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I agree. Unfortunately, the market does not however.
Why don`t you tell Jaco & Co to do that then at the next meeting,? rather than telling me what I already know (but thanks anyway) I`m just going by what the company reports.
the "I love a drop in share price" is great when youre not holding it, not so nice when you are. On that logic I should be screaming from the roof tops with glee if this falls to 1 penny.
Well, I'm certainly glad I didn't sell my FTSE trackers to increase my SLP position last week!
I've not had a chance to read the results yet, but I'm currently holding with the intention of buying more.
Compare it to Q4 2020 and see
2020 2021
SDO $13.2 m $48.4 m
Net profit $2.2 m $14.7 m
Cash $55.9 m $101.1 m
EBITDA $4.2 m $28.7 m
Truly 'horrible' results. Sell you shares to me now :P
At 102p SP, cash adjusted: -
EPS is 29p;
P/E is 3
Bottom drawer now, and forget about it for a couple of years in which case, I might get my 100+ % profit back.
At least its bounced back up somewhat now..
And I've done another small top up just to look to get towards an even semi decent size bet here thru period of s/p relative weakness ...
Generally, I'm fine with the non sugar coating/non marketing spin style of results presentation here.. as so much b/s about in such updates across the market generally...and the balance sheet is very strong here.. and the comparison to an extraordinary q3 is indeed an extremely tough one..
Altogether, it wouldn't surpise me if I end up in this name for years more than months.. and slowly steadily grow out to a mid size bet there..
A 4th quarter, 30% net profit margin in any other industry would be regarded as superb, breath-taking, etc. etc....
Here, on the other hand...
Welcome to the world of SLP.
Obviously impacted by lockdown but these are Q4 last years results.
· The SDO recognised $13.2 million net revenue for the quarter;
· Cash costs per 4E PGM ounce increased in Rand and Dollar terms to ZAR17,008/ounce and $948/ounce quarter-on-quarter (Q3: ZAR8,673/ounce and $565/ounce) due to reduced production and high proportion of fixed costs;
· A positive EBITDA of $4.2 million despite the drop in ounces and its consequent effect on operational costs in Q4;
· Net profit of $2.2 million (Q3: $25.3 million) due to the lower production in the quarter;
· Bought back a total of 5.6 million ordinary $0.01 shares at a total cost of $3.4 million during the quarter; and
· Cash balance of $55.9 million after share buybacks during Q4.
@Lucky, yeh the way the wording is used and the comparatives used to present information, it is very damaging. Why compare Q4 to Q3 when it's in the same financial year and part of the same results.
I think they want to show us the trend and flight path for the imminent quarters but a lot of companies do quarterly analysis as part of management commentary to dampen expectations etc.
I also think the outlook for the market remains positive as when economy opens up, the conductor chips are back in supply and car sales start increasing, price of Rhodium has to go up.
I would personally like to know about pipeline assets for SLP to ensure they are sustainable over the next 20-30 years as a minimum. Does anyone have any info on that?
As always, an excellent, clear and candid report.
Interesting to note that they already achieved their annual target of 70,000 oz PGM , or do I remember incorrectly?
Our bonuses are due soon. Rather happy about the drop.
.....have to say after this morning initial panic, most of the sellers must be out of the way. That Rhodium price has come down was a know fact, give it few days and sp should recover.
apologies meant last quarter does not help.
Bizarre a company making such good profits at a lowish market cap drops so much but as you say reporting based on previous year's quarter does not help.
Await dividends I suppose in the full report and keep adding. I wish all of the companies I'm invested in had numbers like SLP with no debt but in AIM logic does not follow.
BigPlan
Agree with you, the way these results are presented and the wording used is very damaging to sp.
When results where out this time last year SLP had a PE of 5, today with these numbers Slp has PE of 4.5 and with today drop even lower, so very good value and sp should recover.
Assuming PGE prices remain constant, today SLP has $100mill more in the bank than last year and a PE lower, hence possibly 90p is the very bottom, could be a good entry.
Regarding Sylvania Platinum (LON:SLP), I think this will drop significantly today. Q3 results were outstanding supported by high Rhodium prices and the SP did not really rise to a stable footing to reflect those results.
Now Q4 is being compared to Q3 (I hate how Sylvania Platinum (LON:SLP) compare vs previous quarters rather than PY), Q4 is looking like poor results. But if you step back, net profit is circa $15m, if Sylvania Platinum (LON:SLP) maintain that level of earnings in FY22, full year net profit still looks like $60m (circa £43m) which isn't bad going for a company of market cap of cira £320m.
Based on these new earning figures and assuming no growth with a discount rate of 10%, I still have intrinsic value at circa £1.75 per share so still undervalued. Not sure market will ever appreciate fair value however.
Next quarter should be better?
my first experience of Sylvania results is a bit of a shocker.. hopefully a low point and and next time will be better .. s/p is indeed taking a beating around open.. and i just did a small top up buy around 95p.. less than my previous £1k 's clips though.. I'd add more in low 90's if it goes there and more again in 80's .. it may not go that low of course.. and hopefully for longs with higher averages it doesn't.. still a smallish position for me here.. maybe in due course I get it to a medium position though.. although I'd do that more cautiously here now..
Difficult to find much cheer in those figures. I was hoping someone here would find something to grasp on to. Looks like it’ll be a bloodbath.
costs up 22% to 27%
net profit down 64%
EBITDA down 51%
Basket down 11%
I had net profit numbers est. at around 30m so less than half., with 14m.
The "sales adjustment" at 98% is massive.
Will read through in due course.
https://www.londonstockexchange.com/news-article/SLP/fourth-quarter-report-to-30-june-2021/15073844