Update shared on04 Sep 2025
Fair value Decreased 1.39%Valterra Platinum’s consensus price target was modestly reduced to ZAR805.20 as analysts balanced ongoing operational strength with caution over post-spinout headwinds and lingering sector risks.
Analyst Commentary
- Bullish analysts cited continued strong performance post-spinout despite minor target reductions.
- Bearish analysts highlighted ongoing headwinds facing the business after separation from Anglo American.
- Modest price target increases from some bearish analysts reflect slightly improved outlook but overall caution.
- Outperform ratings maintained by some suggest confidence in long-term prospects despite near-term volatility.
- Sell ratings underscore persistent concerns regarding sector dynamics and company-specific challenges.
What's in the News
- The board approved an interim dividend of ZAR 0.5 billion (ZAR 2.00 per share), aligned with the company's policy of distributing 40% of headline earnings.
- Q2 and H1 2025 metallurgical & concentrate (M&C) PGM production and refined output declined year-over-year, with H1 M&C output down to 1,465,300 oz from 1,755,100 oz, and refined production down to 1,793,300 oz from 2,074,600 oz.
- 2025 production guidance remains unchanged despite Amandelbult flooding, with M&C production at the lower end of the range; own operations expected to produce ~2.0 million PGM ounces and refined guidance at 3.0–3.4 million ounces.
- Public Investment Corporation increased its stake to 11.15%, while BlackRock reduced its holding to 4.67%; Themba Mkhwanazi to step down as Regional Director after overseeing the successful demerger.
Valuation Changes
Summary of Valuation Changes for Valterra Platinum
- The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from ZAR816.55 to ZAR805.20.
- The Future P/E for Valterra Platinum remained effectively unchanged, moving only marginally from 26.74x to 26.33x.
- The Discount Rate for Valterra Platinum remained effectively unchanged, moving only marginally from 17.96% to 17.91%.
Disclaimer
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