Sibanye Stillwater マネジメント

マネジメント基準チェック /34

Sibanye Stillwaterの CEO はRichard Stewartで、 Sep2025年に任命され、の在任期間は 1 年未満です。の年間総報酬はZAR 30.38Mで、 33.5%給与と66.5%のボーナス（会社の株式とオプションを含む）で構成されています。は、会社の株式の0.029%を直接所有しており、その価値は$ 2.36M 。経営陣と取締役会の平均在任期間はそれぞれ3.9年と7.1年です。

主要情報

Richard Stewart

最高経営責任者

R30.4m

報酬総額

CEO給与比率	33.45%
CEO在任期間	less than a year
CEOの所有権	0.03%
経営陣の平均在職期間	3.9yrs
取締役会の平均在任期間	7.1yrs

経営陣の近況

Recent updates

Seeking Alpha • Apr 22

Sibanye Stillwater: Valuation Multiples Should Expand As The Turnaround Continues

Summary Sibanye Stillwater Limited is positioned as a top commodity idea, with a Strong Buy rating and a $25 price target. SBSW's turnaround features 31.8% revenue growth in 2025, tripled EBITDA, and a resumed dividend, driven by global operational ramp-up. The stock trades at a deep value, with a forward P/E under 4x and a P/S below 1x, versus peers at higher multiples. Key risks include high leverage and commodity price volatility, but SBSW's global diversification and macro tailwinds support the investment thesis. Read the full article on Seeking Alpha

Seeking Alpha • Mar 22

Sibanye Stillwater: When A Solid Business And Market Fundamentals Are Not Enough

Summary Sibanye Stillwater is a major player in the PGM industry, owning and operating two of the largest platinum mines globally. Since 2019, the company reduced significantly its leverage to 25.9% Total Debt/Equity and 44.5% Total Liabilities/Total Assets. The lower PGM prices affect SBWS's profitability, reducing its returns and margins. SBSW's profitability is average compared to its peers, with 12.1% ROTC and 15.2% ROE. SBSW distributes dividends with respectable yields at 7.2%(TTM). It is the highest compared to Impala (7.15%) and Anglo-American (6.52%). SBSW trades at 2.2 EV/EBITDA, 0.8 EV/Sales, and 0.8 Price/Tangible book value. Such figures are much lower than the five-year average and previous bottoms. Read the full article on Seeking Alpha

Seeking Alpha • Oct 18

Sibanye Stillwater Still Looks Good For A Patient Investor

Summary Sibanye Stillwater's stock has fallen over 20% since my last call due to the lack of recovery in automotive demand and falling metal prices. Despite challenges, Sibanye Stillwater maintains a strong balance sheet and has a wide economic moat. The company's focus on platinum group metals recycling and expansion into "green metals" positions it well for long-term growth. Its next-year EV/EBITDA of less than 3x makes it a Buy, in my view, even though we're likely not yet close to the bottom. Read the full article on Seeking Alpha

Seeking Alpha • Sep 15

Sibanye: Restructuring Kloof, PGM Tailings Synergies A Possibility

Summary Sibanye Stillwater Limited's Kloof Gold Mine is undergoing restructuring amid implications at Shaft 4. Public comments suggest the firm's subsidiary is examining the possibility of PGM tailings. In our opinion, Sibanye might pivot out of gold mining and rely on tailings. Short interest and Put/Call ratios remain in mid-territory. Thus suggesting investors are tentative. Read the full article on Seeking Alpha

Seeking Alpha • Sep 08

Sibanye Stillwater: Stock Still A Buy Despite Disappointing H123 Results

Summary Sibanye Stillwater had a very rough H123, and SBSW stock is down about 40% from February, when I rated it a buy. South African PGM operations are preparing for a prolonged down cycle and managing load curtailment. US PGM operations are impacted by skill shortages and the need for higher spot prices. But the company has seized upon an "anti-fragility" theme that makes sense and bodes well for the future. Read the full article on Seeking Alpha

Seeking Alpha • Aug 17

Sibanye: Dr. Burry's Divestment, Additional Social Unrest, And More

Summary Updated 13-F filings communicate that Dr. Michael Burry's Scion Capital disposed of its Sibanye Stillwater Limited stake in Q2. Santaco's taxi strike and ancillary unrest might spark another systemic event in South Africa ahead of its 2024 elections. A PGM price recovery is possible. However, commodity price risk remains amid an uncertain interest rate outlook. We lower our valuation of Sibanye's ADRs to $6.29 per share and maintain our neutral outlook. Read the full article on Seeking Alpha

Seeking Alpha • Aug 07

Sibanye Stillwater Hopes To Offer A Metal Mosaic

Summary Sibanye Stillwater aims for significant expansion in the global metals market through investments in recycling and production initiatives. The company plans to spend $500 million in FY23 on expanding its battery metals operations, particularly in lithium, to meet rising demand. Despite short-term challenges, Sibanye Stillwater shows promising potential for long-term growth with a strong balance sheet and high dividend yield. Read the full article on Seeking Alpha

Seeking Alpha • Jul 13

Sibanye Stillwater: Newly Released Mining Data To Shock The Market

Summary Statistics South Africa released new mining data on Thursday morning, revealing a trying time for most South African miners. However, despite the poor data, Sibanye Stillwater Limited stock and ADRs surged shortly after the release. Noteworthy developments have occurred since our latest coverage, namely headway linked to the Mopani Copper Mines bid and a human capital agreement with a university. Our valuation model for Sibanye Stillwater remains unchanged. However, our analysis highlights the risk of year-end impairments. Read the full article on Seeking Alpha

Seeking Alpha • Jun 22

Sibanye Stillwater: Recent Developments And Valuation Update

Summary Sibanye Stillwater Limited has experienced a few noteworthy developments of late. An acquisition of South Africa's largest solar wind farm project lends debate to whether Sibanye will follow Gold Fields and self-sustain its operations' energy demands. DRDGold's compelling progress might soon have a material effect on Sibanye's stock price. Are more labor union problems inbound after additional quarrels about CEO Neal Froneman's remuneration package? The stock is theoretically undervalued and possesses a non-cyclical dividend policy. Nevertheless, ever-rising risk premiums might send Sibanye's valuation into the abyss. Read the full article on Seeking Alpha

Seeking Alpha • Jun 09

Sibanye Stillwater: Have Valuations Finally Struck Gold?

