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Sylvania Platinum (AIM: SLP)

Last close As at 26/10/2024

GBP0.49

▲ 1.00 (2.11%)

Market capitalisation

GBP127m

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 — Earnings upside with chrome JV kicker in Q425

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
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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)

63.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.2 (20.1) (41.3)
Relative 3.3 (21.0) (48.2)
52 week high/low 78.1p/43.4p

Financials

Sylvania Platinum’s FY24 results faced pressure from weak PGM prices, delayed production recovery and elevated expenses. The company is keenly focused on improving efficiencies, successfully rolling out the Thaba joint venture (JV) and completing exploration asset studies. We expect a strong pick-up in FY26 revenue from the JV, supported by cost control. Our valuation of 105.8p/share was affected by a strong rand, but offers upside from the JV, exploration assets and a recovery of PGM prices.

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 130.2 65.9 67.0 16.65 3.8 2.2
2024A 81.7 12.3 13.5 2.66 24.1 11.2
2025E 104.3 20.5 18.2 5.11 12.5 10.5
2026E 140.9 45.1 39.4 10.70 6.0 4.1

Research

Update

Metals & Mining

Sylvania Platinum — Long-term PGM price upside

Update

Metals & Mining

Sylvania Platinum — Annual guidance maintained, despite strike

Metals & Mining

Update

Sylvania Platinum — Earnings upside with chrome JV kicker in Q425

Update

Metals & Mining

Sylvania Platinum — Sluggish PGM prices affect forecasts

Update

Metals & Mining

Sylvania Platinum — Q124 production up, costs down

Update

Metals & Mining

Sylvania Platinum — Stellar production, guidance beaten

Update

Metals & Mining

Sylvania Platinum — New Thaba JV adds significant value

Flash note

Metals & Mining

Sylvania Platinum — Chrome ore and PGM treatment joint venture

Update

Metals & Mining

Sylvania Platinum — Lower rhodium prices overshadow strong production

Update

Metals & Mining

Sylvania Platinum — Lower PGM prices affecting results and forecasts

Outlook

Metals & Mining

Sylvania Platinum — Well set for robust long-term PGM prices
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