Harmony Gold shifts to gold-copper model, trading at a discount with strong future growth potential.

Harmony Gold is transitioning to a gold-copper hybrid business model, with its Eva Copper project expected to significantly rebalance revenue by 2028. Despite holding net cash and offering a 4.06% forward dividend yield, the company trades at a notable discount compared to peers. Recent operational improvements, regulatory progress, and a conservative hedge strategy reflect management's confidence in higher metal prices ahead. The analyst maintains a Buy rating, anticipating a valuation increase within 12 to 18 months, depending on stable output from Mponeng and timely execution at Eva Copper.