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Impala Platinum USD

At a glance: strengths & risks
✓Net cash balance sheet✓Commodity price +45% vs 1-yr · +1% vs 3-yr✗Priced above model value

Sector: PGM mining

ZA_IMP

Price chart

237 ZARDay 3.62%

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
237 ZAR · 3.62%
Market cap
13.3 bn USD

Growth

Δ revenue y/y
48.0%
Δ EBITDA y/y
235.9%

Multiples

P/E (LTM)
28.7x
P/B (FY)
2.6x
P/E (ann.)
12.7x
EV/EBITDA (LTM)
0.4x
EV/EBITDA (ann.)
0.2x

Cash return

Dividend yield
2.4%
FCF yield (LTM)
-46.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-49.1%
↓ details

Liquidity

Daily turnover (listing)
1.7 bln ZAR

Shares: yahoo_fundamentals_timeseries/IMP.JO

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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2025-12-31H1 2026 (6M)OK3.4
y/y 48.0%
0.7
y/y 592.4%
0.3
y/y 33.7%
1.0
y/y 235.9%
0.5
y/y 413.9%
0.5-2.98.6
y/y 19.7%
6.2
y/y 16.6%
18.5%-12.8Link
2025-06-30H2 2025 (6M)OK2.3
y/y 3.3%
0.0
y/y 57.0%
0.2
y/y 5.1%
0.3
y/y 8.3%
-0.1
y/y 94.1%
0.2-3.07.6
y/y 4.7%
5.1
y/y 2.6%
0.8%-8.5Link
2024-12-31H1 2025 (6M)OK2.3
y/y -3.2%
0.1
y/y -39.1%
0.2
y/y -18.1%
0.3
y/y -27.2%
0.1
y/y 15.1%
0.2-3.87.2
y/y -13.2%
5.3
y/y -14.4%
4.0%-7.4Link
2024-06-30H2 2024 (6M)OK2.3
y/y —
0.0
y/y —
0.2
y/y —
0.2
y/y —
-1.0
y/y —
0.3-7.27.3
y/y -18.4%
5.0
y/y -17.2%
-16.7%-7.1Link
2023-12-31H1 2024 (6M)OK2.4
y/y —
0.2
y/y —
0.2
y/y —
0.4
y/y —
0.1
y/y —
0.1-6.88.3
y/y —
6.2
y/y —
2.9%-7.1Link
2023-06-30FY 2023 (12M)OK5.9
y/y —
1.2
y/y —
0.4
y/y —
1.7
y/y —
0.3
y/y —
1.3-12.78.9
y/y —
6.1
y/y —
—-25.3Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

01 0002 0003 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-80%-60%-40%-20%0%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (ZAR mln)

-400-20002004006002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (ZAR mln)

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

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 4.80x of reported net profit; after capex, 0.81x. Loss years (2024) are left out of the ratio.
year2022202320242025
cash flow / profit1.09x4.80x—9.68x
accruals, % of assets-1.8%-11.0%-18.2%-4.9%
Last twelve months (to 2025-12-31): 1.65x of profit came back as operating cash flow.
net debt / EBITDA -0.8x · capex 1.4x 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.

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 888spot vs LTM +18%

Commodity-player potential

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

Upside: -49.1%

Main driver: Platinum +45% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 22 468→24 580; at 4.0× EV/EBITDA → -49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Platinum (rev)+35%1 887.701 301.451 319.02+45%+30%+1%
Palladium (rev)+30%1 353.501 174.671 209.44+15%+3%+3%
Rhodium (rev)+25%8 800.006 280.756 410.77+40%+26%+2%

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

1 · Reported baseline (LTM)
LTM revenue103 952
LTM EBITDA22 468
LTM cash costs (revenue − EBITDA)81 484
2 · Revenue projection
Revenue multiplier — spot×1.179 (+18%)
= Spot revenue122 600
Revenue multiplier — 3y price×0.924 (-8%)
= 3-year-price revenue96 047
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs84 743
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs84 743
4 · EBITDA projection (revenue − costs)
= Spot EBITDA37 857
= 3-year-price EBITDA11 304
Conservative EBITDA = min(spot, avg)24 580
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.0x
Target EV = EV/EBITDA × conservative EBITDA97 802
Net debt-12 808
Target market cap = EV − net debt110 610
Current market cap217 135

Upside = target market cap ÷ current − 1 = -49.1%

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%29 86831 488-5.1%
2024 FY86 39876 631+12.7%11 923-3 173—
2025 FY85 45988 524-3.5%10 10111 070-8.8%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -1% vs -19% the year before — a +17.9 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -10% · 2024 -19% · 2025 -1%
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 5.0x · target 75th pct (3y) 15.2x · LTM avg 11.4x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-09-211 200 ZAREx-dividend: 1 200 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.

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

Frequently asked questions

What is Impala Platinum's P/E ratio?
Impala Platinum trades at a P/E of 28.7x (price to trailing 12-month earnings).
What is Impala Platinum's EV/EBITDA?
Impala Platinum trades at 0.4x EV/EBITDA.
What is Impala Platinum's P/B ratio?
Impala Platinum trades at a P/B of 2.6x.
What is Impala Platinum's dividend yield?
Impala Platinum's trailing 12-month dividend yield is 2.4%.
What is Impala Platinum's return on equity (ROE)?
Impala Platinum's ROE is 18.5%.
What is Impala Platinum's market capitalization?
Impala Platinum's market cap is 13.3 bn USD.

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