Northam Platinum Holdings Limited

JSE:NPH Stock Report

Market Cap: R92.4b

Northam Platinum Holdings Future Growth

Future criteria checks 3/6

Northam Platinum Holdings is forecast to grow earnings and revenue by 10.2% and 10.5% per annum respectively. EPS is expected to grow by 12.5% per annum. Return on equity is forecast to be 28.5% in 3 years.

Key information

10.2%

Earnings growth rate

12.49%

EPS growth rate

Metals and Mining earnings growth14.6%
Revenue growth rate10.5%
Future return on equity28.46%
Analyst coverage

Good

Last updated15 Jul 2026

Recent future growth updates

Recent updates

Narrative Update • Jul 08

NPH: Higher Margin Outlook Will Support Continued Bullish Future P/E View

Analysts have trimmed their price target on Northam Platinum Holdings to ZAR369.17 from ZAR403.92, reflecting updated assumptions for slightly higher discount rates, more moderate revenue expectations, a marginally stronger profit margin profile, and a steady future P/E outlook. What’s in the News for Northam Platinum Holdings No recent company specific news items were identified for Northam Platinum Holdings based on the provided sources.
Narrative Update • Jun 24

NPH: Higher Future P/E Assumptions Will Drive Upgraded Bullish View

Analysts have raised their price target for Northam Platinum Holdings slightly to ZAR404 from about ZAR401, reflecting updated assumptions for revenue growth, profit margins, and the company’s future P/E outlook within a marginally higher discount rate framework. What's in the News No recent news items or key developments for Northam Platinum Holdings are available from the provided sources at this time.
Narrative Update • Jun 07

NPH: Maintained Fair Value And Higher Required Returns Will Support Bullish Repricing

Analysts have kept the ZAR price target for Northam Platinum Holdings steady at ZAR490.00. Updated assumptions around discount rate, revenue growth, profit margin and future P/E were used to refresh their valuation view rather than shift it.
Narrative Update • May 24

NPH: Elevated Margin And P/E Assumptions Will Sustain Overvaluation Risk

Analysts have kept the ZAR 270.00 price target for Northam Platinum Holdings unchanged, citing small adjustments to the discount rate, revenue growth, profit margin and expected future P/E assumptions that largely offset one another. Valuation Changes Fair Value: ZAR 270.00 remains unchanged.
Narrative Update • May 08

NPH: Maintained Fair Value And Adjusted Assumptions Will Support Bullish Repricing

Analysts have kept the ZAR 490.00 price target unchanged for Northam Platinum Holdings, citing slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E as the main factors supporting their maintained view. Valuation Changes Fair Value: ZAR 490.00 remains unchanged, indicating no shift in the central valuation anchor used.
Narrative Update • Apr 20

NPH: Higher Required Returns Will Pressure Optimistic Margin And P/E Assumptions

Analysts have raised their price target on Northam Platinum Holdings from ZAR131.11 to ZAR270.00, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, along with a more positive stance in recent Street research. Analyst Commentary Even with a higher price target framework on Northam Platinum Holdings, not all research has been uniformly positive.
Narrative Update • Apr 06

NPH: Higher Discount Rate And Strong Output Will Support Bullish Repricing

Analysts have kept their ZAR 490.00 price target for Northam Platinum Holdings unchanged, while adjusting key inputs such as a higher discount rate, lower revenue growth and profit margin assumptions, and a higher future P/E. These changes reflect updated research that incorporates a more constructive stance from recent Street commentary.
Narrative Update • Mar 23

NPH: Upgraded View Will Rely On Higher Margins And Production Delivery

Analysts have revised their price target on Northam Platinum Holdings from ZAR 434.94 to ZAR 400.94. This reflects updated views on revenue growth, margins and future P/E multiples following recent research that has become more positive on the shares overall.
Narrative Update • Mar 09

NPH: Constructive HSBC Upgrade Will Support Higher Margins And Earnings Quality

Narrative Update Analysts have lifted their price target for Northam Platinum Holdings from ZAR396.94 to ZAR434.94, citing updated assumptions around discount rates, revenue growth, profit margins and a revised future P/E, along with a more constructive stance in recent research such as the HSBC upgrade. Analyst Commentary Recent research has focused on how revised assumptions around discount rates, revenue growth, profit margins and future P/E feed into the updated valuation for Northam Platinum Holdings.
Narrative Update • Feb 22

NPH: Higher P/E Outlook And Strong Output Will Support Bullish Repricing

Analysts have maintained their ZAR490.00 price target for Northam Platinum Holdings, citing a slightly lower discount rate, small increases in assumed revenue growth and profit margins, and a higher future P/E expectation following more positive recent research commentary. Analyst Commentary Recent commentary has reinforced the ZAR490.00 price target, with bullish analysts pointing to a mix of valuation support, improved assumptions and a more constructive view on the company’s earnings profile.
Narrative Update • Feb 08

NPH: Higher Margin Outlook Will Support Repriced Bullish Thesis

Analysts have raised their fair value estimate for Northam Platinum Holdings from R230.00 to R490.00, citing updated assumptions on revenue growth, profit margin, and future P/E following recent bullish research updates. Analyst Commentary Recent bullish research updates have pushed Northam Platinum Holdings further onto the radar of investors who focus on valuation reset stories.
Narrative Update • Jan 25

NPH: Constructive Research Stance Will Support Higher P/E While Risks Remain

Narrative Update The analyst fair value estimate for Northam Platinum Holdings has shifted from R290.06 to R396.94 per share. Analysts attribute this change to updated assumptions around revenue growth, profit margin and future P/E multiples following recent research that has become more constructive on the stock.
Narrative Update • Jan 10

