ZARm) (ZARm) (ZARm) (ZARm) (ZARm) (ZARm) (ZARm)
Revenue neg neg 229 2,228 4,226 6,225 8,224
Total Working Cost 4,148 3,508 2,868 2,228 1,587 947 307
Capital Expenditure 1,672 1,618 1,564 2,228 1,455 1,401 1,346
               

15.4.3

Exxaro

Table 15.19 Exxaro: Single Parameter Equity Value Sensitivity at the WACC – Scenario I
Sensitivity Range – Revenue –30% –20% –10% 0% 10% 20% 30%
Sensitivity Range – Total Working Cost –15% –10% –5% 0% 5% 10% 15%
Sensitivity Range – Capital Expenditure –15% –10% –5% 0% 5% 10% 15%
  (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/
  share) share) share) share) share) share) share)
Revenue neg neg 10.32 46.91 83.98 121.58 159.68
Total Working Cost 80.32 69.18 58.04 46.91 35.76 24.62 13.48
Capital Expenditure 48.91 47.46 46.01 46.91 43.10 41.64 40.19

Table 15.20 Exxaro: Single Parameter Equity Value Sensitivity at the WACC – Scenario II

Sensitivity Range – Revenue –30% –20% –10% 0% 10% 20% 30%
Sensitivity Range – Total Working Cost –15% –10% –5% 0% 5% 10% 15%
Sensitivity Range – Capital Expenditure –15% –10% –5% 0% 5% 10% 15%
  (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/ (ZAR/
  share) share) share) share) share) share) share)
Revenue neg neg 15.10 54.04 93.50 133.48 173.98
Total Working Cost 89.28 77.53 65.79 54.04 42.29 30.54 18.80
Capital Expenditure 56.19 54.69 53.19 54.04 50.19 48.69 47.19
 


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