Summary Sibanye Stillwater Limited is a South African mining and metals processing group currently undervalued by 74% due to a difficult 2022 marked by operational challenges and macroeconomic headwinds. The company has a strong economic moat due to its diverse portfolio of projects and geographical presence, and its profitability remains intact despite recent challenges. Despite risks such as energy availability, demand development, and geopolitical issues, Sibanye Stillwater is well-positioned for future growth and is a strong buy for value investors. Read the full article on Seeking Alpha

Seeking Alpha • May 25

Downgrading Sibanye Stillwater To A Hold Amid Rising Risk Premiums

Summary Sibanye Stillwater Limited misfortunes seem endless as additional obstacles have slowed its PGM production. Moreover, exogenous features are intensifying. Although we anticipate higher PGM prices and a sector-based recovery, we have decided to exclude Sibanye from the pack as its stock is in vulnerable territory. Value can be unlocked at Keliber with a potential IRR of 27%, and Sibanye's stake in DRDGOLD is paying dividends. Nevertheless, a high country risk premium, an undesirable forward book value, and continuous internal obstacles lend us various reasons to downgrade Sibanye Stillwater Limited stock. Read the full article on Seeking Alpha

Seeking Alpha • Feb 14

Sibanye Stillwater: Buying Into The Dip

Summary Sibanye Stillwater Limited's stock presents a tactical investment opportunity to traders after its significant month-over-month drawdown. A single-stage free cash flow to equity model and technical indicators imply that Sibanye's stock could revert to mean in due course. Recent developments at Keliber and an anticipated copper asset acquisition might spark enthusiasm from investors. Systemic risks remain in South Africa, and they are unlikely to improve on a government level. However, financial market participants could soon start pricing the prospects of self-generation. Additionally, Sibanye's U.S. PGM exposure might bolster its peer-compared prospects. Lastly, a recovery of the company's U.S. PGM operations and ending South African wage strikes will likely deliver tangible results. Sibanye Stillwater Limited's (SBSW) stock has lost nearly 20% of its market value in the past month, underperforming the broader basic materials sector by a staggering amount. Although the firm has not released an updated production report since our previous coverage of SBSW stock, we have consolidated a few interim influencing variables, which could add value to investors' analysis of the asset. Furthermore, our absolute valuation and market-based analysis of Sibanye exhibits noteworthy results, leading us to believe that Sibanye Stillwater's stock is a "buy the dip" opportunity. Let us traverse into a more detailed discussion about Sibanye and its stock. Operational Update Keliber & Potential Projects Considered Sibanye Stillwater's lithium endeavors are garnering momentum via its Keliber project. The company recently had an environmental license approved, allowing it to its development of Rapasaari mine and Päiväneva concentrator. A recent statement by the company's CEO, Neal Froneman, read: "We are pleased to have received this key environmental permit soon after being granted approval for the Keliber lithium refinery in Kokkola, which is preparing for the construction phase to start within the following weeks. Our aim is to advance the project within schedule while ensuring our environmental impact is as low as possible while we follow the required processes to ensure all permitting conditions are reasonable, unambiguous, and will be practical to implement and adhere to." The market participants could soon price Sibanye's Keliber progress. Once operational, Keliber will form a small part of Sibanye's revenue mix. Nevertheless, it provides a leading indicator of the company's prospective corporate strategy, which is aligned with servicing the renewable metals space. Furthermore, Sibanye Stillwater has plans to acquire Mopani Copper Mines in Zambia. Sibanye has long been in the market for copper assets, and Mopani is seen as a replacement for its failed deal with Appian Capital Advisory, which saw Sibanye miss out on securing two valuable copper mines in South America. Although a bid has not been confirmed, Sibanye has openly stated its desire to acquire Mopani Copper Mines. Glencore (GLCNF) sold Mopani to Zambian state-owned investment fund ZCCM approximately two years ago, and in a drastic turn of events, ZCCM is looking to offload the project. If Sibanye were to secure an acquisition, it would provide it with access to the second-largest copper producer in Africa, which might lend the company significant synergies. Decoupling from SA PGM As explained in our recent article about Anglo American Platinum (ANGPY), South Africa is experiencing significant structural issues, which are limiting local PGM (platinum group metals) miners' ability to scale production. However, as also mentioned in the article, South Africa has a stronghold over global PGM production, which means that systemic concerns will likely be offset by higher material prices. In addition, the pandemic reopening in China and improved economic outlooks in the Eurozone and the United States will probably result in higher overall demand for platinum group metals. Sibanye Stillwater is fortunate enough to bypass some of the structural concerns embedded in the modern South African economy by mining nearly a third of its platinum group metals in the United States. We believe investors seeking exposure to PGM miners might divest some of their capital from South African pure-plays and invest a portion of their capital in miners with a global footprint. Market-Based Catalysts for Change Even though Sibanye is an emerging market company, its American Depository Receipts are inextricably linked to the U.S. stock market's beta. As displayed by the market's year-to-date returns, investors have re-engaged with risky assets. Although the sustainability of the market's year-to-date surge remains questionable, high beta stocks such as Sibanye Stillwater might discover momentum if investors' risk attribution continues to contrast with the zeitgeist experienced in 2022. Seeking Alpha Furthermore, Sibanye's stock is trading below its long and short-term moving averages. The asset's month-over-month slump was primarily driven by systemic risk relating to South Africa's energy crisis. However, mean reversion is highly possible as investors tend to overreact to bad news. Seeking Alpha Valuation At a cyclical price-to-book discount of more than 92% and a P/E ratio of merely 5.66x, it is easy to conclude that Sibanye's stock is undervalued. However, a deeper look is necessary to consolidate any claims. Absolute Valuation - Model Output We used a single-stage free cash flow to equity valuation model to value the stock. According to our model, Sibanye Stillwater possesses a fair value of $15.05 per share, which is significantly lower than the firm's current stock price of approximately $10 per unit. Author's Calculations Model Inputs The link provided in the previous section explains the model's design, and variables such as net income, net borrowings, and shares outstanding were extracted from the company's financial statements. However, to assist our computational framework, features like change in working capital, capital expenditures, and the CAPM were extracted from YCharts. Lastly, a sustainable growth rate was computed by multiplying the company's cash dividend retention ratio (1-payout ratio) by its average ROE. The single-stage free cash flow to equity valuation method does not provide 100% certainty that the stock is undervalued. However, it is a well-respected indicator. Data by YCharts Dividend Analysis Sibanye Stillwater has provided a solid dividend yield on cost in the past few years, partially stimulated by multiyear high PGM prices. Moreover, the firm's acquisition of Lonmin sent its operating cash flow into stardom, allowing for substantial dividend pay-outs. Seeking Alpha Sibanye's current dividend yield of 8.29% illustrates its existing dividend-paying capacity. Investors need to remember that the company recently suffered below-par results due to unfortunate events such as the flooding of its PGM operations in the U.S. and wage strikes from its South African employees. Thus, it is likely that we could see higher dividends from Sibanye in the coming quarters amid an operational recovery.

