Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable. Operating costs increased by 5.6%, in line with expectations. FY24 production guidance is for 75,000-76,000oz, despite the challenges in Q324. Our PGM outlook is unchanged from our moderated forecasts earlier in the year. We have cut our FY24 EPS forecast by 2.2% from 7.4p to 7.2p on the Q324 miss, but have lifted our FY25 and FY26 forecasts slightly on the back a share buyback programme reducing the number of shares in issue. The company announced a special dividend of 1p/share following the sale of its Grasvally Chrome Mine for US$6.2m. We have lifted our valuation slightly to 120.0p/share due to a slightly weaker sterling and lower number of shares in issue, but have made no change to the carrying value of the exploration assets.Den vollständigen Artikel lesen ...