Sylvania Platinum - Massive free cash flows post-spike in PGM prices
Sylvania Platinum’s (SLP) core business is the production of low-risk platinum group metals (PGM) from chrome tailings dump retreatment in South Africa (SA). The business is high margin, reflecting a low-cost base and in FY21 it benefited from the surge in PGM prices, which have since moderated with a sharp dip in Q122 and are now firming up again. The company’s large net cash position and highly cash-generative nature, even post the spike in PGM prices in 2021, positions it well for attractive dividends, high cash generation and possible corporate action.
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