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Impala Platinum ZAR

Impala Platinum mines, concentrates, refines, and sells platinum group metals and associated base metals, with operations in South Africa, Zimbabwe, and Canada.

At a glance: strengths & risks
✓Revenue growing (+58%)✓Profit growing (+3979%)✓Margins improving (12%→26%)✓Net cash balance sheet✗Priced above model value

Sector: PGM mining

ZA_IMP

Price chart

190.62 ZARDay -1.29%

Key metrics

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.

Market

Price
190.62 ZAR · -1.29%
Market cap
171.1 bn ZAR

Growth

Δ revenue y/y
72.2%
Δ EBITDA y/y
458.9%

Multiples

P/E (LTM)
5.5x
P/B (FY)
1.4x
P/E (ann.)
3.9x
EV/EBITDA (LTM)
3.4x
EV/EBITDA (ann.)
2.9x

Cash return

Dividend yield
9.7%
FCF yield (LTM)
8.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-23.3%
↓ details

Liquidity

Daily turnover (listing)
54 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, 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.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-06-30H2 2026 (6M)OK74.4
y/y 72.2%
21.5
y/y 5134.4%
4.4
y/y 4.8%
25.9
y/y 458.9%
21.7
y/y 2064.1%
16.9-4.0164.7
y/y 21.2%
120.1
y/y 31.2%
28.0%-22.3Link
2025-12-31H1 2026 (6M)OK60.8
y/y 43.7%
13.3
y/y 572.3%
4.5
y/y 29.8%
17.8
y/y 226.1%
9.3
y/y 399.0%
9.8-2.9142.7
y/y 4.9%
101.9
y/y 2.1%
19.3%-12.8Link
2025-06-30H2 2025 (6M)OK43.2
y/y 0.5%
0.4
y/y 27.7%
4.2
y/y 2.2%
4.6
y/y 4.0%
-1.1
y/y 94.2%
3.7-3.0135.9
y/y 2.2%
91.6
y/y 0.2%
0.8%-8.5Link
2024-12-31H1 2025 (6M)OK42.3
y/y -2.6%
2.0
y/y -38.8%
3.5
y/y -17.6%
5.5
y/y -26.8%
1.9
y/y 15.7%
3.6-3.8136.0
y/y -11.0%
99.8
y/y -12.2%
3.9%-7.4Link
2024-06-30H2 2024 (6M)OK43.0
y/y —
0.3
y/y —
4.1
y/y —
4.5
y/y —
-18.9
y/y —
5.6-7.2133.0
y/y -21.5%
91.4
y/y -20.4%
-16.9%-7.1Link
2023-12-31H1 2024 (6M)OK43.4
y/y —
3.2
y/y —
4.2
y/y —
7.5
y/y —
1.6
y/y —
1.3-6.8152.7
y/y —
113.6
y/y —
2.8%-7.1Link
2023-06-30FY 2023 (12M)OK106.6
y/y —
22.1
y/y —
7.7
y/y —
29.9
y/y —
4.9
y/y —
23.6-12.7169.4
y/y —
114.8
y/y —
—-25.3Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

020 00040 00060 00080 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-200%0%200%400%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (ZAR mln)

-5 00005 00010 00015 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (ZAR mln)

-30 000-20 000-10 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 2.95x of reported net profit; after capex, 0.74x. Loss years (2024) are left out of the ratio.
year20222023202420252026
cash flow / profit1.09x4.80x—9.68x0.86x
accruals, % of assets-1.8%-11.0%-18.2%-4.9%2.6%
Last twelve months (to 2026-06-30): 0.86x of profit came back as operating cash flow.
net debt / EBITDA -0.6x · capex 1.3x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

PGM (6E: Pt+Pd+Rh+Ru+Ir+Au; gross group; refined FY25 3.37 Moz)

Proved reserves
49.10 Moz
2025
Reserve life (R/P)
13.8 yrs
reserves ÷ annual output
Annual production
3.55 Moz
2025
Production guidance
3.50 Moz

Production, Moz

3.4720233.6520243.552025

Proved reserves

YearReserves, Moz
202549.10
202454.60

Production

YearProduction, Mozper day, Moz
20253.55
−2.8%		0.01
20243.65
+5.2%		0.01
20233.470.01

Impala Platinum (Implats) FY2025 audited results, year ended 30 Jun 2025 (implats.co.za). FY25 gross group 6E 3.553 Moz (FY24 3.654 Moz); attributable reserves 49.1 Moz 6E (54.6 Moz FY24, -5.5 Moz on depletion + Marula Ph-II exclusion); FY26 guidance 3.4-3.6 Moz; R/P = 49.1 / 3.553 ≈ 13.8y.

