Impala Platinum Holdings Limited

JSE:IMP Stock Report

Market Cap: R99.9b

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 (ZAR108.73) is trading above our estimate of fair value (ZAR38.73)

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 Ratio1.1x
SalesR86.40b
Market CapR99.85b

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
0.5x2.1%R54.2b
AMS Anglo American Platinum
1.5x-0.1%R168.9b
NPH Northam Platinum Holdings
1.4x12.8%R45.5b
THA Tharisa
0.4x5.8%R4.6b
IMP Impala Platinum Holdings
1.1x8.5%R99.9b

Price-To-Sales vs Peers: IMP is expensive based on its Price-To-Sales Ratio (1.1x) 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
0.03x10.4%US$76.35m
HLM Hulamin
0.09xn/aUS$64.89m
CMO Chrometco
0.1xn/aUS$8.36m
No more companies available in this PS range
IMP 1.1xIndustry Avg. 1.3xNo. of Companies3PS00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IMP is good value based on its Price-To-Sales Ratio (1.1x) compared to the African Metals and Mining industry average (1.3x).

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 Ratio1.1x
Fair PS Ratio0.5x

Price-To-Sales vs Fair Ratio: IMP is expensive based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

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
CurrentR108.73
R112.00
+3.0%
17.3%R140.00R80.00n/a7
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%R230.00R71.00n/a9
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
Nov ’23R190.24
R222.63
+17.0%
16.4%R288.00R155.00R78.048

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

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