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  6. Sylvania Platinum Limited (SLP)

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SLP

Sylvania Platinum Limited

82.00
-1.00 (-1.2%)
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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 Shares Traded Last Trade
Upgrade Icon
  -1.00 -1.2% 82.00 342,684 13:08:12
Bid Price Offer Price High Price Low Price Open Price
81.00 83.00 83.50 82.00 83.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Miscellaneous Metal Ores,nec 145.05 56.15 20.00 3.95 218.78
Last Trade Time Trade Type Trade Size Trade Price Currency
16:37:49 O 100,000 82.00 GBX
Related Shares
Bhp (BHP), Rio Tinto (RIO), Shefa Gems (SEFA), Pembridge Resources (PERE)

Sylvania Platinum (SLP) Latest News

Sylvania Platinum News

Date Time Source Headline
12/5/202307:00UKREGSylvania Platinum Limited Share Buyback
02/5/202307:00UKREGSylvania Platinum Limited Share Buyback
28/4/202318:26ALNCNewsEARNINGS UPDATES: Fidelity Special NAV up; Ferro-Alloy loss widens
28/4/202307:00UKREGSylvania Platinum Limited 3rd Quarter Results
31/3/202313:55UKREGSylvania Platinum Limited Notice of Transaction by PDMR
21/2/202312:03ALNCNewsSylvania Platinum doubles dividend as interim profit grows
21/2/202307:00UKREGSylvania Platinum Limited Half-year Report
30/1/202314:48ALNCNewsIN BRIEF: Sylvania Platinum output up; expects further climb in 2023
30/1/202307:00UKREGSylvania Platinum Limited Second Quarter Report to 31 December 2022
16/12/202207:00UKREGSylvania Platinum Limited Cancellation of Ordinary Shares

Sylvania Platinum (SLP) Discussions and Chat

Sylvania Platinum Forums and Chat

Date Time Title Posts
25/5/202310:12Sylvania Platinum 7,898
30/11/202110:44Waiting game-
16/8/202014:26SLP Website doesn't respond14
03/3/202014:39GUARANTEED WINNER911
03/3/202012:33Sylvania Platinum (formerly Sylvania Resources - SLV)1,608

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Sylvania Platinum (SLP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-05-31 16:37:4982.00100,00082,000.00O
2023-05-31 15:35:0081.0010.81O
2023-05-31 15:35:0083.00200166.00O
2023-05-31 15:35:0083.0043.32O
2023-05-31 15:35:0083.00108.30O

Sylvania Platinum (SLP) Top Chat Posts

Top Posts
Posted at 19/5/2023 09:49 by kennyp52
RCTurner .. just gone back over your posts and couldn’t agree more . PGM companies SP’s are dictated more by guidance and materials prices. The basket / PGM prices have been consistently falling whilst SLP maintain production guidance . So earnings / free cashflow are looking down . This can change very quickly if China up their factory productions / the West pull themselves out of their financial holes . The analysts put the figures into their spreadsheets and , imho , cause over reactions to expected falls in earnings for this type of company . This is why the share prices are so volatile imho .. but if you have confidence and believe a share is cheap then there are significant potential upsides . Good luck . Dividend paying also makes this share particularly attractive. If you want excitement get into JLP !!
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Posted at 13/5/2023 11:50 by sheffieldowls
slopsjon2

Thanks for this information. I need to think about this matter and not think about football at present!!!!!!LOL. I wish the share price would improve as I am under water by hundreds of thousands of pounds at the current share price for this company.
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Posted at 03/5/2023 16:31 by haywards26
IMO Buybacks are very subjective and many variables impact whether they are a good use of company funds or not (financial performance of entity, debt levels, dividend yield, share price level etc). It is easy to see in hindsight whether a buyback was a good idea, but very difficult to gauge at the time.

I can't see anything other than it now being a good time for SLP to carry out a buyback program, given the recent share price fall, robust financial performance and dividend pay out yield etc. The cancellation of the shares and not having to pay the approx 9% divi out on these shares is a good use of funds..

