Sylvania Platinum — Annual guidance maintained, despite strike

Sylvania Platinum (AIM: SLP)

Last close As at 24/06/2024

GBP0.61

−0.40 (−0.65%)

Market capitalisation

GBP160m

More on this equity

Research: Metals & Mining

Sylvania Platinum — Annual guidance maintained, despite strike

Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable. Operating costs increased by 5.6%, in line with expectations. FY24 production guidance is for 75,000–76,000oz, despite the challenges in Q324. Our PGM outlook is unchanged from our moderated forecasts earlier in the year. We have cut our FY24 EPS forecast by 2.2% from 7.4p to 7.2p on the Q324 miss, but have lifted our FY25 and FY26 forecasts slightly on the back a share buyback programme reducing the number of shares in issue. The company announced a special dividend of 1p/share following the sale of its Grasvally Chrome Mine for US$6.2m. We have lifted our valuation slightly to 120.0p/share due to a slightly weaker sterling and lower number of shares in issue, but have made no change to the carrying value of the exploration assets.

Metals & Mining

Sylvania Platinum

Q324 results

Metals and mining

3 May 2024

Price

70p

Market cap

£181.7m

US$/£1.25; ZAR/US$18.70

Net cash ($m) at end Q324

101.3

Shares in issue

261.6m

Free float

88.4

Code

SLP

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

13.3

15.7

(27.3)

Rel (local)

10.2

8.2

(30.7)

52-week high/low

90.5p

50.4p

Business description

Sylvania Platinum focuses on the re-treatment and recovery of platinum group metals 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.

Next events

Q424 results

July 2024

Analysts

René Hochreiter

+44 (0)20 3077 5700

Marius Strydom

+44 (0)20 3077 5700

Sylvania Platinum is a research client of Edison Investment Research Limited

Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable. Operating costs increased by 5.6%, in line with expectations. FY24 production guidance is for 75,000–76,000oz, despite the challenges in Q324. Our PGM outlook is unchanged from our moderated forecasts earlier in the year. We have cut our FY24 EPS forecast by 2.2% from 7.4p to 7.2p on the Q324 miss, but have lifted our FY25 and FY26 forecasts slightly on the back a share buyback programme reducing the number of shares in issue. The company announced a special dividend of 1p/share following the sale of its Grasvally Chrome Mine for US$6.2m. We have lifted our valuation slightly to 120.0p/share due to a slightly weaker sterling and lower number of shares in issue, but have made no change to the carrying value of the exploration assets.

Year end

Revenue (US$m)

PBT*
(US$m)

EPS*
(c)

DPS**
(p)

P/E
(x)

Yield
(%)

06/23

130

67

17.0

8.0

4.1

11.4

06/24e

89

25

7.2

4.0

9.7

5.7

06/25e

110

36

9.3

5.0

7.5

7.1

06/26e

148

51

13.6

7.9

5.0

11.4

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **1p/share declared special dividend included for FY24, but exclusive of windfall dividends thereafter.

Pressure on Q324 results due to strike

During February 2024, the National Union of Mineworkers South Africa (NUMSA) embarked on a 22-day strike, which affected production at Sylvania’s western operations, resulting in a 5.5% q-o-q reduction in both 4E and 6E PGM ounces mined (9% and 10% below our expectations). Full-year 4E PGM production guidance has been maintained at 75,000–76,000oz. The PGM basket price was flat at US$1,303/oz for the quarter, 5.4% below our expectation. Our PGM forecasts for the remainder of the year and beyond are unchanged.

Special dividend and buybacks

During the period, Sylvania successfully negotiated an early settlement on its sale of its Grasvally Chrome Mine, resulting in proceeds of US$6.2m, supporting a healthy quarter-end cash balance of US$101.3m (vs US$107.2m at the previous quarter end), despite rand weakness, the payment of a US$3.3 cash dividend and the execution of share buybacks to the tune of US$1.2m, reducing issued share capital by 1.7m shares. The company has announced a special dividend of 1p/share to distribute $3.3m of the Grasvally proceeds to shareholders.

Valuation: 120.0p/share, up 1.6%

We have cut FY24e EPS by 2.2% on the Q324 miss, but have increased our forecasts for FY25 and FY26 slightly on the back of lower number of shares in issue. We have lifted our valuation by 1.6% to 120.0p/share to allow for the lower share count and weaker sterling, with no changes to our exploration assets valuations.

Strike temporarily affecting production

The investment case for Sylvania Platinum is mainly based on a low-risk dump retreatment operation, to which we ascribe the bulk of the company’s valuation. It also has exploration assets in the northern part of the Bushveld Igneous Complex of South Africa. A preliminary economic assessment (PEA) is being conducted for Volspruit, with an updated mineral resource estimate (MRE) in the final stages of completion. This will be followed by a preliminary feasibility study in the coming months. In August 2023, the company announced the Thaba JV with Limburg Mining Company, which will diversify Sylvania’s production to include chrome concentrate from H225.

