Member Info for ragnarlothbrok

Nothing jumps to mind. GDP smashed expectations last week, and its pretty much more of the same from the last few months with Eskom going bust and the platinum miners wage negotiations. Something I missed?

ZAR up, gold down and pound up, all moving against PAF. The other smaller players in the UK all impacted as well over the last couple of days, HGM, TSG, SHG etc

MM games today. Shaking out a few after a little wobble in the PoG. Picked up a few this morning on the drop

The recent bounce in Appalachian gas prices (from very low levels) over the last couple of weeks flowing through to the SP

Down $600 this week. Ouch! Basket taken a serious dent over the last couple of days but still well up for the quarter so far

Seems like some taking advantage of the liquidity. I see a few £50k and a £100k sell in the last 2 days which didn't event touch the sides. Demand seems strong!

Good spot Visitor. I'm surprised, I thought Lesedi has lower Rh content.

Pt CRUSHING it right now at $980 and Pd $1560 so you can add another $20 to your basket.

Plenty of volume today, I wonder who's selling... I was thinking about taking a few profits but we seem to be in a mini PGM bull run right now

Hi Shareminator, yes good news to get something for this, my guess is that after the 30%-odd South African tax and the 26% share we don't own the proceeds will get whittled away to a few million

Hi Velo.

I'm referring to market liquidity. There are no buyers around, reflecting summer holidays, Brexit etc. So if someone wants to sell there's no liquidity to mop up the sales. Its market wide right now. I think I saw volumes are down 15% from this time last year.

FFX average trading volume for July was 280k shares per day, in August it was 164k. That doesn't leave much if a big seller decides to take some profits.

Yeah, based on EPS of over 6 and a dividend of 1c that's 6x covered. I think its even higher coverage on an FCF basis. I guess the advantage is they could double the dividend each year for the next 3 years and still have a surplus cash pile.

They have started referring to being able to internally fund growth from expansion projects in their updates this year as an opportunity. They haven't actually mentioned what these are at any point as far as I'm aware. Liberum referred to the potential Samancor projects coming on line at some stage. Given the current chrome market I cant imagine they're in a hurry to expand, would be at least a couple of years.

Sorry yes should have been 1c. Not so much of a difference these days

Dividend 1p, $2.9m, 2020 Guidance 74-76koz. Pretty conservative as usual

Offer received for Grasvally for 115 ZAR = $7.6m pr 2.4p/share

I'll take settling around $7500. When RH hit $10,000 in 2008 it fell to $900 in 5 months!

Haha got there first

We have pretty much come up with the same analysis but I've discounted mine under a DCF approach using 12%.

That's a 38% gain for the month. You don't see that very often in the metals markets.

Although nickel is up 9% today and 24% this month. I reckon SLP gets a bit of nickel by product revenue

Liquidity has also been painfully low over the last couple of months which never helps

The strong surge in the SP over the last couple of years was on the back of a smaller company growing very quickly. Now it is a much large company with lower organic growth, operating in a very competitive industry.

I’m holding for now but will consider taking some more after I see some success around US expansion and impact of the product pipeline.

https://equalsplc.com/wp-content/uploads/2019/08/Share-Placing-and-Open-Offer.pdf

That date is for the full annual report. Normally they release the investor presentation and full year results in August like last year

https://www.lse.co.uk/rns/SLP/sylvania-platinum-final-results-7ldzuwwgg9yydwy.html

Anyone know when are 2018 results due? Usually its out by now. I'm keen to see 2020 guidance

Hi Visitor, what a week indeed! Rhodium up 20% and Pt 10% in 5 days. Rhodium didn't fall a single day in the whole month of August. And Pd back to $1500 despite all the talk of the Pd boom being over.

And the SP is up 158% YTD.

My own valuation of SLP is 57p, on a NPV basis, using spot prices and a discount rate of 12%. This assumes a substantial drop in production reflecting the end of the dump feed in 2027. This is only based on current SDO operations and so excludes the Northern Limb projects and any Samancor growth options.

You got it pretty much spot on LPS.

That additional EBITDA of $30m is very tasty. After interest that drops straight through to the dividend