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Share Name Share Symbol Market Type Share ISIN Share Description
Sylvania Platinum Ltd LSE:SLP London Ordinary Share BMG864081044 CMN SHS USD0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 18.00p 13,000 08:00:07
Bid Price Offer Price High Price Low Price Open Price
17.50p 18.50p 18.00p 17.95p 18.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 47.52 12.19 51.6

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Date Time Title Posts
12/12/201816:27Sylvania Platinum 1,136
07/9/201617:41Sylvania Platinum (formerly Sylvania Resources - SLV)1,579
07/9/201206:38GUARANTEED WINNER908
28/1/201213:14Silentpoint - Roaring buy4
29/5/200308:32GOLD SILENT POINT SLP30

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Sylvania Platinum (SLP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-12-14 14:42:3918.0050090.00O
2018-12-14 10:42:0317.7512,5002,218.75O
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Sylvania Platinum (SLP) Top Chat Posts

Sylvania Platinum Daily Update: Sylvania Platinum Ltd is listed in the Mining sector of the London Stock Exchange with ticker SLP. The last closing price for Sylvania Platinum was 18p.
Sylvania Platinum Ltd has a 4 week average price of 17.40p and a 12 week average price of 15.88p.
The 1 year high share price is 24p while the 1 year low share price is currently 13p.
There are currently 286,526,637 shares in issue and the average daily traded volume is 97,970 shares. The market capitalisation of Sylvania Platinum Ltd is £51,574,794.66.
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.
redtrend: I'm still very bullish on SLP and a long-term holder with a substantial holding, however I think this decline today is more the fact there has been no update to the dividend policy whatsoever that has impacted share price. The presentation is pretty clear on certain operational issues and forecast for 2018 is 71-75k. Thereafter 2019 onwards we're looking at 78k. So they've been open on this and would not be surprised if they do manage to hit 80k in 2019. The current robust basket spot price of > $1,100 more than makes up for revision down in production and if they do hit the upper-end 75k, nothing has therefore changed. I was of the camp that thought Phoenix was a very good acquisition and hindsight has demonstrated that was the case. Therefore I was relatively content no dividend policy update or dividend was seen in 2017. However in 2018 I was expecting an update on dividend policy with first dividend sometime this year. Cash in the bank was $12.4m at Dec 2017, which will only be growing exponentially with higher spot price. Operational Cashflow is more than enough to fund Capex profile, so that is not a reason to hoard cash. So that leaves internal growth opportunities or acquisitions only. In terms of internal growth, Grasvally is being marketed for sale, Northern Limb Exploration is suspended (on hold) and Volspruit still awaits a Water Use License and even after receiving that, there will still be delays and decisions to be made. So the cash can not be earmarked for internal growth either. That leaves only acquisitions or simply wanting to leave it in the SA bank and getting 7% interest. They really now need a clear updated strategy on how they will use the cash or a dividend policy. To regurgitate the old policy: "Pay shareholder dividends when higher sustained PGM prices are achieved" is no longer adequate. A higher price of over $1,000 has been sustained for a year now. The Basket price is now over $1,100, giving a further buffer.
chimers: IC BARGAIN PORTFOLIO 1 of 10 share tips for the year. Sylvania Platinum (SLP) is a fast-growing and low-cost South African producer and developer of platinum group metals (PGMs) platinum, palladium and rhodium, with two distinct lines of business: the re-treatment of PGM-rich chrome tailings material from mines in the North West Province; and the development of shallow mining operations and processing methods for low-cost PGM extraction. The company’s dump operations comprise seven active PGM recovery plants that treat chrome tailings from surrounding chrome mines across the western and eastern limbs of the Bushveld Igneous Complex. The chrome tailings re-treatment plant is located at Kroondal on the western limb, and is managed by Aquarius Platinum Corporate Services. The operations are hugely profitable. Buoyed by a 17 per cent rise in production to 70,869 ounces of PGM, the fourth consecutive year of record output, the company’s dumping operations produced cash profits of $20m (£14.8m) at a margin of 40 per cent on revenues of $50.5m in the 12 months to end-June 2017. Cash costs were half the gross basket price of $935 per PGM ounce achieved, enabling the company to generate $18.8m of cash from operations before movements in working capital. In turn, net cash on Sylvania’s balance sheet ballooned by over $8m to $14.8m in the 12-month period, and that’s after taking into account the planned investment in ramping up output from the company’s Millsell and Doombosch facilities. The aim of the investment there is to replace the output lost from its Steelport operation, which came to the end of its life last summer. In addition, the company paid $6.3m a few months ago to acquire Phoenix Platinum Mining Proprietary, a PGM dump operation with an operational concentrator plant and 2.4m tonnes of tailings dump resources of a similar grade and recovery potential as Sylvania’s neighbouring Mooinooi dump operation. Due to the close proximity of Phoenix to Sylvania’s existing operations and similar process and business model, the company expects to generate savings from the combined operations. The acquisition, together with the expansion of output from Millsell and Doombosch, is expected to boost Sylvania’s production to 75,000 ounces of PGM in the coming year. The other point worth noting in this week’s trading update was that the company’s cash profits increased from $9.2m to $10.4m for the six-month period to end-December 2017, buoyed by an average basket price of $1,057 per PGM ounce, up from $883 in the same period of 2016. Moreover, in the second quarter to end-December 2017, Sylvania invested $5.2m on capital expenditure and paid $6.3m for the Phoenix acquisition, but its cash balances only declined by $4.8m to $12.6m, highlighting its impressive cash generation. I expect a positive trading update when Sylvania announces its interim results on Monday, 26 February. A glance at the charts for rhodium, palladium and platinum is revealing too: the PGMs increased in value by around 45 per cent, 30 per cent and 5 per cent, respectively, in the final three months of 2017. That can only be positive for Sylvania’s profits if these prices are sustained through 2018. The point being that this is not in the price with the shares trading on a 46 per cent discount to its last reported NAV, and net funds equating to over a fifth of its market capitalisation of £41.5m. Strip out cash on the balance sheet, and operations that reported post-tax profits of £6.6m in the 2017 financial year are effectively being valued on five times net profits. That’s an incredibly harsh valuation for a business that has reported record output four years on the trot, and boasts a massive cash profit margin of around 40 per cent. Interestingly, the share price chart could be poised to make a sustainable move above last February’s high of 14.2p. Buy.