Seeking Alpha • Oct 12

Sibanye Stillwater: This Bottom Is Unlikely To Hold (Technical Analysis)

Summary Our previous Speculative Buy rating on Sibanye Stillwater has not gone according to plan, as the market had other ideas to move it lower. We discuss why it could persist. We assess that the battering in SBSW has likely reflected its near-term challenges. However, we explain why the consensus estimates could be understating the risks of a global recession. We discuss the critical levels for investors to watch and urge investors to be patient, as further value compression could be necessary to de-risk Sibanye's execution risks. Thesis We follow up on our previous article on leading platinum group metals ((PGM)) and gold miner Sibanye Stillwater Limited (SBSW) stock, as our Speculative Buy thesis has not played out accordingly. We had anticipated its May lows to hold robustly. However, SBSW has maintained its downward bias, breaking toward lower lows through September. We postulate a significant level of downside risks has been factored into its valuation. However, its unconstructive price action and worsening macroeconomic headwinds could further pressure its valuation. Our assessment suggests that the consensus estimates could be overly-optimistic in their projections of Sibanye maintaining its profitability through the coming economic recession. The price action in the underlying market has also been pretty mixed. While palladium futures have been recovering from their June lows, gold futures continued to be pressured by the dollar's unyielding strength. We postulate that SBSW's valuation likely reflects a mild to moderate recession. However, a worse-than-expected economic downturn could lead to further estimates cuts, forcing downward value compression from the current levels. As such, we deduce it's appropriate for investors to be more cautious now and watch for a potential re-test of its near-term support before considering adding exposure. Sibanye Stillwater Stock Could Re-Test Its Near-term Support SBSW price chart (weekly) (TradingView) As seen above, SBSW could not sustain its May lows, which is critical to overcoming the loss of its medium-term bullish bias. Accordingly, the decisive breakdown of that level led to further lows being taken out, as the market forced the selling toward its September bottom. Also, it's critical for investors to consider that SBSW has lost its 200-week moving average (purple line), corroborating the strength of the downward bias. Hence, we believe investors need to be cautious adding at the current levels, as we postulate the next significant support (intermediate support) to be more than 25% down from here. Hence, we urge investors to wait patiently for the potential re-test of that level before considering adding exposure. The Street Seems Too Optimistic On Sibanye's Estimates Sibanye Adjusted EBITDA margins % consensus estimates (S&P Cap IQ) As seen above, the consensus estimates (bullish) suggest that Sibanye should be able to maintain its robust profitability through the worsening macroeconomic headwinds. As a result, the Street expects Sibanye to post an adjusted EBITDA margin of 35.2% in FY23, above FY22's 33.5%. Hence, the moderation from 2021's highs is not expected to persist, despite the potential of a global recession that could further impact commodity suppliers and their customers. However, we urge investors to be careful about making such an assumption. UBS recently issued a somber assessment that legacy car makers could face significant profitability headwinds in 2023 as the world enters a looming global economic recession. It articulated: Profits for US and European car companies are set to drop by half next year as weakening demand leads to an oversupply of vehicles. [We think] 2023 estimates for the sector need to move materially lower. Demand destruction is no longer a vague risk, but has started to become a reality. A three-year run of unprecedented pricing and margins is about to end abruptly, with a glut of cars beginning to emerge as soon as three months from now. As a reminder, Sibanye is a crucial supplier for automotive companies in their production supply chain. Sibanye also highlighted these risks in its disclosures, which investors are urged to consider carefully. The company accentuated: Changes in demand drivers for PGMs may cause the prices of PGMs to fall over the short or long term. For example, PGM prices are linked to demand for catalytic converters in automobiles, among other things. Any economic downturn or other event that reduces the sale of automobiles will likely impact the price of PGMs. (Sibanye 20-F)

