Tillkännagivande • Jun 29
Royal Bafokeng Platinum Limited Announces Further Extension of Appointment of Interim Chief Financial Officer Royal Bafokeng Platinum Limited announced that Shareholders are referred to the SENS announcements published on 26 September 2022 and 2 December 2022 wherein shareholders were advised that due to the ongoing process regarding the mandatory offer ("Implats Offer") by Impala Platinum Holdings Limited ("Implats"), the board of directors of RBPlat (the "Board") resolved to pause the appointment of a full-time chief financial officer ("CFO") and executive director until the conclusion of the Implats Offer and the Board has clarity on the direction of the Company. The Board, accordingly extended the period during which Ms Rotshidzwa Manenzhe fulfils the role of interim CFO to 30 June 2023. Due to the ongoing Implats Offer, the Board has decided to continue to pause the appointment of a full-time CFO and executive director until the conclusion of the corporate action and the Board has clarity of the direction of the Company. The Board, together with the audit and risk committee, having considered the requirements of the Company with regards to its financial director, as well as Ms Manenzhe's familiarity and experience with the Group's financial requirements, has extended the period during which Ms Manenzhe fulfils the role of interim CFO to 31 December 2023. The Company has obtained formal dispensation from the JSE in this regard. New Risk • Jun 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 46% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 46% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Profit margins are more than 30% lower than last year (21% net profit margin). Upcoming Dividend • Mar 22
Upcoming dividend of R5.35 per share at 5.3% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 03 April 2023. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.6%). Board Change • Mar 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Non-Executive Director Hanre Rossouw was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: R11.46 (vs R23.32 in FY 2021) Full year 2022 results: EPS: R11.46 (down from R23.32 in FY 2021). Revenue: R15.9b (down 3.1% from FY 2021). Net income: R3.32b (down 49% from FY 2021). Profit margin: 21% (down from 40% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Nov 11
Northam Platinum Holdings Limited (JSE:NPH) intention to make the Offer to acquire remaining 62.2% stake in Royal Bafokeng Platinum Limited (JSE:RBP) for SAR 32.4 billion. Northam Platinum Holdings Limited (JSE:NPH) intention to make the Offer to acquire remaining 62.2% stake in Royal Bafokeng Platinum Limited (JSE:RBP) for SAR 32.4 billion on November 9, 2022. Under the terms of transaction, Northam Platinum will acquire 189 million shares at offer consideration of SAR 172.70 per RBPlat Share. Offer consideration to be settled fully in cash or, subject to the level of acceptance of the offer, a combination of cash and Northam Holdings shares. Maximum aggregate cash amount of the Offer Consideration is ZAR 10 billion (“Maximum Cash Consideration”). The Maximum Cash Consideration will be funded from Northam’s available cash reserves and debt facilities. Northam Holdings Shares to be issued to Offer Participants in settlement of the Share Consideration will be 115,730, 669 Northam Holdings Shares (“Maximum Offer Consideration Shares”).Northam Holdings currently holds 100,219,552 RBPlat Shares, representing c. 34.52% of all RBPlat Shares in issue. Northam has advised in the Firm Intention Announcement that the Northam Offer Circular will be issued by Northam within 20 business days of the publication of the Firm Intention Announcement, being on or about 7 December 2022,
RBPlat has constituted an independent board of directors committee for the purpose of this Offer. The Independent Board will appoint an independent expert, to issue a report on the Offer and to express an opinion on whether the terms and conditions of the Offer are fair and reasonable to RBPlat Shareholders. If the Offer is accepted by Offer Participants holding at least 90% of the RBPlat Shares in issue other than Treasury Shares and any RBPlat Shares held before the Offer by Northam Holdings then it can compulsorily acquire all of the Offer Shares held by the Remaining RBPlat Shareholders. Offer will be subject to the level of acceptance of the Offer by the Eligible RBPlat Shareholders and the number of RBPlat Shares acquired by Northam in terms of the Additional Acquisitions. Offer Shares as will result in Northam acquiring at least 50% + 1 of the RBPlat Shares in issuewill be subject to the level of acceptance of the Offer by the Eligible RBPlat Shareholders and the number of RBPlat Shares acquired by Northam in terms of the Additional Acquisitions
Questco Proprietary Limited acted as Lead Corporate & Financial Advisor to to RBPlat. Merrill Lynch South Africa Proprietary Limited & Rothschild & Co South Africa Proprietary Limited acted as Financial Advisor & Bowman Gilfillan Inc. acted as legal advisor to RBPlat. One capital acted as financial advisor & Webber Wentzel acted as legal advisor to Northam Platinum. Upcoming Dividend • Aug 17