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
Narrative Update • Dec 16

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
Narrative Update • Dec 02

NPH: Rising Discount Rate Will Limit Upside Despite Margin Improvement

Northam Platinum Holdings' analyst price target has been modestly adjusted downward from R280.19 to R274.94. Analysts cite slightly lower revenue growth expectations, despite improvements in projected profit margins.
Narrative Update • Nov 18

NPH: Dividend Increase And Higher Margins Will Balance Revenue Uncertainty

Northam Platinum Holdings’ analyst price target has been raised slightly from R276.44 to R280.19. This reflects analysts’ confidence in improved future profit margins despite a more moderate revenue growth outlook.
Narrative Update • Nov 03

NPH: Dividend Increase And Steady Margins Will Offset Elevated Discount Rate

Analysts have raised their price target for Northam Platinum Holdings from R261.44 to R276.44. This reflects increased conviction in the company's fair value, despite a slight uptick in the assumed discount rate and future price-to-earnings ratio.
Narrative Update • Oct 20

South African PGM Risks Will Spark Renewable Upside

Analysts have raised their price target for Northam Platinum Holdings from R236.71 to R261.44, citing modest improvements in estimated fair value and revenue growth projections. What's in the News The board has declared a final gross cash dividend of 200.0 cents per share for 2025, up from 70.0 cents per share the previous year.
Narrative Update • Oct 05

South African PGM Risks Will Spark Renewable Upside

Analysts have raised their price target for Northam Platinum Holdings from R206 to R236.71. This reflects improved profit margin forecasts, even though expectations for revenue growth have been slightly tempered.
Narrative Update • Sep 20

South African PGM Risks Will Spark Renewable Upside

Upward revisions to revenue growth forecasts and a substantial decline in the future P/E multiple have driven a modest increase in Northam Platinum Holdings' consensus price target to ZAR206.00. What's in the News Northam Platinum Holdings declared a final gross cash dividend of 200.0 cents per share for 2025, up from 70.0 cents per share in 2024, totaling approximately ZAR 800.2 million.
Narrative Update • Aug 27

By 2029, Increased Chrome Production Will Diversify Revenue Streams

Northam Platinum Holdings' consensus price target increased to ZAR186.43, reflecting improved profitability with a higher net profit margin and a slightly lower forward P/E multiple. What's in the News Zondereinde mine exceeded production guidance with 330,769 oz 4E refined metal, up from 328,513 oz 4E.
User avatar
New Narrative • Feb 10

Zondereinde 3 Shaft And Eland Developments Will Strengthen Future Operations

Expansion in production capacity and processing efficiency is set to enhance revenue by reducing per-unit costs and improving production throughput.

Earnings and Revenue Growth Forecasts

JSE:NPH - Analysts future estimates and past financials data (ZAR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
6/30/202857,72114,4779,25516,3705
6/30/202753,91512,6946,08112,8506
6/30/202653,21315,5096,19214,5987
12/31/202541,6179,1725,70010,978N/A
9/30/202537,2595,3432,7467,869N/A
6/30/202532,9011,513-2074,760N/A
3/31/202531,6041,899-7574,049N/A
12/31/202430,3062,284-1,3083,338N/A
9/30/202430,5362,430-1,1743,477N/A
6/30/202430,7662,576-1,0413,617N/A
3/31/202432,595-2836025,629N/A
12/31/202334,424-3,1422,2457,641N/A
9/30/202336,986-2945,34810,817N/A
6/30/202339,5482,5548,45013,992N/A
3/31/202339,9257,5639,57914,761N/A
12/31/202240,30212,57110,70715,529N/A
9/30/202237,18311,2098,74213,461N/A
6/30/202234,0649,8466,77611,392N/A
3/31/202234,34410,3177,17011,628N/A
12/31/202134,62310,7877,56311,863N/A
9/30/202133,62510,0858,22011,980N/A
6/30/202132,6279,3838,87712,096N/A
3/31/202127,2496,2527,0179,797N/A
12/31/202021,8723,1215,1567,499N/A
9/30/202019,8422,6454,5776,943N/A
6/30/202017,8122,1693,9986,388N/A
3/31/202015,6521,7202,4404,918N/A
12/31/201913,4921,2728823,447N/A
9/30/201912,071666N/A3,080N/A
6/30/201910,65060N/A2,712N/A
3/31/20199,916-212N/A2,115N/A
12/31/20189,182-485N/A1,518N/A
9/30/20188,367-595N/A588N/A
6/30/20187,552-705N/A-342N/A
3/31/20187,156-699N/A-70N/A
12/31/20176,760-693N/A202N/A
9/30/20176,812-665N/A592N/A
6/30/20176,865-636N/A981N/A
3/31/20176,608-549N/A676N/A
12/31/20166,351-462N/A371N/A
9/30/20166,224-485N/A605N/A
6/30/20166,097-508N/A839N/A
3/31/20166,149-1,086N/A904N/A
12/31/20156,200-1,663N/A970N/A
9/30/20156,118-1,349N/A655N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NPH's forecast earnings growth (10.2% per year) is above the savings rate (9.8%).

Earnings vs Market: NPH's earnings (10.2% per year) are forecast to grow slower than the ZA market (14.5% per year).

High Growth Earnings: NPH's earnings are forecast to grow, but not significantly.

Revenue vs Market: NPH's revenue (10.5% per year) is forecast to grow faster than the ZA market (5.1% per year).

High Growth Revenue: NPH's revenue (10.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NPH's Return on Equity is forecast to be high in 3 years time (28.5%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/17 22:46
End of Day Share Price 2026/07/17 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

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.

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 Github.

Analyst Sources

Northam Platinum Holdings Limited is covered by 22 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.
Sebastian BellAvior Capital Markets