Edison Investment Research - Sylvania Platinum (SLP) Sylvania Platinum - Lower PGM prices affecting results and forecasts

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Edison Investment Research

Alison Turner

Sylvania Platinum - Lower PGM prices affecting results and forecasts

Despite the lower Q323 production and higher unit costs, Sylvania Platinum remains highly cash generative with US$144.2m cash at end March 2023 versus US$123.9m at end Q223. Lower rhodium prices resulted in significantly lower EBITDA than Q223. We have lowered our rhodium and palladium price forecasts for the next two years because of expected lower demand in China and some de-stocking from OEMs. Our new valuation is 173.7p/share, versus the previous valuation of 186.9p/share.

04/05/2023 1 EN

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Sylvania Platinum

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BMG864081044 London Stock Exchange Bermuda

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Alison Turner

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Sylvania Platinum - Lower PGM prices affecting results and forecasts

Sylvania Platinum - Earnings upside with chrome JV kicker in Q425

Sylvania Platinum Ltd: 1 director

Sylvania Platinum - Long-term PGM price upside

Impact Healthcare REIT - Successful turnaround

abrdn UK Smaller Companies Growth Trust - Solid relative performance recovery continues

Accsys Technologies - Tricoya project to be discontinued

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