Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.
Sector: Precious-metals mining
Geography: South Africa, United States
COMM_SBSW
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
| Period | Issues |
|---|---|
| 2023-06-30 H1 | ✗Errors 1Warn 1 |
| 2023-12-31 FY | ⚠Warn 3 |
| 2024-06-30 H1 | ⚠Warn 1 |
| 2024-12-31 FY | ⚠Warn 1 |
| 2025-06-30 H1 | ✗Errors 1Warn 2 |
| 2025-12-31 FY | ✗Errors 1Warn 1 |
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 4190.6 y/y 34.9% | 190.0 y/y 325.7% | 288.0 y/y 13.2% | 478.1 y/y 180.8% | -88.4 y/y -1025.4% | 460.4 | -602.4 | 8376.7 y/y 11.2% | 2211.2 y/y -7.9% | -12.9% | 1458.9 | — |
| 2025-06-30 | H1 2025 (6M) | OK | 3063.8 y/y 1.7% | -5.4 y/y -116.6% | 236.0 y/y 4.3% | 230.6 y/y -10.9% | -200.9 y/y — | 737.2 | -533.6 | 8094.8 y/y 9.9% | 2258.5 y/y -4.7% | -17.2% | 1222.1 | — |
| 2024-12-31 | H2 2024 (6M) | OK | 3106.9 y/y 7.9% | -84.2 y/y 96.6% | 254.5 y/y -11.1% | 170.3 y/y 107.7% | 9.6 y/y 100.4% | 346.3 | -568.8 | 7531.5 y/y -2.8% | 2400.4 y/y -9.1% | -16.7% | 1399.3 | — |
| 2024-06-30 | H1 2024 (6M) | OK | 3013.0 y/y -8.2% | 32.4 y/y -93.2% | 226.3 y/y -11.7% | 258.8 y/y -64.6% | -407.8 y/y -201.3% | 215.2 | -608.4 | 7363.4 y/y -24.7% | 2369.0 y/y -54.9% | -32.6% | 1212.8 | — |
| 2023-12-31 | H2 2023 (6M) | OK | 2879.4 y/y — | -2508.4 y/y — | 286.3 y/y — | -2222.1 y/y — | -2450.0 y/y — | -75.2 | -626.5 | 7748.7 y/y — | 2641.6 y/y — | -51.8% | 806.0 | — |
| 2023-06-30 | H1 2023 (6M) | OK | 3283.4 y/y — | 473.7 y/y — | 256.5 y/y — | 730.2 y/y — | 402.4 y/y — | 459.8 | -588.4 | 9780.7 y/y — | 5257.8 y/y — | — | 205.6 | — |
Physical operating metrics — supplementary, not part of the financial statements
Gold
| Year | Reserves, mln gold oz eq. |
|---|---|
| 2021 | 91.21 |
| Year | Production, mln gold oz eq | per day |
|---|---|---|
| 2025 | 1.61 −16.0% | 4 406 |
| 2024 | 1.91 +2.7% | 5 243 |
| 2023 | 1.86 | 5 104 |
EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 1 680spot vs LTM +5%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -96.0%
Main driver: Platinum +5% vs LTM; revenue ×1.00 vs costs ×1.20; EBITDA 2 307→782; at 2.9× EV/EBITDA → -96%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | vs LTM, ZAR | 3y vs LTM |
|---|---|---|---|---|---|---|---|
| Platinum (rev) | +44% | 1 679.80 | 1 596.26 | 1 269.50 | +5% | -6% | -20% |
| Palladium (rev) | +37% | 1 256.00 | 1 355.17 | 1 208.95 | -7% | -17% | -11% |
| Gold (rev) | +19% | 4 104.52 | 3 939.80 | 3 102.99 | +4% | -7% | -21% |
| Electricity Spot (cost) | -10% | 57.80 | 58.56 | 52.39 | -1% | -11% | -11% |
| US Diesel Index (EIA) (cost) | -5% | 5.21 | 3.75 | 4.06 | +39% | +24% | +8% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 7 253 |
| LTM EBITDA | 2 307 |
| LTM cash costs (revenue − EBITDA) | 4 946 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.004 (+0%) |
| = Spot revenue | 7 285 |
| Revenue multiplier — 3y price | ×0.829 (-17%) |
| = 3-year-price revenue | 6 014 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.199 (+20%) |
| = Spot cash costs | 5 928 |
| Cost multiplier — 3y price | ×1.174 (+17%) |
| = 3-year-price cash costs | 5 807 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 1 357 |
| = 3-year-price EBITDA | 207 |
| Conservative EBITDA = min(spot, avg) | 782 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (3-yr average) | 2.9x |
| Target EV = EV/EBITDA × conservative EBITDA | 2 249 |
| Net debt | 1 338 |
| Target market cap = EV − net debt | 1 039 |
| Current market cap | 25 702 |
Upside = target market cap ÷ current − 1 = -96.0%
Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2023 H1 | 3 283 | 3 960 | -17.1% | 730 | 1 000 | -27.0% |
| 2023 H2 | 2 879 | 3 238 | -11.1% | -2 222 | 304 | -831.1% |
| 2024 H1 | 3 013 | 2 828 | +6.6% | 259 | -1 287 | — |
| 2024 H2 | 3 107 | 3 032 | +2.5% | 170 | -1 401 | — |
| 2025 H1 | 3 064 | 3 318 | -7.7% | 231 | 188 | +22.4% |
| 2025 H2 | 4 191 | 4 488 | -6.6% | 478 | 1 178 | -59.4% |
Projected EV/EBITDA 2.8x · target 3-yr avg 2.9x · LTM avg 2.1x
No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)