Sylvania Platinum Dividends - SLP

Sylvania Platinum Dividends - SLP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Sylvania Platinum Limited SLP London Ordinary Share BMG864081044 CMN SHS USD0.01 (DI)
  Price Change Price Change % Stock Price Low Price High Price Open Price Close Price Last Trade
1.60 4.28% 39.00 37.50 39.00 37.50 37.40 08:31:25
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Sylvania Platinum SLP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

devonlad: Looking really strong again here, looks like a V shaped recovery for the share price in SLP as there is a big buyer mopping up stock.
nimrod22: John Rosier writes in the printed Investors Chronicle today. "Two of my holdings recorded positive returns in February; Sylvania Platinum (SLP) and Syncona (SYNC). Sylvania was up 20.3 per cent following excellent results for its half-year ended 31 December 2019. This led to significant upgrades, leaving the shares valued at just 3.5 times June 2020 earnings and on a prospective dividend yield of 8.6 per cent, at 56p. Moreover, current forecasts are for a dividend in the year to June 2021 of 15¢, leading to a yield of 21 per cent. Something is wrong here; either the share price is far too low, or the price of platinum group metals is about to collapse."
redtrend: As point of clarity, new CEO is correct that Rd is circa 12% of production (which of course is not revenue which as people have posted here is far greater). As per the last presentation with Interims, split at present is (changes depending on output from each site, which is why SLP updates it every 6 months): PLAT: 62.1% ($865) PALL: 25.2% ($2,545) RHOD: 12.5% ($12,300) GOLD: 0.2% ($1,595) If you take the prices above, the SLP 4E PGM Basket Price is $2,719. Based on 74K Oz production, I can see why ST and Liberum get a target of 90p. However there is a huge amount of downside risk to the PGM basket. What long-term PGM basket would warrant a 55p share price? I would say Plat of $780, Pall $1,500 and Rh down to $6,000, or any variation around that (Basket of circa $1,650). SLP seems to be perpetually under-valued though until SLP provide a commensurate dividend, so such a basket could lead to low 40s. Market panics and margin calls of course are a major risk too irrespective of how solid a company is.
lees65: Sylvania’s mind-blowing earnings upgrades I suggested buying shares in Sylvania Platinum (SLP:54.5p), a cash-rich, fast-growing, low-cost South African producer and developer of platinum, palladium and rhodium, ahead of the £154m market capitalisation company’s interim results and earnings upgrades (‘Exploiting market anomalies’, 10 February 2020). The scale of them is mind blowing. Liberum Capital's net profit forecast for 12 months to 30 June 2020 is US$59m (£45m), or US$40m more than the house broker was forecasting last September; its net cash estimate of US$59m (16p a share) is US$9m more than I predicted in my February article, and is almost treble the US$21m cash pile in June 2019; and dividend per share estimates of 15.3¢ (11.8p) for the 2019/20 financial year, rising to 20.8¢ (16p) the year after, equate to 56 per cent of the current share price. Strip out the cash pile, and Sylvania’s shares are valued on 2.4 times Liberum’s current year EPS forecasts of 21¢ (16p), falling to 1.2 times the broker’s 2020/21 EPS estimate of 26¢ (20p) after adjusting for June 2021 estimated net cash of $111m (30p a share). Aim-traded shares have almost quadrupled in value since I included them, at 14.5p, in my market-beating 2018 Bargain Shares portfolio. Offering 65 per cent further upside to my new target price of 90p, last week’s pull-back is a buying opportunity.
