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Gold Fields Owner Earnings per Share (TTM)

: 1.38 (As of Dec. 2021)
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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Gold Fields's Owner Earnings per Share (TTM) ended in Dec. 2021 was $1.38. It's Price-to-Owner-Earnings ratio for today is 6.8.


The historical rank and industry rank for Gold Fields's Owner Earnings per Share (TTM) or its related term are showing as below:

GFI' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 3.2   Med: 12.19   Max: 39.47
Current: 7.08


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Gold Fields was 39.47. The lowest was 3.20. And the median was 12.19.


GFI's Price-to-Owner-Earnings is ranked better than
62.8% of 422 companies
in the Metals & Mining industry
Industry Median: 10.41 vs GFI: 7.08

Gold Fields's Earnings per Share (Diluted) for the six months ended in Dec. 2021 was $0.45. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2021 was $0.88. It's PE Ratio ratio for today is 10.66.

Gold Fields's EPS without NRI for the six months ended in Dec. 2021 was $0.45. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2021 was $0.88. It's PE Ratio without NRI ratio for today is 10.66.


Gold Fields Owner Earnings per Share (TTM) Historical Data

The historical data trend for Gold Fields's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Gold Fields Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.44 -0.33 0.41 1.13 1.42

Gold Fields Semi-Annual Data
Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21
Owner Earnings per Share (TTM) Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.41 - 1.13 - 1.42

Competitive Comparison

For the Gold subindustry, Gold Fields's Owner Earnings per Share (TTM), along with its competitors' market caps and Owner Earnings per Share (TTM) data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Gold Fields Owner Earnings per Share (TTM) Distribution

For the Metals & Mining industry and Basic Materials sector, Gold Fields's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where Gold Fields's Owner Earnings per Share (TTM) falls into.



Gold Fields Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Gold Fields's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income 789
Depreciation, Depletion and Amortization 713
Change In Deferred Tax 425
5Y Average of Maintenance Capital Expenditure 553
Change In Working Capital -89
Shares Outstanding (Diluted Average) 893

1. Start with "Net Income" from income statement. Gold Fields's Net Income for the trailing twelve months (TTM) ended in Dec. 2021 was $789 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Gold Fields's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2021 was $713 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Gold Fields's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2021 was $425 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $553 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Gold Fields's 5-Year Average Maintenance Capital Expenditure = $553 Mil

5. "Change In Working Capital" is from cashflow statement. Gold Fields's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2021 was $-89 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Gold Fields's Shares Outstanding (Diluted Average) for the months ended in Dec. 2021 was 893.498 Mil.

Gold Fields's Onwer Earnings Per Share for Dec. 2021 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 789.3 +713.2+424.9
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-552.8176+-89.4)/893.498
=1.38

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=9.38/1.38
=6.8

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Gold Fields Owner Earnings per Share (TTM) Related Terms

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Gold Fields Business Description

Gold Fields logo
Industry
Basic Materials » Metals & Mining NAICS : 212221 SIC : 0
Address
150 Helen Road, Sandown, Sandton, ZAF, 2196
Gold Fields Ltd is a globally diversified gold miner and producer with eight operating mines in Australia, Ghana, Peru, and South Africa. The majority of group revenue is generated in the Australian mines, largely the St Ives and Granny Smith sites, with Ghana the second- largest contributor of revenue. The company is involved in underground and surface gold and copper mining and related activities, including exploration, development, extraction, processing, and smelting. In Peru, the company also produces copper, and it has other precious metal exploration interests in Africa, Eurasia, Australasia, and the Americas.

Gold Fields Headlines

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