Seeking Alpha • Sep 09

Sibanye Stillwater: Unknown Risks Uncovered

Summary The illegal miners in South Africa have gotten a hold of Sibanye. Persistent labor union issues are more in-depth than most think. Social activism continues to influence Sibanye's Marikana operations. Its failed deal and litigation with Appian Capital Advisory is a cause for concern. We believe the company can turn things around, but the added idiosyncratic risk is a cause for concern. Our most recent article on Sibanye (SBSW) covered its latest lithium expansion. In this article, we elaborate on some of the greater idiosyncratic risks the company faces in an attempt to inform investors as in-depth as possible. This piece isn't based on price discovery or sentiment. Therefore, I strongly encourage you to use this information as part of your holistic analysis instead of considering it in isolation. So, without further ado, let's get into it! Sibanye Is A Union Outlier Many of you might be familiar with Sibanye's recent union struggles, in which its goldmines were isolated for three months amid wage strikes. However, it's necessary to understand unions in South Africa and Sibanye's relationship with them. Without signalling out individuals/specific unions, Sibanye's principal-agent struggles are apparently far more prevalent than other miners in the jurisdiction. South African unions can be cut-throat when your employees are loyal to the cause, and Sibanye's sitting with just that. Since a change in management in 2020, the company's struggled with ongoing union issues pertaining to its PGM (platinum group metals) and gold operations. In addition, the company's exposure to the Marikana mine leaves it in the firing line. The Marikana mine has been subject to controversy since the massacres of protestors in the 1990s and again in 2012. Social activists somehow hold Sibanye accountable for most of the controversy surrounding the Marikana mine, and the general atmosphere is gloomy. Has this filtered into its own labour force? I can't say for certain, but I won't be surprised. Illegal Miners' Target Another big issue is the illegal mining 'industry' in South Africa. Illegal mining of precious metals is getting out of control in the nation, and based on the velocity of operations; these guys probably have some serious backers. It's relatively public knowledge that Sibanye recently had a few of its workers held hostage over two nights in its K3 shaft in Rustenburg by illegal miners. In addition, earlier this week, the company had to close its Soweto gold mining operations due to 100 illegal miners attacking the workspace. I'm rather familiar with the local mining landscape, and it's apparent that Sibanye's the main target in the illegal mining space and among the unions. In fact, it's believed that the two might be intertwined. To paraphrase the recent concerns, below is a recent quote [regarding illegal mining & political climate] by Sibanye's James Wellsted, published by Miningmx. Miningmx Sub-par Management An additional issue that's occurred from Sibanye's side is its slightly lax management. We're not only seeing this with its handling of the labor unions, but also in its corporate finance department, as the collapsed $1.2 billion acquisition deal with Appian Capital Advisory says a lot. Sibanye and Appian were about to close a deal for the takeover of two of Appian's mining companies, Atlantic Nickel and Mineracao Vale Verde. However, at the last moment, Sibanye pulled out of the deal, citing capital structure concerns. I mean, isn't capital structure something you're supposed to weigh up before making an official bid? Additionally, Sibanye's being drawn into a litigation fight with Appian Capital Advisory because of the debacle, which could end up costly to the mining house's investors. All of this seems unnecessary, and questions about the firm's top-level management must be asked. Is The Risk Priced? Based on Sibanye's recent stock performance versus its peers, it seems as though Sibanye's idiosyncratic risks over the past year, including labor issues, the Appian deal, and its PGM delays in the U.S. has been priced. It needs to be considered that the company still pays a magnificent dividend and that it has a lot of latitude in the mining space with its 5-year EBITDA CAGR of 47.52%, conveying its cost advantages.

Seeking Alpha • Aug 25

Sibanye-Stillwater GAAP EPS of $0.28, revenue of $4.57B

Sibanye-Stillwater press release (NYSE:SBSW): 1H GAAP EPS of $0.28. Revenue of $4.57B (-26.1% Y/Y).

