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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sylvania Platinum Limited | SLP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.00 | 1.54% | 66.00 | 10:08:36 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 65.00 | 65.00 | 66.00 | 66.00 | 65.00 |
| Industry Sector |
|---|
| MINING |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 22/02/2024 | Interim | GBP | 0.01 | 29/02/2024 | 01/03/2024 | 05/04/2024 |
| 07/09/2023 | Final | GBP | 0.05 | 26/10/2023 | 27/10/2023 | 01/12/2023 |
| 21/02/2023 | Interim | GBP | 0.03 | 02/03/2023 | 03/03/2023 | 06/04/2023 |
| 08/09/2022 | Final | GBP | 0.08 | 27/10/2022 | 28/10/2022 | 02/12/2022 |
| 21/02/2022 | Special | GBP | 0.0225 | 03/03/2022 | 04/03/2022 | 08/04/2022 |
| 06/09/2021 | Final | GBP | 0.04 | 28/10/2021 | 29/10/2021 | 03/12/2021 |
| Special | GBP | 0.0375 | 04/03/2021 | 05/03/2021 | 09/04/2021 | |
| 07/09/2020 | Final | GBP | 0.016 | 29/10/2020 | 30/10/2020 | 04/12/2020 |
| 02/09/2019 | Final | GBP | 0.0078 | 17/10/2019 | 18/10/2019 | 29/11/2019 |
| Top Posts |
|---|
Posted at 09/4/2024 22:48 by justiceforthemany The old acquaintance of SLP, notably PAF, is trading at a forward P/E of only 2.9 and making over $1,000 per ounce it looks like it may experience a 2021 SLP type surge... |
Posted at 09/4/2024 17:48 by dosser50 Nice movement upwards. Wish I reinvested my divi here. |
Posted at 09/4/2024 07:19 by pooldar Dividend arrived yesterday thanks |
Posted at 02/4/2024 13:59 by bountyhunter Absolutely, the same amount of cash will raise EPS more when shares are bought back and cancelled at a lower price. Little but often is their strategy which I think is a decent one. At the end of the day it's mainly about the relevant commodity prices but SLP have the resources to ride out the downturn unlike some others. No-one knows for certain where the bottom of the cycle is; it feels close to me but that's just my opinion. |
Posted at 04/3/2024 15:30 by davebowler Simon Thompson -Modest valuation Admittedly, after factoring in a better second-half performance, full-year pre-tax profits and earnings per share (EPS) are still forecast to fall 24 per cent to $50.7mn and 13¢ (10p), respectively. The annual dividend is set to decline, too, from 8p to 3p a share. On this basis, the shares are rated on a forward price/earnings (PE) ratio of 5 and offer a prospective dividend yield of 6 per cent. Strip out the bumper cash pile and Sylvania’s enterprise valuation equates to only two times operating profit estimates. Although the holding is up 450 per cent in my 2018 Bargain Shares portfolio, it is now showing a 30 per cent loss in my 2022 Bargain Share Portfolio, following a similar share price reversal since the annual results (‘Sylvania is due a re-rating, 7 September 2023). However, an expected recovery in PGM prices should deliver strong capital upside as highlighted by Liberum’s target price of 96p. Recovery buy. |
Posted at 07/2/2024 22:08 by rabiddog It’s the price of metals in 6 months that counts. Slp have also got exploration dice roles which have zero credit on the share price. Pays your money takes your choice. So I would say, if this is a sector you want to be in, thinking 6 months + ahead then Slp management are renowned as being extremely investor friendly |
Posted at 01/2/2024 08:46 by loganair Many commodity companies are now offering well above 10%/15% dividend yields because the whole sector is so unloved with over 50% of funds still going into the so called magnificent 7 on the S&P. |
Posted at 31/1/2024 07:32 by masurenguy Second Quarter Report to 31 December 2023Highlights No Lost-Time Injuries ("LTIs") were recorded during the Quarter; Sylvania Dump Operations ("SDO") produced 18,232 4E (23,105 6E) PGM ounces in Q2 FY2024 (Q1 FY2024: 20,173 4E (25,533 6E) PGM ounces), in line with guidance for the Quarter; SDO recorded $20.9m net revenue for the Quarter (Q1 FY2024: $19.7m); Group EBITDA of $4.4m (Q1 FY2024: $2.8m); Final cash dividend for FY2023 of 5 pence per Ordinary Share, amounting to $16.7m, paid in December 2023; Lannex MF2 flotation circuit commissioned with optimisation well advanced; Improved recoveries are expected following commissioning of the Lannex fine grinding circuit; and Progress of the Thaba Joint Venture ("Thaba JV") project is on schedule and construction of the earthworks and civil works package commenced during December 2023. Outlook Commissioning of the Lannex fine grinding