1jbrisky: Motley Fool write up this afternoon Sub-10 P/E ratios. 7.7% dividend yields. I’d buy this stock as market jitters rise Royston Wild February 2020, 13:07 UTC Stock market graph with Chinese dragon background Growing fears over the coronavirus means that investors need to take steps to protect themselves. I reckon Sylvania Platinum (LSE: SLP) is a sound way to achieve this. Sentimental shiny metals always experience frantic buying in times of high tension like this. Gold’s gallop above $1,670 per ounce and to fresh seven-year highs this week has commanded plenty of attention. But the platinum group metals (or PGMs) have also soared on high safe-haven demand. Platinum itself has soared through the $1,000 per ounce marker for the first time since 2018 in recent weeks. Palladium, which has doubled in value over the past 12 months just burst to new record peaks above $2,700. And rhodium, which has burst through the $12,000 barrier for the first time has risen around 500% from the same point in 2019. Virus fears to persist? It’s no shock to see Sylvania’s share price boom in response. It’s up 50% since the beginning of February alone as the global spread of the coronavirus has rocked investor nerves. And it could gain much more ground in March. Global chief executive officer at UBS, Mark Haefele, commented that “the incubation period of the virus [means] the next two weeks will be critical in determining the extent of the outbreak, the steps authorities are willing and able to take to contain it, and the economic effect of those measures.” Other analysts believe that markets will remain tough for some time longer. Michael Hewson of CMC Markets notes that “for now, there appears little prospect that financial markets look likely to settle down in the short term, which means investors will have to get used to an extended period of uncertainty and volatility.” Fresh Brexit bother It’s not just coronavirus-related alarm that could bolster demand for fight-to-safety assets in the coming weeks either. Tension over the Brexit process was a significant driver of gold and other precious metal prices in 2019 and could continue to be so. The start of tense trade talks between Britain and the European Union will officially begin on March 3. But terse comments from both sides already suggest that things could prove bumpy. Just today German Europe minister Michael Roth urged the British government to “keep your promises” concerning previous agreements on the Northern Ireland border This follows cautious words from French premier Emmanuel Macron at the weekend too. He warned that it could prove difficult to hammer out a trade deal by the end of the year given the short time frame and range of difficulties that need to be addressed. Under UK law, a failure to create such a deal will mean that Britain will embark on a Hard Brexit at the end of 2020. Growth + dividends With safe-haven metal demand expected to remain solid, City analysts expect Sylvania’s earnings to shoot 229% higher in the fiscal year to June 2020. This results in a rock-bottom forward P/E ratio of 3.7 times. It leads to predictions of more dividend growth, too and therefore a bulky 7.7% dividend yield. Sylvania has been having some issues on the production front recently. Indeed, second-quarter production dropped 8% to 19,206 ounces from the prior three months as power outages and water shortages hit. Still, these troubles are reflected by that low earnings multiple in my opinion. I’d buy it today on the likelihood of solid metals prices in the weeks and months ahead. The post Sub-10 P/E ratios. 7.7% dividend yields. I’d buy this stock as market jitters rise appeared first on The Motley Fool UK. More reading Forget the Cash ISA! I'd pick up the Lloyds share price's 6.2% yield Royal Mail shares are near all-time lows. Here’s what I’d do now The State Pension: how this £5 'trick' could potentially double your payout Forget Bitcoin! Here’s how I plan to turn £20.06 into a million Want to retire comfortably? I’d buy these 2 FTSE 100 dividend shares for a passive income Top shares for 2020 Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2020
whitefish: Very Strong Cash Flow for the 6 months to Dec.31 2019: Estimated use of Cash Flow from Operations USDm Cash Flow from Operations 36.8 (Increase)/ Decrease in Debtors ( 8.7) Capital Expenditure ( 3.0) Tax ( 6.8) FX Movement ( 1.3) Other ( 0.2) Dividends ( 2.9) Share Buy-backs ( 2.2) Increase in Cash 12.1 Cash June 30th 2019 21.8 Cash Dec 31 2019 33.9 If we assume the 2nd Half to June 30th 2020 matches the first half, then the Increase in Cash plus Dividends and Share Buy backs for the FY would be USD17.2m x 2 = USD34.4m or GBP26.2m. This equates to 23.23% of Sylvania's Market cap GBP113.04m (SP41p). Imagine if that was paid as a Dividend, what might happen to the Share Price. Under this scenario, Cash is also maintained at June 3oth 2019 levels.