Seeking Alpha • Aug 19

The Bottom Fishing Club: Sibanye Stillwater

Sibanye Stillwater has turned itself into a world-class play on the platinum group metals, gold, and lithium. A number of short-term problems have hit operations during 2022, that will disappear by 2023. If you are bullish on precious metals and lithium, this combination exposure investment could be right up your alley. The 50% price haircut in shares from March may have opened a bargain opportunity for forward-thinking investors. Sibanye Stillwater Limited (SBSW) ADRs have been hit by a string of major one-off events, both bad luck and temporary in nature. The end result is earnings will sharply disappoint in calendar 2022, without negatively affecting long-term operations and upside for shareholders. Of course, investors are disappointed and have dumped shares this week. However, smart long-term thinkers may want to take a closer look, and buy the 50% Off Sale in shares compared to March. On Wednesday, the company put an estimate on the income shortfall, with the stock quote dumping -8% on the trading session. Income is now expected to be at a level half of last year's first six months from three factors. The biggest downer was a prolonged and painful strike at its South African gold mines between March 9 and June 13, slashing production by -77%. Second, flooding at its U.S. platinum group metal [PGM] operation in Montana curtailed production for seven weeks (-23% for first half ore processing vs. 2021). Severe flooding from rains and early mountain snow melt were to blame. Third, platinum group metals are down significantly from their high prices last year as the global economy weakens. The bottom line is earnings per share for the six months to June 30th are projected at 4.02-4.47 rand (US$0.26-$0.29), compared to 8.43 rand in the prior-year period. On a trailing 12-month basis, including the first-half estimate, I come up with a current P/E of 5x [ADR EPS around $1.90 with a conversion rate of 4 regular shares listed in South Africa, or pink sheet ticker (OTCPK:SBYSF)] and a price to cash flow multiple closer to 3.5x, well under the valuation of major mining peers in the precious metals sector. The discount is the result of investor skittishness about the operating backdrop in South Africa (ranking as a less desirable mining jurisdiction with ever-changing tax rates, ownership rules, and labor issues), alongside an expectation that PGM prices have peaked. Nevertheless, I believe SBSW is worthy of consideration by investors with its holdings of decades of economic ore reserves, and a capital spending push into green energy metals like lithium outside of South Africa. Below is a financial statement review of sales and income for the 2021 fiscal year. Company Presentation, May 2022 The balance sheet included US$4 billion in cash, receivables, and inventory vs. just $1.3 billion in debt and $4.5 billion in total liabilities at the end of December 2021 (the last official report available from the company). Overall, this setup is quite conservative for a capital-intensive mining concern, and will allow any jump in underlying commodity prices to flow directly to shareholder value. Using basic ratio analysis of normalized price to sales (excluding the strike and flooding issues), and trailing book value numbers, SBSW is trading under its average 9-year valuation at $10 per share, effectively sitting at its cheapest long-term setup since the middle of 2019. YCharts, SBSW, Price to Trailing Sales and Book Value, 2013-Present Gold, Platinum, Palladium, Rhodium Sibanye Stillwater is one of the largest gold miners in the world, with difficult-to-find U.S. ownership availability for platinum group metal production outside of Russia. The good news for long-term investors is management has a terrific history of turning around problem-filled operations and reinvesting cash flows into accretive ideas. Below is a May company presentation slide highlighted past success at converting lemons into lemonade. My point is 2022's operating mishaps and natural disaster bad luck are temporary headaches that can be conquered into 2023. Company Presentation, May 2022 Below is a summary of reserves, a PGM industry production cost graph, and a worldwide map of owned resources and mines. The combination and diversification of metals mining exposure, with top-notch assets/resources on five continents, is truly unparalleled in the industry. Company Presentation, May 2022 Company Presentation, May 2022 Company Presentation, May 2022 Expanding into Lithium With extraordinary shortages of lithium (the lightest metal by weight with strong conductivity traits) expected for years to meet soaring electric vehicle [EV] battery demand, commodity prices are up +400% over the past 12 months and +900% over two years. Tesla's (TSLA) Elon Musk recently termed lithium miners as having a license to print money and profits. tradingeconomics.com, Lithium Carbonate - China, 2 Years During 2021, Sibanye Stillwater purchased 50% of the Rhyolite Ridge project in Nevada. This lithium-boron development could end up being the largest light-metal mining asset in the U.S., with some forecasting it may turn into a top global producer annually. Rhyolite Ridge is a joint venture with ioneer Ltd. (IONR), in a desirable location close to Tesla's Gigafactory and near shipping ports in California. A 5-year deal to supply Ford (F) with lithium carbonate represents about 35% of expected production each year starting in 2025. Another contract was signed in June with South Korean battery maker Ecopro. Sibanye has also increased its stake to 50.1% in Finland's Keliber lithium project, and is trying to purchase more of the asset from minority holders to get closer to 80% ownership (20% is controlled by government agencies). The mine has an ambitious goal to be the first green-energy critical producer of the metal in Europe with output of 15,000 metric tons of lithium hydroxide per year by 2024. Technical Trading Chart Looking at momentum trends, a reversal from selling to buying has yet to occur. But a number of similarities to late-November and December trading do exist, which marked a nice bottoming area for new accumulation. A price swing from $11 to $20 a share over four months into March was next. On the 18-month chart below, some positives are clearly present. A flat Accumulation/Distribution Line and Negative Volume Index reading during 2022 indicate aggressive selling volumes have not been part of the selloff story in price. And, the 14-day Money Flow Index does not highlight extreme levels of selling and pessimism this week. Another bullish take on the latest price drop is it has not reached the 52-week low price of July under $9. In essence, the bad news report from the company has already been digested or discounted in price by investors. So, if price can turn higher and move above its 50-day moving average around $10.20 in coming weeks, a reversal in sentiment (and likely precious metals pricing) could become reality into 2023. StockCharts.com, SBSW, 18 Months Final Thoughts Sibanye Stillwater paid a 10% cash dividend last year and repurchased a large block of outstanding shares. The 2021 return of capital leader in the large-cap precious metals sector has also been the top total return gainer vs. peers and competitors since Sibanye was listed for trading in February 2013. Company Presentation, May 2022 SBSW is developing lithium assets to soon become one of the world's biggest producers of this important metal for rapidly expanding EV manufacturing goals around the planet. And, a new massive 50-year PGM project is moving into production during 2023-24, the K4 mine in South Africa. Company Presentation, May 2022 Basically, if you believe long-term money printing by central banks is increasingly out of control, and green energy growth is the future, Sibanye Stillwater is a unique choice to benefit from both trends. Gold, platinum, palladium, rhodium, lithium, copper, nickel, cobalt, silver, uranium and other metals are mined by the company. Below are 5-year price graphs for the metals produced by SBSW. Gains in price above +40% are common, with only the international platinum quote in U.S. dollars is lower. Rhodium is up +600% in London trading.

