Share Name Share Symbol Market Type Share ISIN Share Description
Sylvania Platinum Limited LSE:SLP London Ordinary Share BMG864081044 CMN SHS USD0.01 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.25 -0.68% 36.75 36.50 37.00 36.75 36.50 36.50 1,047,016 09:17:30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 55.6 19.2 0.0 - 105

Sylvania Platinum Share Discussion Threads

Showing 3901 to 3924 of 4225 messages
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DateSubjectAuthorDiscuss
31/7/2019
06:28
"In April 2019 we set out to achieve a record target for Q4. I am pleased to report that the SDO did not only reach this quarterly production record, but also achieved the annual guidance revised at the Half Year, resulting in an annual Company production record of 72,090 ounces for the financial year ending 30 June 2019." "...we are in a strong financial position moving forward. I am optimistic about what the next quarter and new financial year will bring for the Company and Shareholders." hTTps://www.investegate.co.uk/sylvania-platinum--slp-/rns/fourth-quarter-report-to-30-june-2019/201907310706463279H/
cf456
30/7/2019
14:25
Is the update tomorrow guys
jitters3
30/7/2019
09:31
really good move up
red5
30/7/2019
09:26
That re-invested dividends make up the majority of stock returns is a common investment fallacy. Here's a summary I wrote about this once: This fallacy usually comes from studies comparing the market returns with and without re-invested dividends. E.g. “One hundred pounds invested in equities at the end of 1899 would be worth just £168 in real terms without the reinvestment of dividend income, but with reinvestment, the portfolio would have grown to £24,184.”; Barclays Equity Gilt Study 2013 Of course, these are not comparing like with like. In the first case, you would have had the dividends in your pocket to spend or invest in other assets. In fact, if you had another asset class that produced superior long term returns to equities and re-invested your dividends there you would have more money than £24,184. The reason that the comparison is so striking is that equities have been pretty much the best performing asset class to re-invest into (at least in most western countries.) When you breakdown the Barclays return figures together with their cost of living index into compound annual growth rates they look something like this: Real Return with Reinvested Dividends 5.0% (A) Inflation Average 3 .9% (B) Nominal return with Reinvested Dividends 8.9% (A) + (B) Real Capital Return 0.5% (C) Nominal Capital Return without Re-invested Dividends 4.4% (B) + (C) From which you deduce the Average Dividend Yield was 4.5%. (A) – (C) People then erroneously compare the dividend yield to the real capital return and conclude that re-invested dividends are the major source of return. This comparison artificially separates out the components of compound growth and arbitrarily to applies the compound inflation to the compound capital gains. The re-invested dividends are done so at the nominal price of the index at the time so are subsequently compounded at the nominal rate, not the real rate. Simply reversing the logic and applying the inflation to income would show that reinvesting dividends in a market without capital growth would lead to very low real returns and therefore capital gains were the driver of the bulk of returns. The truth is that both dividends and capital gains are roughly equal in their contribution to equity returns at 4.4% for capital and 4.5% for income. The real return an investor receives is then reduced by inflation that has averaged 3.9% since 1899. This should hardly come as a surprise since the dividend payout ratio has been close to an average of 50% during the last century. That said I like dividends a lot - they maintain a certain capital discipline on management and demonstrate that the management is prepared to return excess capital rather than empire-build into projects that have expected returns below their cost of capital.
dangersimpson2
30/7/2019
08:37
I seem to recall that without dividend reinvestment the return on shares over the last few decades would be uncomfortably close to zero!
husbod
30/7/2019
08:33
I thought Modigliani argued that dividends were in fact irrelevant, and that we investors should not concern ourselves with such trifling matters [not something I agree with!].
spann_703
30/7/2019
07:15
I could bore you with Modigliani's thesis on dividends. Let's just say it is a good sign if dividends increase (over time)i.e progressive.
russman
29/7/2019
11:45
"So, with the company set to release a bumper set of annual results at the end of August, this looks like a timely buying opportunity given that the target price of 40p I outlined when I covered Sylvania’s third quarter results (‘Bargain shares: small-cap buying opportunities’, 7 May 2019) is now looking very conservative. In fact, I am raising my fair value target to 50p. Strong buy." hTTps://www.investorschronicle.co.uk/comment/2019/07/29/playing-the-precious-metal-complex/
cf456
29/7/2019
07:53
Is there a reason why SLP don't publish a precise date for release of quarterly figures rather than just "July"?