redtrend: CLAIM 3: “Questionable” Transactions – Sylvania 2005 Agreement Full afadavit submitted by AMCU (written by Samancor ex-director making claims) is here: hxxps:// Bits relating to Samancor-Sylvania Agreement of 2005 (yes 14ys ago) start on PDF bottom of page 15. The claims are: 1) Samancor-Sylvania deal was unfair against Samancor (complete rubbish – anyone with half a brain can work out this isn’t true and the Affadavit statements contradict the applicants’ own argument! Its laughable and no wonder he was sacked in 2009/2010 if this was the quality of his work) 2) Sylvania deal benefitted Samancor Majority Shareholder (Kancor and chums) over the minority shareholders, with SLP shares awarded to Samancor entity/ intermediary “Portpatrick” as part of the deal. Both are complete “nothing burgers” in terms of operational or commercial impact to SLP or SLP involvement. I wont 2nd guess PR impact in short-term of panicky PIs. SLP Claim 1) Samancor-Sylvania Agreement: the deal itself is clearly a fair one. If anything it is far more heavily in favour of Samancor. a) Samancor get processed chrome back for free and their tailings treated helping them out on long-term liabilities front. The chrome processed for free by SLP and the $100s of millions to Samancor over the last 14yrs will be truly staggering. All Capex paid by SLP. - The Applicant writing the Affadavit doesn’t even realise his own statements are contradicting his “claim” the SLP arrangement becomes more favourable to SLP!!! It really is laughable – it become more beneficial to Samancor! I urge everyone to carefully read items 56 & 57 on pdf page 16 if they have any doubts on this. - Initial 2006 commercial agreement allows SLP to resell the processed chrome concentrate back to Samancor on sliding scale at the low values of ZAR 49.99 - 72 ($3-4 per ton, when Chrome concentrate is $180+! In period sometimes reaching $400). The higher threshold of course being better for SLP. - One year later in 2007, this Agreement gets WORSE for SLP not better, whereby the upper threshold is completely removed and SLP can only resell at the lower ZAR 49.99. - In 2008 the agreement again gets WORSE for SLP, whereby SLP provide the treated chrome concentrate back to Samancor for a nominal ZAR 1 (i.e. for free). b) On top this Samancor appear to get v.small % of PGM revenue (and as reminder Samancor have never had mineral rights to PGMs!) c) Samancor received large share of SLP back in 2005 - 2006 (hugely beneficial to Samancor - see next post for the issue at hand here is if the Samancor's director's committed fraud against their own company and Portpatrick was not for the benefit of Samancor shareholders as a whole) d) The deal was struck in 2005 when SLP was around 30p share price. SLP have used their expertise, spent huge amounts of Capex and SLP shareholders have waited until 2018 (13 years!) to begin to see a tiny return on SDO (if you compare apples to apples). That doesn’t sound like a deal unreasonably in SLP’s favour to me – in fact it sounds like the opposite! Waiting 13yrs for a measly return if you’re a SLP shareholder of 13yrs (1st dividend last year). Compounded for inflation, it’s significant negative return! How much money has Samancor made over 14years of getting Chrome processed for free and selling concentrate?! It will be millions of tons of chrome concentrate. SLP took the risk/reward of relying solely on PGMs, bidding for Samancor job to process chrome and securing the PGM minerals rights themselves. Only now and finally with PGMs high, will SLP benefit from a deal 15 yrs later when dividends should finally become more substantial in 2020. Samancor has benefitted from last 14yrs and will continue to benefit, for doing jack.
redtrend: Agree with danger - the best method to cover already existing share options allowances (my understanding is these were approved by shareholders in various previous AGMs) is through buy backs, not dilution. Employees and Directors should be rewarded for exceptional performance linked to Company's prospects and share price (i.e. shares rather than monetary bonuses), to align with shareholders. As long as it's not for simply "meeting" expectations, but exceeding expectations. I also agree that SLP are partly over-capitalised in the circumstances and more cash should be used for dividends, but in addition to these buybacks, not instead. Both can be easily funded. There is of course need for a "war chest" and rainy day fund etc. etc., but to go too far and be overly conservative to detriment of shareholders and share price is another thing. After this last buyback, SLP is now at a stage where dividends, not buybacks are most beneficial to shareholders - both for share price appreciation and yield. It is commensurate/proportionate dividends that will provide significant re-rate to SLP, so what you are discussing is a rather "chicken and egg" scenario. Additionally when the share price is low, the dividend yield of course can be higher, thereby benefitting shareholders and enticing new ones. The board has acted in a professional manner to date, steered the company in the right direction and have earned investors trust. A special dividend should be expected for Grasvally sale. If it is not forthcoming however, questions will need to be asked. As it would with next year's annual dividend too if it is once again not proportionate. I'm surprised at how passive both IIs and Private Investors can be to these issues. I've been to many AGMs where IIs hold significant holdings and sometimes they don't even have representation. 5 IIs hold 50% of SLP shares and I'm not sure how active or passive they are to be honest. Have to admit I haven't been to SLP's AGM in Bermuda yet, but plan to next year. Depending on whether or not we receive a special dividend once (if) the Grasvally sale is formalised for the full Net amount, an open letter to the 5 IIs holding 50% wouldn't hurt, to see how passive or active they really are. It wouldn't be too hard to get contact details.