canigou2: Yes, pretty much as expected. Phoenix acquisition now paid for and more importantly contributing to production and revenues (as the renamed "Lesedi"). Project echo is in full swing. Next few quarters should now see increasing profits. Expect SLP to increase cash balances from here (again). Some news (this year?) on the dividend policy would be welcome. Any weakness in the share price is a buying opportunity IMHO. Well run and managed little company in this sector and largely overlooked. GLA.
value hound: Thanks Redtrend Reasonable update today - and your projected cash figure wasn't far off. Regarding the reasons for no dividend, this is what Shares Magazine had to say a year ago: SYLVANIA PLATINUM’S DIVIDEND CONUNDRUM HAVE YOU SEEN Sylvania Platinum’s (SLP:AIM) share price recently? It is up 75% year to date. Its core business is doing very well,generating lots of cash and profit is rising. Costs are coming down, it has no debt and there is a large cash pile in the bank. So why doesn’t it pay dividends? They are on the agenda; but not this year, says boss Terry McConnachie. It has 300 individuals in Australia with fewer than 2,000 shares each in the company, having not disposed of them when Sylvania cancelled its stock exchange listing in that country. McConnachie says it would cost them more in fees to collect the dividends than they’d get from the cash payments. Therefore the miner is looking at ways to buy their shares and clean up the shareholder register before it starts paying dividends.
redtrend: I'm somewhat pleasantly surprised the SLP share price has held up given Platinum's weakness in December, but of course circa 38% of our PGM Basket Price is Palladium & Rhodium. And Palladium is still $1,000 and Rhodium still $1,550. Also perversely and in the long-run, Platinum weakness could actually be of benefit to low-cost operators like SLP. This Platinum weakness will mean the likes of Lonmin coming under severe pressure - more than they're already under and could be straw that breaks the camel's back. This could mean steeper production declines and quicker correction to the supply-demand dynamic (with a deficit already being predicted next year). The other positive could mean "non-core" Lonmin assets at fire sale prices, although not sure if any would fit in to SLP's portfolio (both operationally and geographically)?
canigou2: I agree share price is presently below fair value. But I'd personally prefer the instatement of dividends. SLP would be a far more attractive investment if paying regular dividends, and this would IMHO boost the share price. The recent cash generation supports paying dividends, even after the CAPEX on project Echo and the purchase of Phoenix platinum. SLP can afford it IMHO.
russman: A Divi may support the share price.
mnomis: Keith, thanks for a good post, especially re additional colour on Phoenix. I did not miss Volspruit / Grasvally announcement - I just pointed out that Phoenix will not be doing any processing from either, and that $6.8m (don't forget the $.8m) is a not insignificant amount for SLP. Further, based on communications to shareholder's, I struggle to see SLP raising money to develop either - best to sell, potentially with some rights to tailings retreatment. Finally, I am long, but like the rest of the market (see volume / share price yesterday, despite otherwise excellent results) did not think much of the acquisition and management's failure to pay a dividend has been bothering me for a while as my concern is that they waste shareholder's cash on poor acquisitions. Management previously CLEARLY flagged dividends would be paid once cash went above $8m, but now we find out why they have not paid out dividends ... SLP should be trading a lot higher - wasting shareholder's money does not help.
dandadandan: Weekly Review. What a bargain! Ask yourself why has this share price dropped so far? What has changed? It has previously been subject to professional assessments by fund managers who have invested in this (rare) income earning SA company . Now take the example of the Miton fund team who by their own admission used substantial resources to : 1. Conduct a rigorous analysis of all assets and liabilities of SLPs balance sheet, and the necessary adjustments, to ensure a significant margin of safety from any likely error in this analysis. 2. Analyse and reconcile SLPs cash flow statement which provides an insight into the company's funding position and its ability to sustain and cope with all economic outcomes. 3. Then analyse the overall company and examine its structure and its cyclical challenges. Since their assessment the only change that I can see is the Volspurit project delay? Yet this has not been priced into the share price yet. Remember also that inside informers already knew this result and told the newspapers on the 9th June 2015 that Volspurit would be delayed. Is the delay a bad thing in the current climate? So was this an oversight by the SLP BoD. Just like its lack of comment on its recent current share price drop? Have they all gone asleep as they see their shares and options drop in value? Not in my books. Something more is going on behind the scenes. Ok a couple of fund managers have moved and Miton may be changing its position but they only hold a marginal percentage. SLPs Mcap is below £19m and it has a steady cash flow. It must be in a position to issue a maiden dividend with possibly £10m+ cash available at the end of June, unless the BoD are still buying up those cheap, under 7p shares and putting them into treasury. This share price drop is being staged managed to shake you off IMO. There are under 300m shares issued with 70% held by institutions. 56m volume in the last 4 weeks. Lets see what happens in the next few weeks. DYOR and keep it simple. Just follow the Mcap comparison with its income and assets value. In my books this share price should be more than double. GLA.
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