Sylvania's Q425 results included a fourth straight quarterly production improvement, a 13.5% increase in the platinum group metals (PGM) basket price and healthy cost control. A strong PGM recovery, driven by improved fundamentals, has resulted in a large upgrade to our forecasts. Our higher PGM expectations and more optimistic production outlook, especially from FY27, have lifted our FY26e EPS by 142% to 22.9 US cents and FY27e EPS by 16.6% to 27.8 US cents. We now forecast dividends of 7p/share for FY26 (up from 3.5p) and 9p/share for FY27. There is also strong potential for windfall dividends from FY27, supported by our forecast recovery in cash balances. Our FY25 forecasts are largely unchanged. We increase our valuation for Sylvania by 66% from 92.1p/share to 152.9p/share.Den vollständigen Artikel lesen ...
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