redtrend: To add to danger's list of other new updates from Accounts (normally released end of Aug, so could be this time next week): - Dividend: we also don't know final dividend, although have a rough indication from House Broker Liberum. So dividend yield may also be in the Directors Statements in the Accounts. Perhaps a yield at this current share price of 3-4%? - Presentation: normally accompanies release of Accounts with some key forecasts and overview. It normally has a forecast on production out to 3yrs, Project Echo status, Capex & EBITDA forecasts etc. Rhodium is now in touching distance of $4,000 (currently at $3,955), With Plat $840 and Pall $1,480, the SLP PGM basket is around $1,390 per Oz. AISC with ZAR at 15.2 is likely around $525 (fluctuates dependant on ounces produced of course). So once you take into account refining fees of circa 18%, the SLP margin is now a significant $615 per Oz. Net Cashflow for FYE June 2020 could therefore be: - 80,000 Oz x $615 margin = $49.2m. - Deduct $8m for Capex and $10m Taxes = $31.2m. With a market cap of £110m ($130m), normalising for $21.8m cash in bank and circa $24m+ trade balance in SLP's favour, SLP's market cap is only 2.7x Net Cashflow. So can see where Investor Chronicle and House Broker Liberum are coming from with their targets of 50p and 60p respectively.
redtrend: Been on holiday and nice news to come back to – a solid set of Accounts as expected, with a nice modest dividend. The board and management have done a great job to date and whilst I don’t fully agree with all the statements in the Accounts concerning how the dividend policy may be updated and implemented (I believe some are overly conservative), the management and company as a whole is to be commended. On the positives: 1) Dividend - It’s reassuring that Board & Management listen to its shareholders (I know this is a bizarre statement to make, but sure we are all used to companies just doing what they want irrespective of the shareholders who own the company). Whilst I believe a dividend would have been put in place in any event, the trigger appears to be from an individual shareholder with a sizeable holding. Whether this was an Institutional Investor or PI with large holding not too sure, but it just goes to show when you invest in a relatively small company, we all need to make our voices heard and write to company when we see fit. Not just negatives or demands for dividend, but recognising the positives too. - Maiden dividend of 1.6% at 22p and dividends to be sustained going forward. I just hope over the space of a year, there are at least 2 dividends and therefore the yield per annum is more like 4%, increasing further as the cash balance continues to rise. 2) Production: - Production of 76,000 to 78,000 this financial year ending June 2019 - Production of 80,000+ thereafter (see latest presentation released with Accounts, slide 15). In fact year ending June 2020 looks like production est. at 85,000. 3) Cash and Trade Balance: - Cash of $14m end of June 18, so likely at least $17m by end of Q3 18. - Trade balance in SLP’s favour of a whopping $19.8m (Trade Receivables of $25.4m, high due to the 4-month cycle of delay when SLP gets paid by refiners, minus Trade payables of $5.7m). - These two together of $33.8m equate to 40% of the current market cap at 22p. 4) Going Forward: Capex, Costs and Margin - Basket Sale price: currently at a robust $1,035 - Cash cost of ZAR 6,849 (pg.19 of last presentation, not dissimilar to last quarter results), or $475 per Oz (at Forex of 14.4). - Margin: based on above, produces a huge margin of $560 per Oz. Taking this year as example, $560 x 76,000 Oz = $42.6million - Capex: with Capex est. at $12m this year, that means free cashflow of $30million (before Tax), compared to current market cap of $83.2m. For this reason, plus the dividend, cash/ trade balance and solid management shows just how under-valued SLP still is. It should also be noted Capex for year ending June 2020 is also est. around $11m, then drops to only $3.5m and $3m in following years. On top of all of this, there are just shy of 5million of shares in Treasury to be cancelled and Institutional Investors of over 50%, who no doubt will have a large say on dividend policy going forward, to ensure its in the shareholders interests. It is for the reasons above I don’t necessarily agree with some of the conservative statements in the Accounts on the dividend, however I’m sure over time the Board + management will increase dividends considerably if they maintain the $12m cash buffer they want and cash above that goes to dividends, unless there are growth opportunities to get after. Additionally and perversely, there is a risk associated with holding too much cash at the bank. Whilst it pays 7% interest, the SA political risks also have an impact on the SA Rand (ZAR). So SLP should continue to outpace its peers in terms of share price appreciation + dividends.
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