Upcoming dividend of R2.45 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 29 August 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (9.4%). Reported Earnings • Aug 03
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down R4.89b from profit in 1H 2021). Profit margin: (down from 51% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 20%, compared to a 26% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 29
Royal Bafokeng Platinum Limited to Report First Half, 2022 Results on Aug 02, 2022 Royal Bafokeng Platinum Limited announced that they will report first half, 2022 results on Aug 02, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of R5.35 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 04 April 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of German dividend payers (3.6%). Lower than average of industry peers (8.1%). Tillkännagivande • Mar 10
Royal Bafokeng Platinum Limited Declares Final Dividend, Payable 4 April 2022 Royal Bafokeng Platinum Limited declared a gross cash final dividend of 535.0 cents per share, equating to ZAR 1.5 billion. The dividend was declared from retained earnings and will be subject to a dividend withholding tax of 20% for all shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax. The net dividend payable to shareholders subject to the withholding tax rate of 20% amounts to 428.0 cents per ordinary share. The issued share capital at the declaration date is 289,016,546 ordinary shares and the Company's tax number is 9512379166. Trading ex-dividend commences 30 March 2022, Record date is 1 April 2022 and Dividend payment date is 4 April 2022. Recent Insider Transactions • Dec 08
CEO & Executive Director recently sold €4.8m worth of stock On the 2nd of December, Stephen Phiri sold around 565k shares on-market at roughly €8.44 per share. This was the largest sale by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. Tillkännagivande • Dec 08
Northam Platinum Holdings Limited (JSE:NPH) acquired additional 2.19% stake in Royal Bafokeng Platinum Limited (JSE:RBP) for ZAR 1 billion. Northam Platinum Holdings Limited (JSE:NPH) acquired additional 2.19% stake in Royal Bafokeng Platinum Limited (JSE:RBP) for ZAR 1 billion on December 7, 2021.
Northam Platinum Holdings Limited (JSE:NPH) completed the acquisition of additional 2.19% stake in Royal Bafokeng Platinum Limited (JSE:RBP) on December 7, 2021. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. CFO, Financial Director & Executive Director Hanre Rossouw was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 17% share price gain to €7.90, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 483% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.29 per share. Executive Departure • Nov 26
Non-Executive Director Hermann Lucht has left the company On the 24th of November, Hermann Lucht's tenure as Non-Executive Director ended after 2.2 years in the role. We don't have any record of a personal shareholding under Hermann's name. Hermann is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 8.08 years. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 17% share price gain to €7.40, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 450% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.80 per share. Board Change • Oct 31
High number of new directors Lead Independent Director Mark Moffett was the last director to join the board, commencing their role in 2021. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 20% share price gain to €6.20, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 378% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.91 per share. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 16% share price gain to €4.96, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 247% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.62 per share. Upcoming Dividend • Aug 18
Upcoming dividend of R5.35 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 30 August 2021. Trailing yield: 11%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (6.4%). Reported Earnings • Aug 05
First half 2021 earnings released: EPS R18.40 (vs R3.38 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R9.58b (up 108% from 1H 2020). Net income: R4.89b (up 463% from 1H 2020). Profit margin: 51% (up from 19% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 23