As a comparison a company completing a buyback program at share price highs is likely to be seen as a poor decision and not a good use of company funds. In very simplistic terms
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Posted at 03/5/2023 11:49 by zangdook
The misunderstanding about buybacks is that their purpose is to increase the share price. If you once get that idea out of your head and see them for what they are, a way to increase each remaining holder's proportional interest in the company, then the "oh no, the share price has gone down" argument falls away, except if framed as "the share price has gone down so they could have waited and got them cheaper".

It may be, if there is selling pressure, that a buyback will help to reduce the effect on the share price by absorbing some of the overhang.

If you account for your investments as a share of a business, rather than as a number on a share certificate, you may see value in buybacks provided the company doesn't overpay (or reissue the repurchased shares as bonuses to directors).
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Posted at 02/5/2023 16:27 by kenmitch
martinfrench

I won’t respond after this as you clearly have limited understanding of buybacks as have a lot of posters on the lower quality ADVFN bulletin boards.

For starters of course I wouldn’t claim that all lower share prices are related to buybacks? Of course they aren’t and that you can ask such a stupid question speaks for itself. Loads of shares fall that haven’t bought back at all.

And Whitbread for one is not a rubbish Company. They just made a mistake with their buyback decision. And on that WsM812 then made the erroneous claim that Companies only buyback if they think the share is undervalued. The sensible Companies like Next Do do that, but there are multiple examples of Companies buying back without considering that so important point.

Facts on share buybacks include:-

1. They reward those who want to sell as there is a willing buyer; the Company buying back their shares.

2. Buybacks increase eps.

3. Director bonus pay is quite often based on eps. So that’s a reason why sometimes Company bosses are so keen on them!

4. Buybacks reduce the number of shares in issue, so dividends, if paid are being paid out on fewer shares and so at less cost.

5. IF…as so many bb posters wrongly assume…..all buybacks = higher share price, all investors would have to do to guarantee share price gain would be to buy shares in those Companies. If only that WAS true.

Yf231

I had already pointed out that Next knew how to manage buybacks and that they’ve halved their share count as a result of them.
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Posted at 02/5/2023 09:16 by kenmitch
Buybacks don’t “put a floor on the price for sure,” as there are multiple examples where they haven’t. E.g Aberdeen ABDN started buying back in 2017 at £5 and have bought back every year since and share price now around £2.

Hopefully the SLP share price is already so depressed that there might already be near the floor.
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Posted at 28/4/2023 09:38 by davebowler
Liberum

| SLP LN | Market Cap £236.7m | 28 April 2023^ BUYTarget Price 125.0p Publication price 89.0p Sylvania Platinum* Guidance raised again *Corporate Broking Client of Liberum
Sylvania has raised production guidance by 2koz to 7274koz (Liberum est. 74koz), following another strong production quarter of 17.9koz. Even with the raise, guidance appears conservative: Q3’s typically weak, as mines are slow to restart post December’s break; final quarter only requires 15.6k-17.6koz of production. Note, production rates across the industry face the risk of more Eskom power disruptions (for revenues, any general fall in mine supply should be offset by corresponding price lift). Strong quarter of production with Tweefontein MF2 The company had a good quarter of production, and so remains firmly on track to hit our forecast of 74koz for the year. The multiyear positive trend in recoveries continues. Following the success of the MF2 installation at Tweefontein, the one at Lannex should be commissioned in the first quarter of FY23. Figure 1: Quarterly production (koz) and recovery rates (%) 30% 35% 40% 45% 50% 55% 60% 65% 0 5,000 10,000 15,000 20,000 25,000 Q1FY08 Q3FY08 Q1FY09 Q3FY09 Q1FY10 Q3FY10 Q1FY11 Q3FY11 Q1FY12 Q3FY12 Q1FY13 Q3FY13 Q1FY14 Q3FY14 Q1FY15 Q3FY15 Q1FY16 Q3FY16 Q1FY17 Q3FY17 Q1FY18 Q3FY18 Q1FY19 Q3FY19 Q1FY20 Q3FY20 Q1FY21 Q3FY21 Q1FY22 Q3FY22 Q1FY23 Q3FY23 Total 4E PGMsPGM Plant Recovery Source: company While this successful run could be hit by power disruptions ahead of the Southern winter, we believe that the price impact will offset volume losses.

