Gemfields Group - Jupiter sale funds buyback and special dividend
Our updated sum-of-the-parts (SOTP) valuation of Gemfields is ZAR4.91 per share before taking into account the planned buyback of up to 10% of the issued share capital. If the buyback was fully executed at the current share price of ZAR1.65/share, the SOTP would increase to ZAR5.31/share. Gemfields’ agreed sale of its stake in Jupiter for A$44.24m (US$30.5m) funds a planned return of capital to shareholders totalling US$24.68m, split between the share buyback and a subsequent special dividend. On the back of total H1 auction sales from Kagem and Montepuez Ruby Mining (MRM) of US$83.2m, we have adjusted our full-year auction sale forecast down to US$180.4m (from US$193.7m previously).
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