Edison Investment Research - Sylvania Platinum (SLP) Sylvania Platinum - Lower rhodium prices overshadow strong production

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Edison Investment Research

Alison Turner

Sylvania Platinum - Lower rhodium prices overshadow strong production

Sylvania Platinum saw a significant quarter-on-quarter reduction in EBITDA in Q423 due to lower rhodium prices. We have lowered our rhodium and palladium price forecasts for the next two years, because of predicted demand in China and some de-stocking from OEMs, and have also reduced our long-term assumptions to allow for the current uncertainty. Our FY23e EPS has been adjusted downwards to 18.3c, with FY24e and FY25e EPS reduced by 40% to 9.0c and 11.2c, respectively. Our revised valuation is now 118.2p per share, 32% down from our previous valuation of 173.7p per share.

03/08/2023 1 EN

Underlying

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 rhodium prices overshadow strong production

Sylvania Platinum - Healthy production recovery

Hybridan Small Cap Feast - 29 October 2024

Sylvania Platinum - Earnings upside with chrome JV kicker in Q425

Games Workshop Group - A notable acceleration in Q225

Altron - Further margin expansion in H125

Sayona Mining - Catching up with majors

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