Next events Q3 resultsApril 2023 Q4 resultsJuly 2023 Stock performance Summary financials & valuation ($m) Calendar year EV (CY)21A22E23E24E Market Cap295295295295 Net Debt/(Cash)(114)(136)(149)(155) Pension & other adj.0.00.00.00.0 EV182160146140 Valuation (CY)21A22E23E24E P/E (x)3.86.08.09.6 Div Yield (%)10.110.88.46.2 EV/Sales (x)1.01.21.31.4 EV/EBITDA (x)1.62.22.73.0 EV/EBIT (x)1.62.32.83.2 FCFe Yield (%)19.120.415.59.8 Price / book (x)1.21.11.11.1 Financial year (June year end) Financials (FY)22A23E24E25E Sales152123100102 EBITDA81.763.846.547.9 EBIT78.760.743.444.9 EBIT Margin (%)51.849.143.344.2 Net Interest1.33.74.34.5 PBT80.064.347.749.4 FD EPS ($)0.20.20.10.1 DPS (p)10.39.06.05.0 Net Debt/(Cash)(121)(150)(148)(162) Net Debt/EBITDA (x)(1.5)(2.4)(3.2)(3.4) Leverage (FY)22A23E24E25E Net Debt/Mkt Cap (x)(0.4)(0.5)(0.5)(0.5) Source: Liberum, Bloomberg All numbers are on a post-IFRS 16 basis (e.g. net debt includes operating leases)
Sylvania Platinum 28 April 2023 2 Feed tonnes were impacted in the quarter, as is typical for Q3, particularly higher-grade tonnes from current arisings and ROM material. Figure 2: Plant feed tonnes and grades (g/t) 1.0 1.5 2.0 2.5 3.0 3.5 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Q1FY08 Q3FY08 Q1FY09 Q3FY09 Q1FY10 Q3FY10 Q1FY11 Q3FY11 Q1FY12 Q3FY12 Q1FY13 Q3FY13 Q1FY14 Q3FY14 Q1FY15 Q3FY15 Q1FY16 Q3FY16 Q1FY17 Q3FY17 Q1FY18 Q3FY18 Q1FY19 Q3FY19 Q1FY20 Q3FY20 Q1FY21 Q3FY21 Q1FY22 Q3FY22 Q1FY23 Q3FY23 Plant FeedFeed Head Grade Source: company EBITDA was down 51% on the quarter to $9.8m, but this was largely driven by the fall in the 21% fall in the gross basket price. We remain bullish on the rhodium and palladium price outlook (Commodity priceDECK - Changing tack, 28-Mar-23). Their spot prices have reported a recovery bounce recently, after Q1 falls. Figure 3: Sylvania basket price versus all in costs and share price (LHS) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 20 40 60 80 100 120 140 160 Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23 Sylvania share price (p)PGM Basket (RHS, R/oz) Sylvania all-in cash costs (R/oz) Source: company, Bloomberg Exploration work on Northern Limb remains ongoing. We expect to have an updated MRE for the Volspruit project in Q1FY24.
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Posted at 28/2/2023 08:00 by johnrxx99
From Sharescope Weekly Commentary from Bruce Packard

Sylvania 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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Posted at 22/2/2023 10:33 by sheffield owls
Share buy backs can be good or bad it all depends on the price paid for the shares. The price paid for the shares purchased last spring was around 85 pence a share. I followed closely the price paid for the shares each day as I was also in the market for more shares at that time and it was noticeable that on the few days where the price of the shares were over 90 pence the company did not purchase any shares. Taking into account the current share price and the saving in recent and future dividend payments the shareholders have had a good deal re those buy backs.

However if share buy backs were made in order to boost the share price and if a higher share price increased the bonus payments for directors and that was the aim of the buy backs it would be a very bad situation for shareholders.
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Posted at 05/1/2023 13:45 by clive7878
A list of dividend data paid in on Advfn.com - within the financials tab - per stock,
although they don't give the divi's due to be paid - only after they have been paid.
But it is useful to a degree. Especially when dividends in the past have been a bit patchy.

Take DEC along with others they are paying over a 12% divi - quarterly - but the share price has of late has wiped this out due to share price falling. But then it is share price rise that is more important than any dividend sometimes.
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