Exxaro stock faces a ZAR 220 target after 20 percent HEPS drop

Published on 09/25/2026 at 12:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Exxaro stock posted 7 percent half-year revenue growth to ZAR 22.1 billion by June 30, 2026. The interim dividend was 700 cents per share, payable October 5, 2026.

Exxaro, ZAE000084992, Illustration mit AI erstellt.

Exxaro (ISIN ZAE000084992) was trading at ZAR 176.40 on the JSE on September 25, 2026, down 0.50 percent from the prior close, with a market capitalization of ZAR 41,302,901,052. The latest valuation debate follows a 20 percent decline in June 2026 headline earnings per share and a lower analyst fair value of ZAR 220.

Moranbah South sale reshapes portfolio

According to Sharenet on September 4, 2026, Exxaro agreed to sell its entire interest in the Moranbah South project to Stanmore Resources for USD 105 million after exercising its pre-emptive right to acquire the other 50 percent.

The disposal is expected to close before the end of the fourth quarter of 2026, subject to Australian regulatory approvals. Exxaro described the asset as non-core, placing the transaction within its strategy of concentrating capital on South African coal, renewable energy and future-facing metals.

June figures show the tradeoff

The National reported on September 6, 2026, that revenue for the six months ended June 30, 2026, increased 7 percent to ZAR 22.1 billion, while headline earnings per share fell 20 percent to ZAR 13.77. The interim dividend declined from ZAR 8.43 to ZAR 7.00 per share.

The figures show the central tension in Exxaro's current setup: revenue expanded, but earnings and distributions weakened. Exxaro's investor center identifies the June 30, 2026, interim period as its latest half-year reporting cycle and describes coal and renewable energy as core parts of its portfolio through Exxaro.

Analyst target moves to ZAR 220

According to Simply Wall St on September 17, 2026, analysts reduced the Exxaro target from ZAR 230 to ZAR 220, citing softer revenue growth, a lower profit margin and a higher future P/E assumption. The ZAR 220 target stands 24.7 percent above the September 25 reference price of ZAR 176.40.

The same review noted a gross interim dividend of 700 cents per share for the six months ended June 30, 2026. The payment is scheduled for October 5, 2026, with the stock moving ex-dividend on September 30, 2026.

Exxaro stock remains below target

Exxaro stock was trading at ZAR 176.40 on the JSE on September 25, 2026, at 12:15 p.m. SAST. The intraday range was ZAR 175.90 to ZAR 179.58, against a 52-week range of ZAR 164.22 to ZAR 230.53.