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SLp stated policy is to pay out 40% of adjusted free cash flow as dividends. If you take a look at the Edison report it states……
We expect ordinary dividends to reduce in FY23 to 5.8p per share, from 8.0p per share in FY22, and to 3p per share in FY24, before rising to 4.0p per share in FY25.
We expect Sylvania to continue to be cash generative with little or no debt over the next few years. Because of this ability to generate cash, we forecast cash levels in FY24 to increase to US$135m (currently US$125m) and US$152m in FY25
hTTps://www.edisongroup.com/research/lower-rhodium-prices-overshadow-strong-production/32555/
Edison have projected Rh prices of 6000 for 2024 and 7500 after that (2025+) they also have a target rice of 118p for SLP. Harsher emission standards in 2025 should lift the price to support and it really depends on a China recovery as well. Left field we have the exploration/ JV threads which aren’t priced into your estimates Bangrok which is fair enough as they are mainly potential-think there is value there though personally. Management are top draw in SLP though which counts for a lot, I’m happy to have a core holding and trade round the edges.
Be interested what other people are in as well as SLP to compare mindsets. SLP my biggest holding then Glencore, also taken a bit of Kenmare recently, really fancy them to go on a run. CAPD, GDP, CAML bit of PXC as a punt. Most of my others non resource based.
No point to that comment-if the share price goes up then the value of their investment goes up???
In an ideal world share buy backs are much more tax efficient than dividend payments so that’s why they are often used. There are pros and cons to both approaches
TA has merit but depends on the skill of the interpretation. Tech insights on Ii have us exiting a continuation wedge with target price of 115-120. Both of you can’t be right so I will stick to the fundamentals and they are staggeringly good.
The production issues are clearly short term, management have always been transparent around these things. $110m in the bank, generating shed loads of cash, special dividend nailed on. It’s all about PGM prices, that will drive the SP.
If you don’t believe in technical analysis you don’t believe that emotions and algos driving prices. Fear and euphoria drive strange human behaviour and pattern spotting algos become self fulfilling. Personally I select shares on fundamentals and timing on technicals. Chatmandu that last sentence says more about you as a person than it does about velo.
That 9 years is a point in time statement that will continually be extended…..
The SDO has exclusive rights to reprocess mine arisings and tailings dumps at current host mines, with a profitable operational life of approximately ten years, depending on the operation, and with potential to significantly extend the operating horizon as mining resources are continuously being converted to reserves at host mines.