Sylvania Platinum (AIM: SLP)

Currency in GBP

Last close As at 07/06/2023


0.50 (0.62%)

Market capitalisation


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.

PGM prices, especially platinum, iridium and ruthenium, will likely benefit from their use in the future hydrogen economy in the medium term. We think PGM prices will rise in contrast as battery materials shortages emerge in the second half of this decade as higher than generally expected internal combustion engine car sales push up PGM prices. Lower production from South African PGM producers due to power cuts, and in Russia due to equipment spares shortages, and steady Chinese demand may support prices in the medium term.

Equity Analyst

Key Management

  • Jaco Prinsloo


  • Lewanne Carminati


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.5) (19.0) (11.5)
Relative (6.7) (15.8) (10.7)
52 week high/low 112.4p/77.0p


Sylvania Platinum’s Q223 results did not reflect the strong Q1 due to lower prices, cost and exchange rate movements. We have lowered our near-term PGM price forecasts for palladium and rhodium due to high stock levels, but these should strengthen from FY26 as car sales recover to pre-pandemic levels. Our valuation of Sylvania’s producing assets is 186.9p/share. Exploration assets could add a further 73p/share.

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 206.0 145.0 143.0 35.9 2.8 2.4
2022A 152.0 83.0 81.0 20.4 5.0 3.0
2023E 142.0 71.0 71.0 19.0 5.3 3.5
2024E 150.0 61.0 57.0 14.8 6.8 4.7


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