Discounted Cash Flow

Drdgold Ltd. ADR

DRD · Based on 10 years of SEC filings · Converted from ZAR to USD (9 ordinary shares per ADR)

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⚠ Cash flow predictability 52/100 (moderate) — FCF YoY std dev 71%, net income 49% (full history)

▲ Accelerating sales growth

Sales growth has accelerated: 7.4% (2023) → 13.5% (2024) → 26.3% (2025). Revenue growth has been accelerating in recent years and is now 26.3% — rapidly accelerating growth may be difficult to sustain at this pace, or the DCF (based on historical averages) may understate future momentum.

Average annual growth rates

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—
Dividends	—	—	—

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

—

Free cash flow growth —

10-year: — 5-year: — 3-year: —

Averaged growth (FCF & NI) —

10-year: — 5-year: — 3-year: —

Net income growth —

10-year: — 5-year: — 3-year: —

Sales growth (not added to calculations) —

10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

Or enter your own rate

Inflation rate (used with B/E only)

Historical inputs (10 fiscal years)

YEAR	Sales	Net Income	Free Cash Flow	Net Margin	EPS (diluted)
2016	—	—	—	—	—
2018	$154.2m	$2.0m	$14.5m	1.3%	$1.50
2019	$171.1m (10.9%)	$6.5m (224.4%)	$17.9m (23.3%)	3.8% (192.5%)	$11.80 (686.7%)
2020	$259.2m (51.5%)	$60.6m (831.4%)	$69.9m (291.6%)	23.4% (514.7%)	$82.50 (599.2%)
2021	$326.3m (25.9%)	$121.6m (100.6%)	$97.4m (39.4%)	37.3% (59.3%)	$168.40 (104.1%)
2022	$317.0m (-2.9%)	$90.3m (-25.7%)	$56.6m (-41.9%)	28.5% (-23.6%)	$1.31 (-99.2%)
2023	$340.4m (7.4%)	$104.4m (15.7%)	$31.6m (-44.1%)	30.7% (7.7%)	$1.49 (13.6%)
2024	$386.4m (13.5%)	$112.5m (7.7%)	$-70.6m (-323.5%)	29.1% (-5.1%)	$1.54 (3.5%)
2025	$487.9m (26.3%)	$189.9m (68.8%)	$217.4m (407.9%)	38.9% (33.7%)	$2.60 (68.6%)

Base FCF: — (latest fiscal year)

Discount rate: %

Terminal growth: —

Projection period: — years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in ZAR. Values above are converted to USD for comparison with the US-listed share price.

Projected cash flows

Year	Projected cash flow	Discount Factor	Present Value

PV of projected FCF: —

Terminal FCF: —

Terminal value: —

PV of terminal value: —

Enterprise value (DCF): —

Current price: —

Alternative DCF Models

Model	Fair Value	Upside	PV(FCFs)	PV(Terminal)	Total Years
Standard (10yr→TV) ⓘ	—	—	—	—	10 + TV
Alt A (Gradual Decline) ⓘ	—	—	—	—	—
Alt B (30yr Hard Stop) ⓘ	—	—	—	N/A	—

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model