Key-commodity price — Platinum

Current 1 748spot vs LTM -7%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -23.3%

Main driver: Platinum -3% vs LTM; revenue ×0.93 vs costs ×1.04; EBITDA 35 194→12 893; at 8.6× EV/EBITDA → -23%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Platinum (rev)+35%1 747.501 798.501 356.25-3%-4%-25%
Palladium (rev)+30%1 183.001 455.071 212.80-19%-20%-17%
Rhodium (rev)+25%9 000.008 672.476 628.37+4%+2%-24%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue135 146
LTM EBITDA35 194
LTM cash costs (revenue − EBITDA)99 952
2 · Revenue projection
Revenue multiplier — spot×0.933 (-7%)
= Spot revenue126 075
Revenue multiplier — 3y price×0.796 (-20%)
= 3-year-price revenue107 611
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs103 950
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs103 950
4 · EBITDA projection (revenue − costs)
= Spot EBITDA22 125
= 3-year-price EBITDA3 661
Conservative EBITDA = min(spot, avg)12 893
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct) — capped at 2x current8.6x
Target EV = EV/EBITDA × conservative EBITDA111 161
Net debt-22 298
Target market cap = EV − net debt133 459
Current market cap174 020

Upside = target market cap ÷ current − 1 = -23.3%

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.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY106 594101 146+5.4%40 74026 878+51.6%
2024 FY86 39876 631+12.7%24 1818 135+197.2%
2025 FY85 45988 524-3.5%10 10123 819-57.6%
2026 FY135 146137 589-1.8%35 19459 217-40.6%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +58% vs -1% the year before — a +59.2 pp move. 3-year CAGR +8%.
revenue growth by year: 2024 -19% · 2025 -1% · 2026 +58%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.0x · target 75th pct (3y) 11.5x · LTM avg 8.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: materials (South Africa). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Kumba Iron OreSouth Africa4.32.1x
African Rainbow MineralsSouth Africa1.82.6x
Sibanye-StillwaterSouth Africa7.03.3x
Harmony GoldSouth Africa10.83.8x
Gold FieldsSouth Africa31.64.4x
SappiSouth Africa0.55.1x
Valterra PlatinumSouth Africa20.65.2x
AngloGold AshantiSouth Africa47.96.3x
Northam PlatinumSouth Africa6.06.3x
Anglo AmericanSouth Africa58.510.6x
Group median4.7x
Group average5.0x
This companySouth Africa10.43.4x

Group median 4.7x; this company 3.4x — a 28% discount.

Group average 5.0x; against the average this company is at a 31% discount.

At the adjusted group median the market cap would be +34% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-221 445 ZAREx-dividend: 1 445 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-25410 ZAREx-dividend: 410 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-17165 ZAREx-dividend: 165 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-20165 ZAREx-dividend: 165 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-22420 ZAREx-dividend: 420 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-211 050 ZAREx-dividend: 1 050 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-16525 ZAREx-dividend: 525 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.implats.co.za/investor-relations.php

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Impala Platinum — from primary filings.

Frequently asked questions

What is Impala Platinum's P/E ratio?
Impala Platinum trades at a P/E of 5.5x (price to trailing 12-month earnings).
What is Impala Platinum's EV/EBITDA?
Impala Platinum trades at 3.4x EV/EBITDA.
What is Impala Platinum's P/B ratio?
Impala Platinum trades at a P/B of 1.4x.
What is Impala Platinum's dividend yield?
Impala Platinum's trailing 12-month dividend yield is 9.7%.
What is Impala Platinum's return on equity (ROE)?
Impala Platinum's ROE is 36.2%.
What is Impala Platinum's market capitalization?
Impala Platinum's market cap is 171.1 bn ZAR.

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