Royal Bafokeng Platinum Limited Provides Production and Earnings Guidance for the Six Months Ended June 30, 2021 Royal Bafokeng Platinum Limited provided production and earnings guidance for the six months ended June 30, 2021. Royal Bafokeng Platinum Limited is in the process of finalizing its financial results for the six months ended 30 June 2021. Despite the continued impact of the global Covid-19 pandemic and other operational challenges, 4E and platinum ounce production increased by 24.3% and 23.2%, respectively compared to the first six months of 2020, which was materially impacted by national lockdowns to curb the spread of Covid-19. During the first half of 2021 earnings were impacted by the following: Increased production and sales. Favorable platinum group metals market conditions. Stronger R:US$ exchange rate. Other items, including a premium on the partial buy-back of convertible bonds and deferred tax credit. As a result, the company advises security holders that it anticipates basic earnings per share (EPS) for the period of between 1,800.0 cents and 1,860.0 cents, representing an increase of 433% and 450% compared to 338.0 cents for the six months ended 30 June 2020. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 15% share price gain to R6.85, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 398% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 21% share price gain to R6.60, the stock is trading at a trailing P/E ratio of 8.2x, up from the previous P/E ratio of 6.8x. This compares to an average P/E of 14x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 286%. Is New 90 Day High Low • Feb 21
New 90-day high: €4.94 The company is up 47% from its price of €3.36 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 66% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.04 per share. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 16% share price gain to R4.30, the stock is trading at a trailing P/E ratio of 17.6x, up from the previous P/E ratio of 15.2x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 121%. Is New 90 Day High Low • Feb 03
New 90-day high: €4.30 The company is up 30% from its price of €3.32 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 64% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.02 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €4.20 The company is up 23% from its price of €3.42 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 60% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.05 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €4.00 The company is up 10.0% from its price of €3.64 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.48 per share. Tillkännagivande • Dec 06
Royal Bafokeng Platinum Limited Announces Executive Changes Royal Bafokeng Platinum Limite advised that the Chairperson of the RBPlat board of directors, Adv. Kgomotso Moroka, after serving on the Board as independent non-executive Chairperson since June 2010, will formally be retiring from the RBPlat Board with effect from the Company's next Annual General Meeting to be held in April 2021. Following Adv. Moroka's retirement from the Board, Mr. Obakeng Phetwe, a non-executive director of RBPlat, since February 2018, will assume the function of the Board Chairperson. Obakeng, a Chartered Accountant, is currently the Chief Executive Officer of the Royal Bafokeng Nation Development Trust and a non-executive director on the boards of Royal Bafokeng Holdings Proprietary Limited, RMB Holdings Limited, RMI Holdings Limited and MOGS Oil and Gas Proprietary Limited. In addition, Mr. Mark Moffett, an independent non-executive director of RBPlat since September 2014 and a Chartered Accountant, will assume the function of Lead Independent Director with effect from the retirement of Adv. Moroka. Mark is currently also an independent non-executive director on the board of Exxaro Resources Limited and has previously held senior executive positions within Xstrata initially as Chief Financial Officer of the Xstrata Alloys Proprietary Limited business and more recently as Group Controller of Xstrata plc. Prior to this he held senior finance positions within Anglo American plc and the De Beers Group. The Board, assisted by its Nominations Committee, will consider changes to any Committee memberships in 2021. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 21% share price decline to R2.76, the stock is trading at a trailing P/E ratio of 15.4x, down from the previous P/E ratio of 19.5x. This compares to an average P/E of 14x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 57%. Tillkännagivande • Sep 17
An unknown buyer acquired an unknown stake in Royal Bafokeng Platinum Limited (JSE:RBP) from Kagiso Asset Management (Pty) Limited. An unknown buyer acquired an unknown stake in Royal Bafokeng Platinum Limited (JSE:RBP) from Kagiso Asset Management (Pty) Limited on September 16, 2020. As a result of the transaction, Kagiso Asset Management now holds 3.11% of the total issued ordinary share capital of Royal Bafokeng Platinum Limited.
An unknown buyer completed the acquisition of an unknown stake in Royal Bafokeng Platinum Limited (JSE:RBP) from Kagiso Asset Management (Pty) Limited on September 16, 2020. Tillkännagivande • Jul 31
Public Investment Corporation Limited acquired an additional minority stake in Royal Bafokeng Platinum Limited (JSE:RBP). Public Investment Corporation Limited acquired an additional minority stake in Royal Bafokeng Platinum Limited (JSE:RBP) on April 23, 2020. As a result of the transaction, Public Investment Corporation now holds 10.326% of the ordinary share capital of Royal Bafokeng Platinum.
Public Investment Corporation Limited completed the acquisition of an additional minority stake in Royal Bafokeng Platinum Limited (JSE:RBP) on April 23, 2020.