Seeking Alpha • Jul 05

Our Take On Sibanye's Lithium Expansion

Sibanye's expanding its Lithium portfolio. The lithium supply and demand characteristics could shift in the coming years. There's a strong indication that Sibanye wants to pivot out of the South African mining landscape. Global diversification could de-risk the stock and assist Sibanye with horizontal market share. The stock's undervalued and near a key support level. Sibanye's dividends could be both a blessing and a curse. All of our previous articles on Sibanye Stillwater (SBSW) discussed investment positions for those seeking long or short position. Although we did include a parsimonious price-level analysis, this article intends to discuss Sibanye's pivot into foreign mining projects and its lithium aspirations. Sibanye-Stillwater has opted to exercise its pre-emptive option and boost its stake in a Finnish lithium project. The option includes an increase to a 50% holding in Keliber at the cost of approximately $152 million. Furthermore, Sibanye could also offer to buy minority shareholders out for roughly $466 million. Keliber aims to be the first fully operational lithium producer in Europe with a targeted output of 15 000 metric tons/year by 2024. This move is another sign of Sibanye's attempt to diversify its global portfolio and be less concentrated on its South African mining projects, which could add much efficiency to the company; here's why. Going Green With Lithium Sibanye's expansion into lithium is another indication of the company's strive toward being a key player in the renewable energy space. The firm's platinum group metals portfolio is expanding rapidly, which could already provide it with a stronghold in the renewable upstream space. However, a move into lithium would seal the deal. The company's Keliber acquisition isn't Sibanye's only lithium interest. In fact, the South African mining house is developing the Rhyolite Ridge lithium-boron project in the US. The Rhyolite Ridge project is a joint venture with ioneer Ltd., with many claiming that it could be the largest lithium mining operation in the world. Sibanye-Stillwater Sibanye's role in global lithium could be pivotal. According to Fast Markets, we'll likely run at a supply surplus. However, the tides might shift in 2025 as battery-powered energy uptake grows exponentially. In essence, it's forecasted that the development of lithium mines will happen slower than what people are predicted to utilize battery-powered energy. Fast Markets South African Concerns It's well-known by now that Sibanye-Stillwater's CEO, Neal Froneman is sceptical on the future of the South African mining industry. Although Froneman rates South Africa's mines highly, he believes that the political climate within the nation isn't conducive to developing successful precious metal assets. Furthermore, Sibanye's looking to offload two of its flagship goldmines, namely Beatrix and Kloof, which is an indicator of the firm's possible extraction from the nation. Although Sibanye's platinum group metals ((PGM)) division in South Africa is robust, Sibanye mines 20% to 25% of its PGM materials in the United States, and the firm may seek to gear more towards foreign assets in the future. We think there's no way Sibanye will let go of its Marikana mine in South Africa, but the company will likely seek new pastures for much of its other operations in South Africa. Sibanye's gradual diversification away from South Africa could be a positive for its shareholders as operational challenges in South Africa are becoming rife. For instance, the country's struggling with an ongoing energy crisis, limiting Sibanye's energy supply and eroding its income statement with cost concerns. In addition, the country's risk of civil unrest is at an all-time high, with Lloyds increasing South Africa's state re-insurance (Sasria) rate by 1000% in April this year. Lastly, Labor Unions are becoming a persistent concern for Sibanye, with its Gold and PGM miners striking twice in the past three years, causing operational disruptions. For those who're interested, below is a video of Paul Miller discussing challenges in the South Africa's mining industry. The strange death of the SA mining industry | Paul Miller - YouTube Taking a look at Sibanye's price level Sibanye stock is undervalued and pays solid dividends. At a price-to-earnings ratio of 3.47x (72.50% below the sector median), a price-to-sales of 0.66x, and a dividend yield of 12.83%, there's no doubt that Sibanye stock provides the potential for both capital appreciation and income-based gains. The one valuation risk worth noting is a trade-off between intrinsic value and dividend payments. Sibanye will likely never reach its relative valuation threshold as it pays out nearly half its earnings in cash dividends (48.22%), eroding investors' residual value. Nonetheless, after a nearly 40% year-over-year drawdown, a value gap may be in play. Price-to-Earnings 3.47x Price-to-Sales 0.66x Dividend Yield (fwd) 12.78%

Seeking Alpha • Jun 21

Sibanye Stillwater: Speculative Buy Signal Triggered

This is a dedicated price action analysis of Sibanye Stillwater stock. We noted the double-top bull trap in March 2022 had sent SBSW tumbling 47% from its highs. Our price action analysis indicates a potential near-term bottom, with a validated bear trap price action re-test. Therefore, a Buy signal is appropriate. However, our reverse cash flow valuation analysis suggests investors need to taper their expectations of continued outperformance from SBSW stock. We rate SBSW stock as a Speculative Buy with a price target of $12.50, implying a potential upside of 14.8%.

Seeking Alpha • Jun 15

Sibanye Stillwater: Why We Think It's A Risk Worth Taking

Investors could chase Sibanye's high-dividend, high-quality attributes to fight inflation. Although the floods in Montana pose a renewed challenge, Sibanye's general operations have time to reset after a series of headwinds. South African Platinum Group Metals is well-positioned. A high dividend payout has likely restrained Sibanye's price appreciation. However, there's a key inflection point arising. Global midstream operations remain a concern, but there's some cause for optimism.

