Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

Harmony Gold Mining Co Ltd / Equity Bottom-Up

<ul>
<li>Harmony Gold's profitability ratios are severely compressed at both their current levels and their cyclical peaks.</li>
<li>Apart from lucrative dump mining sites, the company generally operates a high-cost model.</li>
<li>The security's total return prospects are gloomy as Harmony's stock lacks carry returns and its price returns remain severely speculative.</li>
</ul>


Harmony Gold's profitability ratios are severely compressed at both their current levels and their cyclical peaks.
Apart from lucrative dump mining sites, the company generally operates a high-cost model.
The security's total return prospects are gloomy as Harmony's stock lacks carry returns and its price returns remain severely speculative.


Harmony Gold: Unconvincing Margins And Overestimated Price Support

South Africa

Harmony Gold Mining Company Limited is a gold-mining and exploration company which produces gold from its operations in South Africa and Papua New Guinea.

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