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Sylvania Platinum (AIM: SLP)

Last close As at 18/09/2024

GBP0.46

▲ −1.00 (−2.13%)

Market capitalisation

GBP121m

Sylvania Platinum focuses on the re-treatment and recovery of platinum group metals (PGMs) including platinum, palladium and rhodium, mainly from tailings dumps and other surface sources, but also lesser amounts of run-of-mine underground ore from Samancor chrome mines in South Africa.

Demand for PGMs dropped in 2023 and remains under pressure due to increased recycling of PGMs, particularly in China. Demand continues to be muted in 2024, with inventories remaining high. In the longer term, we see significant headwinds for electric vehicles in most countries except China, and increased regulatory and emissions legislation pressure, driving increased PGM demand and positive price momentum. Production pressures in South Africa and Russia could provide a further underpin to prices.

Latest Insights

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Metals & Mining | Update

Sylvania Platinum — Long-term PGM price upside

Metals & Mining | Update

Sylvania Platinum — Annual guidance maintained, despite strike

Metals & Mining | Update

Sylvania Platinum — Sluggish PGM prices affect forecasts

Metals & Mining | Update

Sylvania Platinum — Q124 production up, costs down
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Equity Analyst

Analyst avatar placeholder
Marius Strydom

Marius Strydom

Analyst

Lord Ashbourne

Lord Ashbourne

Director of Content, Mining

Key Management

  • Jaco Prinsloo

    CEO

  • Lewanne Carminati

    CFO

Balance Sheet

Forecast net cash (US$m)

96.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.7) (26.3) (42.5)
Relative (20.6) (28) (46.9)
52 week high/low 85.5p/43.4p

Financials

Sylvania Platinum suffered a delay in production recovery during Q424 following a strike earlier in the year, while the PGM basket price remained sluggishly low. The cash balance, however, remained strong at US$97.8m. Our valuation of 112.2p/share allows for improved production in FY25 and a recovery in PGM prices in later years. Our valuation offers upside potential from the Thaba joint venture, as well as Sylvania’s exploration assets steadily moving towards production. The new Thaba joint venture will augment PGM production and add a chromite concentrate revenue stream, while the exploration assets offer optionality to production to be exploited once PGM prices recover.

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 151.9 82.8 80.9 20.4 3.0 1.8
2023A 130.2 65.9 67.0 16.7 3.6 2.1
2024E 84.7 17.0 19.9 5.8 10.5 8.4
2025E 106.4 30.8 29.8 7.7 7.9 6.0

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Metals & Mining

Sylvania Platinum – executive interview

Update

Metals & Mining

Sylvania Platinum — Low risk option on PGMs, stellar dividend payer

Update

Metals & Mining

Sylvania Platinum — Excellent Q4 production but lower PGM basket

Update

Metals & Mining

Sylvania Platinum — Forecasts unchanged and outlook improved

edison tv

Metals & Mining

Introduction to Sylvania Platinum, a unique and differentiated PGM producer

Update

Metals & Mining

Sylvania Platinum — Some weakness but cash-flow rich

Flash note

Metals & Mining

Sylvania Platinum — Great cost control

Initiation

Metals & Mining

Sylvania Platinum — Massive free cash flows post-spike in PGM prices