Quarterly results below our expectations

Sylvania missed our Q324 forecasts for two key reasons, namely lower than expected production due to a 22-day wage strike at the company’s western operations in February 2024 and a 5% lower-than-forecast PGM basket price of US$1,303/oz (vs US$1,377), while operating costs were in line with expectations.

Exhibit 1 shows the quarterly results and the differences compared with our prior forecasts.

Exhibit 1: Comparison of Q324 results with Q224

 

Q224

Q324

Q324e

Q324 vs Q224

Q324 vs Q324e

Production

 

 

 

 

 

Plant feed (t)

636,156

580,572

666,824

(8.7%)

(12.9%)

Feed head grade (g/t)

1.84

2.01

1.84

9.5%

9.4%

PGM plant feed (t)

342,548

330,379

350,083

(3.6%)

(5.6%)

PGM plant feed grade (g/t)

2.84

3.06

3.03

7.7%

0.9%

Total 4E PGMs (oz)

18,232

17,232

18,904

(5.5%)

(8.8%)

Total 6E PGMs (oz)

23,105

21,857

24,239

(5.4%)

(9.8%)

Basket price ($/oz)

1,305

1,303

1,377

(0.1%)

(5.4%)

Financials

4E revenue (US$m)

17.4

16.1

20.3

(7.5%)

(20.8%)

By-product revenue (US$m)

3.3

3.1

3.5

(6.3%)

(11.8%)

Total revenue before sales adjustment (US$m)

20.7

19.2

23.8

(7.3%)

(19.5%)

Sales adjustment (US$m)

0.2

1.1

0.2

619.4%

406.7%

Total revenue (US$m)

20.9

20.3

24.1

(2.6%)

(15.6%)

Total operating costs (ZARm)

294.3

313.5

307.5

6.5%

2.0%

Total operating costs (US$m)

15.7

16.6

16.6

5.6%

(0.4%)

Other costs (US$m)

0.7

0.7

0.7

(2.1%)

(11.1%)

EBITDA (US$m)

4.4

3.1

6.7

(30.5%)

(53.9%)

Net interest (US$m)

1.6

1.4

1.3

(10.6%)

7.5%

Net profit (US$m)

1.6

2.5

6.8

63.4%

(62.6%)

Gross margin

24.7%

18.4%

30.8%

(25.7%)

(40.4%)

Basic EPS (USc)

0.6

1.0

2.6

63.4%

Capex (US$m)

3.9

3.5

(10.3%)

Cash balance (US$m)

107.2

101.3

(5.5%)

Average ZAR/US$ rate

18.73

18.90

18.31

0.9%

3.2%

Spot ZAR/US$ rate

18.31

18.91

18.31

3.3%

3.3%

Unit costs (US$)

SDO cash cost/4E PGM oz

721

826

14.6%

SDO cash cost/6E PGM oz

569

651

14.5%

Group cash cost/4E PGM oz

898

980

9.1%

Group cash cost/6E PGM oz

708

789

11.3%

All-in-sustaining cost (4E)

957

1,008

5.5%

All-In cost (4E)

1,096

1,145

8.1%

Source: Edison Investment Research, Sylvania Platinum accounts

Q324 plant feed was 8.7% lower than Q224 due to the 22-day NUMSA strike in February, but has subsequently recovered and FY24 guidance of 75,000–76,000oz remains in place.

The PGM basket price was flat at US$1,303 for the quarter, but 5.4% below our expectation. Our PGM forecasts for the remainder of the year and beyond are unchanged.

4E revenue was 21% lower than our forecasts (7.5% down on Q224) and by-product revenue was 12% lower (down 6.3%) but, thanks to a positive sales adjustment in the quarter, overall revenue was only down 2.6%.

Operating costs were up 5.6%, in line with expectations, while other costs came in below expectations.

Net profit was up 63.4% on Q224, but 62.6% below our expectation.

Cash levels remained strong at US$101.3m, despite rand weakness, dividend payments and share buybacks.

The company announced a special dividend of 1p/share to distribute US$3.3m of the US$6.2m proceeds from the sale of the Grasvally Chrome Mine.

Forecast revisions

We have cut our FY24 EPS by 2.2% on the back of the Q324 results miss, but have left our FY25 and FY26 forecasts largely unchanged in US$ terms and slightly up on a per-share basis due to a lower share count following the share buybacks during the quarter.

Exploration assets steadily moving towards production

The Thaba JV continues to make excellent progress, with the design, procurement and construction elements of the project all on schedule. Additionally, on the exploration front, an updated MRE statement for both Volspruit North and South ore bodies was released. The PEA for the Volspruit project, along with results from the metallurgical test work, are now expected during Q424. We have made no changes to our forecasts or valuation for the JV or the exploration assets, but continue to flag potential upside as more certainty is achieved on the JV and the exploration assets move closer to production.