plootocrat
29/7/2019
07:25
Russman - tend to agree it is rather nebulous. I understand wanting a certain degree of flexibility, however: a) Many of the dividend policy statements are just standard "par of the course" b) Many aren't even applicable - SLP has no debt so should form no basis in decision-making of dividend. c) In my opinion one big factor is somewhat of a "red herring". The whole piece about "Liquidity and forecast cash requirements" which focuses on the "four-month working capital cycle" is already baked in to SLP's numbers. They hold a huge Trade Account surplus (receivables minus payables) because of this (some $20M). It simply rolls over. They would only need more cash on sidelines as contingency if the refiner changed payment terms from 4 months to 5 months, for example. d) Capex is now significantly reduced, Project Echo is nearing completion. In fact as of end March 2019 ZAR 124M of ZAR 175M was spent, so only circa $3.6M to go (will be much less when we see Capex for this last Quarter). So with free cashflow increasing as Capex reduces, already the policy needs to be updated to reflect this. The "par of the course" statements all reflect arguments of why a conservative approach must be taken, however there's no acknowledgement of when market factors benefit SLP and thus the dividend. For example the statement on Forex USD-ZAR is all fair, however on the flipside Forex has been incredibly beneficial at present to SLP for confirming the argument of a larger dividend: - ZAR is weak against the dollar. Long-term Eskom issues in SA may continue to pressure the ZAR down, so SLP being conservative and defensive in nature, should be holding the majority of funds in USD. - GBP is extremely weak in relation to USD. So for this year at a 1.24 Forex rate, the USD funds can be converted to GBP and produce a very large dividend yield (in consideration the share price is of course in £ and therefore dividend % will be a factor of this). By end of Sept 2019 quarter, I could see at least a cash position of $30M. There is no reason SLP has given us as to why they would possibly need a cash position of over $20M, so arguably at least $10M could be a dividend, which at Forex of 1.24 equates to 8-9% yield. Even a cash position of $20M is overly conservative, unless they are clearer on growth plans. However unless shareholders speak up, the board may continue to be overly conservative.
redtrend
29/7/2019
05:57
Quarterly figures today?
snorky123
27/7/2019
07:48
Found "dividend policy" under corporate governance on the website. It is exactly the same as the dividend guidelines. It is nebular to say the least. Not worth having; BoD can do what they like with the cash. Which is worse:- Ignoring the old policy until castigated. Or Re-writing a new vague meaningless policy.
russman
26/7/2019
08:54
It's at the end of the last investors presentation
frazboy
26/7/2019
07:50
In the last Chairman's statement the dividend policy was being re-written. But I cannot find it. Anyone seen it?
russman
25/7/2019
11:26
Confusingly you are actually both right. On a day to day basis, I also use Danger's breakdown as per post 1297. My 1 caveat is that a lot of websites appear to get the Rhodium Spot Price incorrect/ delayed. Rhodium is currently just above $3,500, so I actually get a basket price of $1,360. hxxps://apps.catalysts.basf.com/apps/eibprices/mp/ hxxp://www.platinum.matthey.com/prices/price-tables In terms of why I believe SLP Quarterly Reports show a higher basket price achieved than spot prices, this is because SLP have "6E by-products" (Iridium and Ruthenium) which when reporting production Oz on a "4E basis" (Plat, Pall, Rhod & Gold) only, the revenues from 6E needs to be taken into account in the high level basket price reporting figure. Additionally when PGMs are in high demand, the refiner and thus SLP may also achieve a premium above spot prices. If the next quarterly report is good (that will be released by 31st July), think how good the July-Sept 2019 Q report could be if SLP 4E PGM spot Basket Price stays above $1,360+. That could mean SLP achieve a basket price of $1,400+. Quite a bit of news now in next 3 months: - Q4 2019 (FYE Jun 2019) Report by 31 July - Accounts FYE Jun 2019 (usually released end August), perhaps with details on dividend for 2019? - AGM announcement October with details on dividend if not already provided in Accounts. - Q1 2020 Report (Jul-Sept Q) end of October - Dividend in November
redtrend
25/7/2019
10:54
Dangersimpson - I previously tried to reconcile the 4E basket quoted in the results with the price and relative percentages of the basket... and I failed. I need to revisit this with more data (as opposed to the single quarter/year) I analysed. Regardless it should be a cracking quarter
frazboy
25/7/2019
10:45
With the spot price for platinum group metals now improving the next set of results should be nice reading. Dates to look out for: - Q2 results are due at the end of July (next week) - EOY results are due at the end of August I really hope (expect) SLP to maintain and improve their dividend pay out with their increasing cash pile. Is this about to come out from under the radar?
canigou2
25/7/2019
10:34
probably. I'm taking the numbers form Feb that are in the latest SLp presentation on their website: Pt = $811/oz; Pd = $1,381/oz; Rh = $2,353; Au = $1,312/oz; (4E PGM Basket = $1,139/oz) Feb Spot %Platinum 811 881 62.7%Palladium 1381 1537 24.5%Rhodium 2353 3270 12.6%Gold 1312 1424 0.3% 4E Basket 1147 1345 17%
dangersimpson2
25/7/2019
10:25
Wasn't the basket price about $1380 in Q3? Or are we talking about different baskets?
frazboy
25/7/2019
10:18
SLP must be raking it in at current spot levels. I make their 4E basket now around $1345, up 17% from Q3. This won't yet be reflected in the Q4 and therefore FY numbers but looking forward if these sort of spot prices hold and they don't get any major production issues, FY20 should show c£35m EBITDA vs a current EV somewhere around £75m.
dangersimpson2
23/7/2019
08:51
Appears to be limited stock in market
snorky123
23/7/2019
08:19
Buying ahead of quarterly results
snorky123
13/7/2019
10:33
I've never seen a clear divi policy. Would hope that the board give some indication of that at some point soon.I think stockopedia is based on broker forecasts
leopoldalcox
13/7/2019
08:34
Agree Russman, it's a good point. Is there any clear dividend policy here? Stockopedia has a couple of estimates equating to dividend yields of ~4% 2019, ~4.8% 2020 but I have no idea as to their accuracy.
spann_703
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