circuit in progress with optimisation to follow in Q3 FY2024; · Continuous operational performance improvements relating to the optimisation of feed sources, throughput, recoveries, and cost saving initiatives implemented; · An updated Mineral Resource Estimate ("MRE") statement for the combined Volspruit North and South ore bodies is largely complete and final documents are expected to be signed off during Q3 FY2024; · Preliminary Economic Assessment ("PEA") for the Volspruit project is on-going with SRK Consulting having been appointed to undertake the work. Upon the completion of the combined (North and South ore bodies) PEA, it is expected that a Preliminary Feasibility Study ("PFS") will commence; and · The Group maintains strong cash reserves enabling funding of expansion and joint venture ("JV") initiatives, process optimisation capital and upgrading of the Group's exploration and evaluation assets. Commenting on the results, Sylvania's CEO, Jaco Prinsloo, said: "We have again achieved an excellent safety, health and environmental performance for the Quarter. Our sustained focus on employee well-being and sustainable practices, has ensured that all operations achieved an all-injury free Quarter and the SDO remains LTI-free for the Quarter and year to date. Production for the Quarter of 18,232 4E PGM ounces was in line with the production target for the period. The 10% lower production was primarily attributed to lower current arising feed tonnages and feed grades from some of the host mines due to the festive season closure. However, the second-quarter production was supported by higher recovery efficiencies over the period. Despite these challenges, we remain on course to meet the full-year production guidance. Net revenue was up 6% due to a smaller sales adjustment during Q2 FY2024, and consequently, Group EBITDA increased by an impressive 57%. Despite the ongoing pressure on the PGM 4E basket price, which experienced a further 3% reduction during the period, these positive financial indicators reflect the resilience and strategic adaptability of our operations. Net profit was 13% lower than in Q1 FY2024 due to the impact of inter-company dividend withholding taxes. Nonetheless, the Company maintained a strong cash position. During the period, the Company paid the FY2023 final dividend of 5 pence per Ordinary Share, as well as provisional income and mineral royalty taxes. At 31 December 2023, the Group remains in a strong cash position allowing it to continue funding of its existing capital projects and growth opportunities and to return value to shareholders. Sylvania's interim financial results will be released on Thursday 22 February 2024 and I, and the Group CFO, Lewanne Carminati, will be hosting investor webinars and shareholder meetings over the course of the week of the release. Once again, we look forward to engaging with our valued stakeholders during this period." |
Posted at 27/7/2023 08:14 by mwj1959 The current yield is based on 11p worth of dividends (8p final and 3p interim). The New Dividend Policy is to pay out a minimum of 40% of adjusted free cash flow for the financial year. Adjusted free cash flow is the calculated cash flow from operating activities less capital expenditure for the reporting period, adjusted for debt commitments and covenants and committed future growth/expansion capital. Whereannual dividends are declared, these will be paid in two tranches, with an interim dividend equating to one third of the forecast full dividend and the final dividend equating to the remaining unpaid balance of the minimum of 40% of actual adjusted free cash flow. The payment of dividends remains at the discretion of the Board. No guarantee that the final dividend will be the same as last year, so we need to understand that just because the trailing yield is just under 16% does not mean that the prospective one will be same. However, even with a lower FCF they do have wiggle room to match that with cash. |