Valuation

We have lifted our valuation for Sylvania by 1.6% from 118.1p to 120.0p as the result of a weaker sterling versus the dollar and a lower share count following the buybacks. We have maintained our exploration asset valuation at 13.8p/share, with 16.7p/share ascribed to the Thaba JV and the remaining 89.5p/share to the Sylvania Dump Operations (SDO).

Exhibit 2: Valuation downgrade on PGM forecasts

Current

Previous

Change

Combined valuation (p/share)

120.0

118.1

1.6%

SDO (p/share)

89.5

88.1

1.5%

Exploration (p/share)

13.8

13.8

0.0%

Thaba JV (p/share)

16.7

16.1

3.9%

FY24 EPS (p/share)

7.2

7.4

-2.2%

Implied P/E (x)

16.6

16.0

FY25 EPS (p/share)

9.3

9.2

0.9%

Implied P/E (x)

12.9

12.9

FY26 EPS (p/share)

13.6

13.5

1.1%

Implied P/E (x)

8.8

8.7

Source: Edison Investment Research

While the implied forward P/E multiple of our new valuation has increased slightly based on FY24 and FY25 EPS forecasts relative to our previous valuation, the FY26 forward P/E is largely unchanged.

Exhibit 3: Financial summary

US$m

2022

2023

2024e

2025e

2026e

Year ending 30 June

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

 

 

 

 

Revenue

152

130

89

110

148

Cost of Sales

(62)

(61)

(65)

(72)

(92)

Royalties Tax

(7)

(5)

(4)

(6)

(7)

Gross Profit

83

64

21

33

49

EBITDA

83

66

22

37

52

Operating Profit (before amort. And except.)

80

62

17

30

45

Intangible Amortisation

0

0

0

0

0

Exceptionals

0

0

0

0

0

Other

(7)

(6)

(8)

(10)

(10)

Operating Profit

80

62

17

30

45

Net Interest

1

5

8

6

6

Profit Before Tax (norm)

81

67

25

36

51

Profit Before Tax (FRS 3)

81

67

25

36

51

Tax

(25)

(22)

(6)

(11)

(16)

Profit After Tax (norm)

56

45

19

25

36

Profit After Tax (FRS 3)

56

45

19

25

36

Average Number of Shares Outstanding (m)

272

267

261

261

261

EPS – normalised (c)

20.6

17.0

7.2

9.3

13.6

EPS – normalised fully diluted (c)

20.4

16.7

7.2

9.3

13.6

EPS – (IFRS) (c)

20.4

16.7

7.2

9.3

13.6

Dividend per share (p)

8.0

8.0

4.0*

5.0

7.9

Gross Margin (%)

54.9%

49.2%

23%

30%

33%

EBITDA Margin (%)

54.5%

49.1%

25%

33%

35%

Operating Margin (before GW and except.) (%)

52.4%

47.4%

19%

27%

31%

BALANCE SHEET

 

 

Fixed Assets

93

101

153

159

161

Intangible Assets

46

46

42

43

46

Tangible Assets

46

49

66

69

68

Investments

0

6

46

48

47

Current Assets

187

168

132

143

148

Stocks

4

5

2

2

2

Debtors

53

36

30

34

39

Cash

121

124

93

99

103

Other

8

3

8

7

3

Current Liabilities

11

14

6

7

8

Creditors

11

14

6

7

8

Short term borrowings

0

0

0

0

0

Long Term Liabilities

18

17

20

21

19

Long term borrowings

0

0

0

0

0

Other long term liabilities

18

16

20

21

19

Net Assets

251

239

259

274

281

CASH FLOW

 

 

Operating Cash Flow

92

78

23

32

48

Net Interest

2

5

9

6

6

Tax

(24)

(20)

(5)

(11)

(15)

Capex

(16)

(14)

(22)

(10)

(6)

Acquisitions/disposals

0

0

(19)

0

2

Financing

(20)

(11)

(1)

0

0

Dividends

(23)

(35)

(17)

(10)

(28)

Net Cash Flow

20

7

(31)

9

7

Opening net (debt)/cash

106

121

124

93

99

HP finance leases initiated

0

0

0

0

0

Other

(5)

(4)

(0)

(2)

(3)

Closing net (debt)/cash

121

124

93

99

103

Source: Company accounts, Edison Investment Research. Note: *Includes 1p/share declared special dividend.

General disclaimer and copyright

This report has been commissioned by Sylvania Platinum and prepared and issued by Edison, in consideration of a fee payable by Sylvania Platinum. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

General disclaimer and copyright

This report has been commissioned by Sylvania Platinum and prepared and issued by Edison, in consideration of a fee payable by Sylvania Platinum. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on Sylvania Platinum

View All

Latest from the Metals & Mining sector

View All Metals & Mining content

Research: TMT

1Spatial — Investing in the transformational SaaS opportunity

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for more rapid, operationally geared growth to be priced in.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free