Sylvania's strong FY25 production and a higher platinum group metals (PGM) basket price resulted in 2.9x higher EPS of 7.7 US cents versus our forecast of 5.1 US cents. Our outlook for the Sylvania Dump Operations (SDO) is largely unchanged, except for a slight (3.3%) increase in cost forecasts due to a weaker dollar. The outlook for the Thaba joint venture (JV) has improved, thanks to attractive chrome prices, despite a slower ramp-up to steady-state production. We reduce our FY26 EPS by 6% to 21.6 US cents to allow for a slower ramp-up and a weaker dollar, with longer-term forecasts benefiting from a higher chrome price forecast. Our valuation is unchanged at 152.9p/share, with a 3.2% lower SDO valuation (weaker dollar) offset by a higher JV valuation (on higher chrome forecasts).Den vollständigen Artikel lesen ...
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