Impala Platinum Holdings Limited

JSE:IMP Stock Report

Market Cap: R83.9b

Impala Platinum Holdings Valuation

Is IMP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IMP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IMP (ZAR93.27) is trading above our estimate of fair value (ZAR53.28)

Significantly Below Fair Value: IMP is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IMP?

Key metric: As IMP is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IMP. This is calculated by dividing IMP's market cap by their current revenue.
What is IMP's PS Ratio?
PS Ratio1x
SalesR86.40b
Market CapR83.92b

Price to Sales Ratio vs Peers

How does IMP's PS Ratio compare to its peers?

The above table shows the PS ratio for IMP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
SSW Sibanye Stillwater
0.4x2.2%R47.7b
AMS Anglo American Platinum
1.4x-1.9%R155.0b
NPH Northam Platinum Holdings
1.3x11.9%R39.0b
THA Tharisa
0.4x8.3%R4.8b
IMP Impala Platinum Holdings
1x8.2%R83.9b

Price-To-Sales vs Peers: IMP is expensive based on its Price-To-Sales Ratio (1x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does IMP's PS Ratio compare vs other companies in the ZA Metals and Mining Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
ACL ArcelorMittal South Africa
0.04x10.4%US$79.08m
HLM Hulamin
0.08xn/aUS$58.12m
CMO Chrometco
0.1xn/aUS$8.36m
No more companies available in this PS range
IMP 1.0xIndustry Avg. 1.2xNo. of Companies5PS00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IMP is good value based on its Price-To-Sales Ratio (1x) compared to the African Metals and Mining industry average (1.2x).

Price to Sales Ratio vs Fair Ratio

What is IMP's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IMP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: IMP is expensive based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IMP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR93.27
R109.17
+17.0%
16.6%R130.00R80.00n/a6
Dec ’25R101.99
R111.67
+9.5%
18.8%R140.00R80.00n/a6
Nov ’25R118.94
R107.00
-10.0%
15.9%R135.00R80.00n/a7
Oct ’25R101.00
R103.43
+2.4%
18.2%R135.00R70.00n/a7
Sep ’25R77.00
R105.71
+37.3%
18.1%R135.00R70.00n/a7
Aug ’25R89.21
R102.50
+14.9%
21.0%R135.00R70.00n/a8
Jul ’25R88.00
R106.75
+21.3%
24.4%R146.00R70.00n/a8
Jun ’25R96.21
R106.75
+11.0%
24.4%R146.00R70.00n/a8
May ’25R84.74
R104.88
+23.8%
24.0%R146.00R70.00n/a8
Apr ’25R78.31
R95.25
+21.6%
18.0%R135.00R80.00n/a8
Mar ’25R64.51
R92.22
+43.0%
21.0%R135.00R63.00n/a9
Feb ’25R70.13
R112.00
+59.7%
41.0%R230.00R71.00n/a9
Jan ’25R91.27
R119.44
+30.9%
39.7%R230.00R71.00n/a9
Dec ’24R74.22
R120.56
+62.4%
39.1%R230.00R71.00R101.999
Nov ’24R78.04
R125.78
+61.2%
38.9%R230.00R80.00R118.949
Oct ’24R98.86
R142.13
+43.8%
32.0%R230.00R90.00R101.008
Sep ’24R92.90
R171.71
+84.8%
23.6%R250.00R125.00R77.007
Aug ’24R125.98
R185.50
+47.2%
24.9%R250.00R130.00R89.216
Jul ’24R125.32
R200.50
+60.0%
22.1%R250.00R135.00R88.006
Jun ’24R159.12
R213.83
+34.4%
15.4%R250.00R155.00R96.216
May ’24R177.74
R218.33
+22.8%
18.9%R285.00R155.00R84.746
Apr ’24R163.83
R232.50
+41.9%
18.9%R285.00R155.00R78.316
Mar ’24R172.75
R240.67
+39.3%
17.4%R304.00R170.00R64.516
Feb ’24R200.63
R245.67
+22.4%
18.5%R304.00R170.00R70.136
Jan ’24R213.14
R234.00
+9.8%
17.1%R290.00R170.00R91.277
Dec ’23R210.81
R223.88
+6.2%
16.8%R288.00R155.00R74.228

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 00:46
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Impala Platinum Holdings Limited is covered by 26 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gerhard EngelbrechtAbsa Bank Limited
Richard HartArqaam Capital Research Offshore S.A.L.
Wade NapierAvior Capital Markets