CEO報酬分析

Sibanye Stillwater の収益と比較して、Richard Stewart の報酬はどのように変化したか？
日付	総報酬	給与	会社業績
Dec 31 2025	R30m	R10m	-R5b
Sep 30 2025	n/a	n/a	-R4b
Jun 30 2025	n/a	n/a	-R4b
Mar 31 2025	n/a	n/a	-R5b
Dec 31 2024	R21m	R7m	-R7b
Sep 30 2024	n/a	n/a	-R30b
Jun 30 2024	n/a	n/a	-R53b
Mar 31 2024	n/a	n/a	-R45b
Dec 31 2023	R20m	R6m	-R38b
Sep 30 2023	n/a	n/a	-R12b
Jun 30 2023	n/a	n/a	R14b
Mar 31 2023	n/a	n/a	R16b
Dec 31 2022	R60m	R6m	R18b
Sep 30 2022	n/a	n/a	R19b
Jun 30 2022	n/a	n/a	R20b
Mar 31 2022	n/a	n/a	R27b
Dec 31 2021	R83m	R5m	R33b
Sep 30 2021	n/a	n/a	R39b
Jun 30 2021	n/a	n/a	R45b
Mar 31 2021	n/a	n/a	R37b
Dec 31 2020	R19m	R4m	R29b
Sep 30 2020	n/a	n/a	R20b
Jun 30 2020	n/a	n/a	R10b
Mar 31 2020	n/a	n/a	R5b
Dec 31 2019	R9m	R4m	R62m

報酬と市場: Richardの総報酬 ($USD 1.85M ) は、 US市場 ($USD 8.38M ) の同様の規模の企業の平均を下回っています。

報酬と収益: Richardの報酬は増加しましたが、会社は利益を上げていません。

CEO

Richard Stewart (49 yo)

less than a year

在職期間

R30,380,000

報酬

Dr. Richard Andrew Stewart, BSc (Hons), Ph.D. (Geology), Pr Sci.Nat, M.B.A. served as Chief Operating Officer at Sibanye Stillwater Limited since April 2021 until May 31, 2022 and served as its Chief Regio...

リーダーシップ・チーム

名称	ポジション	在職期間	報酬	所有権
Richard Stewart	CEO & Executive Director	less than a year	R30.38m	0.029% $ 2.4m
Charl Keyter	CFO, Interim Chief Commercial & Development Officer and Executive Director	13.3yrs	R28.72m	0.071% $ 5.7m
Themba Nkosi	Chief People Officer	no data	R20.57m	0.0093% $ 749.0k
Robert Van Niekerk	Chief Transformation Officer	less than a year	R33.22m	0.0064% $ 511.7k
Richard Cox	Chief Operations Officer of Southern African Operations	5.3yrs	R12.19m	データなし
Mika Seitovirta	Chief European Advisor	4.4yrs	R28.62m	データなし
Charles Carter	Chief Operating Officer of International & Recycling Operations	3.9yrs	R38.28m	0.025% $ 2.0m
Melanie Naidoo-Vermaak	Chief Sustainability Officer	2.3yrs	R16.15m	0.0052% $ 417.5k
Mduduzi Bhulose	Executive Vice President for Business Development	less than a year	R4.78m	データなし
James Wellsted	Executive Vice President of Investor Relations & Corporate Affairs	no data	R4.67m	データなし
Kleantha Pillay	Executive Vice President of Sales & Marketing	7.2yrs	データなし	データなし
Bheki Khumalo	Executive VP & Head of Group Human Resources	no data	データなし	データなし

3.9yrs

平均在職期間

51.5yo

平均年齢

経験豊富な経営陣: SBSWの経営陣は経験豊富であると考えられます ( 3.9年の平均在職年数)。

取締役

名称	ポジション	在職期間	報酬	所有権
Richard Stewart	CEO & Executive Director	1.2yrs	R30.38m	0.029% $ 2.4m
Charl Keyter	CFO, Interim Chief Commercial & Development Officer and Executive Director	13.5yrs	R28.72m	0.071% $ 5.7m
Richard Menell	Non-Executive Director	13.3yrs	R2.66m	0.00071% $ 57.1k
Sindiswa Zilwa	Independent Non-Executive Director	5.3yrs	R2.28m	データなし
Harry James Kenyon-Slaney	Lead Independent Director	7.3yrs	R5.39m	0.00060% $ 48.3k
Timothy Cumming	Non-Executive Director	13.3yrs	R2.51m	0.00071% $ 57.1k
Philippe François Boisseau	Independent Non-Executive Director	2.1yrs	R4.20m	データなし
Keith Rayner	Non-Executive Director	13.3yrs	R2.90m	0.0028% $ 224.5k
Thabane Maphai	Independent Non-Executive Chairman	6.9yrs	R4.23m	0.0082% $ 661.3k
Skhulumi Vilakazi	Non-Executive Director	13.3yrs	R2.23m	0.000070% $ 5.6k
Elaine Dorward-King	Independent Non-Executive Director	6.2yrs	R4.83m	データなし
Terence Nombembe	Independent Non-Executive Director	1.7yrs	R2.56m	データなし

7.1yrs

平均在職期間

64yo

平均年齢

経験豊富なボード: SBSWの取締役会は経験豊富であると考えられます ( 7.1年の平均在任期間)。

企業分析と財務データの現状

データ	最終更新日（UTC時間）
企業分析	2026/05/22 15:18
終値	2026/05/22 00:00
収益	2025/12/31
年間収益	2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージ	データ	タイムフレーム	米国ソース例
会社財務	10年	損益計算書キャッシュ・フロー計算書貸借対照表	SECフォーム10-K SECフォーム10-Q
アナリストのコンセンサス予想	+プラス3年	予想財務アナリストの目標株価	アナリストリサーチレポート Blue Matrix
市場価格	30年	株価配当、分割、措置	ICEマーケットデータ SECフォームS-1
所有権	10年	トップ株主インサイダー取引	SECフォーム4 SECフォーム13D
マネジメント	10年	リーダーシップ・チーム取締役会	SECフォーム10-K SECフォームDEF 14A
主な進展	10年	会社からのお知らせ	SECフォーム8-K