Posted at 28/2/2023 08:00 by johnrxx99 From Sharescope Weekly Commentary from Bruce PackardSylvania Platinum H1 Dec This South African-based Platinum Group Metals (PGM) chrome tailings business announced H1 results. They’d already reported Q2 results at the end of January, so investors knew that H1 revenue was up +16% to $80m and EBITDA was +26% to $45.6m. Cash balance was $124m at the end of December (35% of the current market cap of £294m), again not a new figure. I didn’t cover those numbers at the time, so I will write up a brief comment below. Outlook: Back in January, management raised their FY Jun 2023 production guidance to 70K to 72K 4E PGM ounces, previously 68K -70K. However, a couple of weeks ago in mid-February Edison (who SLP pay to publish research) lowered their price forecast for the PGM basket (higher platinum prices, but weaker rhodium and palladium prices). Edison also reduced their SLP FY Jun 2023F and FY Jun 2024F EPS estimates by -10% and -17% to 22c and 21c respectively. Management were asked on the presentation last week if FY consensus expectations were still too high. They responded that they were using current spot prices (both for forex and PGM prices) so these sensitivities can move around. Thus results may disappoint if spot prices deteriorate. This time last year, H1 PGM production volumes fell -11% to 32K ounces, due to lower feed grades. However, revenue was supported by higher PGM prices. This year we have the opposite effect, increasing production volumes but lower PGM prices, as the chart below shows. SLP have signed long-term agreements with Samancor (the host mine which supplies them with chrome tailings), however, in the past, they have faced problems because of lower Run of Mine materials and feed grade quality coming from Samancor. South African infrastructure problems (such as power supply from the grid, and water shortages) have also affected production volumes in the past. I listened into the management presentation on InvestorMeetCompany, and they mentioned a backup power supply project for their Lesedi operations, which is particularly exposed to this issue because it’s at a chrome smelter, rather than a mine. That said they put up the chart below in their presentation showing that they expect PGM production to increase from this year’s level over the next couple of years. Worth noting that this graphic with an upward-sloping arrow in the company’s presentation is caveated with a footnote, and I can’t find any text in their H1 results explicitly giving 2024F or 2025F forecast increases. Management say that they remain in the lowest quartile of platinum industry cost curve, 4E “All in cost” was $1,017 $/oz at H1, down -16% v H1. 4E PGM direct cash cost is c. $742 $/oz, down -16% in US dollar terms, but -3% in rand terms. Mine E&P: SLP also owns rights to Volspruit and Northern Limb exploration projects, which Sylvania continues to investigate. At the H1 results, they said that an updated Scoping Study is underway at Volspruit which will now include value from the South Body area and for the element rhodium. They initially excluded these two aspects from the Scoping Study for simplicity and presumably cost. They have also commissioned a study to improve the resources estimate for their Aurora project and a further study aiming to estimate mineral resources at their Hacra project. This seems to be different from the original investment case, which was about Sylvania Dump Operations (SDO) having a low cost process to separate out chrome mining waste to produce PGMs. For FY 2023F they are guiding to $5m of spend on exploration. I suspect that the mine exploration does have potential, but also comes with higher risk of failure. Valuation: On Edison’s numbers the company is trading on a PER of 6x Jun 2024F and 2025F. That seems remarkably cheap, especially given the £100m of cash they are holding. Note my comments on the uncertainties about the long-term prospects of their operations though. There’s a new dividend policy of 40% of adjusted free cash flow (operating cashflow less capex commitments.) They will pay a 3p Interim Dividend in April 2023, and the new policy suggests that the declared interim dividend will be a third of the total dividend, with 2/3 being paid in December (the Final Divided). That implies a 9p dividend this year, or an 8% yield. The Company will continue to evaluate further share buy backs as the opportunity arises; they bought back 6.6m shares or 2.1% of shares FY last year – total buybacks have been 56m shares in total (v 266m shares currently outstanding). Opinion: Platinum usage in diesel catalytic converters is likely to decline, though both SLP and the industry organisation WPIC where I used to work have suggested that demand will come from the hydrogen economy. I think that this is worth bearing in mind, though both organisations have a vested interest in the platinum price. I continue to hold. |
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