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用^。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Sibanye Stillwater Limited 8 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、。アナリストの投稿は一日中更新されます。18

アナリスト	機関
Wade Napier	Avior Capital Markets
Andrew Byrne	Barclays
Alexander Robert Pearce	BMO Capital Markets Equity Research

Sibanye Stillwater マネジメント

マネジメント 基準チェック /34

主要情報

経営陣の近況

Sibanye Stillwater Limited, Annual General Meeting, May 28, 2026

Sibanye Stillwater Limited Announces Board Committee Changes, Effective May 28, 2026

Sibanye Stillwater Limited, Annual General Meeting, May 29, 2025

Sibanye Stillwater Limited Announces CEO Changes

Sibanye Stillwater Limited Announces Change of Chief Commercial and Development Officer

Sibanye Stillwater Limited Appoints Mr. Terence Mncedisi Nombembe as an Additional Member of the Audit, Investment, Risk and the Social, Ethics and Sustainability Committees

Recent updates

Sibanye Stillwater Limited, Annual General Meeting, May 28, 2026

Sibanye Stillwater: Valuation Multiples Should Expand As The Turnaround Continues

Sibanye Stillwater Limited to Report Fiscal Year 2025 Final Results on Apr 24, 2026

Sibanye Stillwater Limited Announces Board Committee Changes, Effective May 28, 2026

Sibanye Stillwater Limited Declares Final Dividend for Six Months Ended December 31, 2025, Payable on March 23, 2026

Sibanye Stillwater Limited Provides an Update on the Keliber Lithium Project in Finland

Public Investment Corporation Limited acquired an additional 5.16% stake in Sibanye Stillwater Limited (JSE:SSW).

Sibanye Stillwater Limited (JSE:SSW) entered into a purchase agreement to acquire Metallix Refining Inc.

Sibanye Stillwater Limited, Annual General Meeting, May 29, 2025

Sibanye Stillwater: Possibly Overbought After Its Latest Surge

Sibanye Stillwater: Deep Value Play, But Don't Buy Yet

Sibanye Stillwater Limited Announces CEO Changes

Sibanye Stillwater Limited Announces Change of Chief Commercial and Development Officer

Sibanye Stillwater: Still Bullish Going Into 2025

Sibanye Stillwater Limited Appoints Mr. Terence Mncedisi Nombembe as an Additional Member of the Audit, Investment, Risk and the Social, Ethics and Sustainability Committees

Sibanye-Stillwater Announces Temporary Suspension of Operations at Century Due to Bushfire

Sibanye Stillwater Limited Announces Court Judgment Handed Down in Legal Proceedings Commenced by Appian Capital

Sibanye Stillwater Stock May Have Found The Bottom

Sibanye Stillwater Limited Appoints Terence Mncedisi Nombembe as an Independent Non-Executive Director

Sibanye Stillwater Limited to Report Second Half, 2025 Results on Feb 20, 2026

Sibanye Stillwater: Recovery Hope Dies Last

Sibanye-Stillwater Updates on Plans for Sandouville Refinery and its pCAM Project

Sibanye Stillwater: Time To Test The Waters (Rating Upgrade)

Sibanye Stillwater Limited Announces Changes to Board Committees

Sibanye Stillwater Stock: A Cyclical Swing Underway

Sibanye Stillwater: Bet On Growing PGM Deficit (Rating Upgrade)

Sibanye Stillwater Limited Appoints Philippe Boisseau as Non-Executive Director

Sibanye Stillwater Limited, Annual General Meeting, May 27, 2024

Sibanye Stillwater Limited Appoints Greg Cochran as Executive Vice President Head of Uranium, Effective 1 June 2024

Sibanye Stillwater Limited (JSE:SSW) completed the acquisition of Reldan Group of Companies.

Sibanye Stillwater: Not Yet Out Of The Woods

Sibanye Stillwater Limited Announces Board Changes

Sibanye-Stillwater: Still A Bit Early To Engage

JPMorgan Chase & Co. acquired an unknown minority stake in Sibanye Stillwater Limited (JSE : SSW).

Sibanye Stillwater Limited Appoints Melanie Naidoo-Vermaak as Chief Sustainability Officer

Sibanye Stillwater: An Opportunity For The Brave

Sibanye Stillwater: High Risk, High Reward

Lingotto Investment Management LLP acquired a 5.11% stake in Sibanye Stillwater Limited (JSE:SSW).

Sibanye Stillwater: When A Solid Business And Market Fundamentals Are Not Enough

Sibanye Stillwater Limited Announces Management Changes

Sibanye Stillwater Still Looks Good For A Patient Investor

Sibanye-Stillwater Approves the Development of the Second Phase of Its Keliber Lithium Project

UBS Group AG (SWX:UBSG) acquired a 5.07% stake in Sibanye Stillwater Limited (JSE:SSW).

Sibanye: Restructuring Kloof, PGM Tailings Synergies A Possibility

Sibanye Stillwater: Stock Still A Buy Despite Disappointing H123 Results

Sibanye Slumps as CEO Pushes on with Bid to Buy Mopani Copper Mines

Sibanye Stillwater Limited to Report Fiscal Year 2024 Results on Apr 25, 2025