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Northam Platinum (NPH) ZAR

Northam Platinum is an independent integrated producer of platinum group metals, operating the Zondereinde, Booysendal and Eland mines in South Africa.

At a glance: strengths & risks
✓Revenue growing (+64%)✓Profit growing (+833%)✓Margins improving (16%→25%)✓Net cash balance sheet

Sector: PGM mining

ZA_NPH

Price chart

249.71 ZARDay 0.69%

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
249.71 ZAR · 0.69%
Market cap
98.3 bn ZAR

Growth

Δ revenue y/y
67.4%
Δ EBITDA y/y
184.4%

Multiples

P/E (LTM)
7.1x
P/B (FY)
2.3x
P/E (ann.)
8.2x
EV/EBITDA (LTM)
6.1x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
7.0%
FCF yield (LTM)
6.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-67.4%
↓ details

Liquidity

Daily turnover (listing)
386.5 mln ZAR

Shares: yahoo_fundamentals_timeseries/NPH.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 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)OK30.7
y/y 67.4%
8.3
y/y 235.3%
0.9
y/y 15.2%
9.2
y/y 183.3%
6.0
y/y 379.2%
11.9-3.171.1
y/y 22.3%
42.5
y/y 32.2%
34.0%-2.4Yahoo Finance
2025-12-31H1 2026 (6M)OK23.3
y/y 60.0%
5.8
y/y 461.6%
0.8
y/y 12.2%
6.6
y/y 274.8%
7.9
y/y 3192.6%
6.6-2.767.4
y/y 27.1%
39.3
y/y 28.9%
44.2%1.2stockanalysis.com
2025-06-30H2 2025 (6M)OK18.4
y/y 16.5%
2.5
y/y 1.9%
0.8
y/y 1.9%
3.2
y/y 1.9%
1.2
y/y -1.3%
4.3-2.558.1
y/y 7.5%
32.1
y/y 5.5%
4.8%5.4Yahoo Finance
2024-12-31H1 2025 (6M)OK14.5
y/y -3.1%
1.0
y/y -56.5%
0.7
y/y 10.9%
1.8
y/y -41.8%
0.2
y/y -55.0%
0.4-2.453.0
y/y -5.9%
30.4
y/y 0.0%
1.6%2.3stockanalysis.com
2024-06-30H2 2024 (6M)OK15.8
y/y —
2.4
y/y —
0.7
y/y —
3.2
y/y —
1.3
y/y —
2.8-2.254.0
y/y -10.4%
30.5
y/y -3.1%
5.9%3.4Yahoo Finance
2023-12-31H1 2024 (6M)OK15.0
y/y —
2.4
y/y —
0.7
y/y —
3.0
y/y —
0.5
y/y —
0.7-2.456.4
y/y —
30.4
y/y —
3.4%-1.7stockanalysis.com
2023-06-30FY 2023 (12M)OK39.5
y/y —
15.5
y/y —
1.1
y/y —
16.6
y/y —
2.6
y/y —
14.0-5.560.3
y/y —
31.5
y/y —
—9.7Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

010 00020 00030 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-100%0%100%200%300%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (ZAR mln)

-10 000-5 00005 00010 00015 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (ZAR mln)

-2 50002 5005 0007 50010 0002023 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 1.97x of reported net profit; after capex, 0.69x.
year20222023202420252026
cash flow / profit1.16x5.48x1.97x3.18x1.33x
accruals, % of assets-2.7%-19.0%-3.2%-5.6%-6.5%
Last twelve months (to 2026-06-30): 1.33x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · capex 3.8x 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 →

Key-commodity price — Platinum

Current 1 661spot vs LTM -10%

Commodity-player potential

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

Upside: -67.4%

Main driver: Platinum -8% vs LTM; revenue ×0.90 vs costs ×1.04; EBITDA 13 248→2 455; at 12.0× EV/EBITDA → -67%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Platinum (rev)+45%1 661.201 798.501 363.08-8%-10%-24%
Palladium (rev)+30%1 127.001 455.071 212.66-23%-24%-17%
Rhodium (rev)+25%9 350.008 672.476 669.99+8%+5%-23%

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

1 · Reported baseline (LTM)
LTM revenue53 999
LTM EBITDA13 248
LTM cash costs (revenue − EBITDA)40 750
2 · Revenue projection
Revenue multiplier — spot×0.896 (-10%)
= Spot revenue48 372
Revenue multiplier — 3y price×0.765 (-24%)
= 3-year-price revenue41 298
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs42 380
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs42 380
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 992
= 3-year-price EBITDA-1 082
Conservative EBITDA = min(spot, avg)2 455
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA29 461
Net debt-2 415
Target market cap = EV − net debt31 876
Current market cap97 644

Upside = target market cap ÷ current − 1 = -67.4%

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 FY39 54829 009+36.3%19 32310 189+89.6%
2024 FY30 76628 300+8.7%6 2647 263-13.8%
2025 FY32 90131 726+3.7%5 1346 244-17.8%
2026 FY53 99955 584-2.9%13 24826 706-50.4%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +64% vs +7% the year before — a +57.2 pp move. 3-year CAGR +11%.
revenue growth by year: 2024 -22% · 2025 +7% · 2026 +64%
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 16.6x · target 75th pct (3y) 20.4x · LTM avg 12.0x

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 Africa4.42.2x
African Rainbow MineralsSouth Africa1.82.5x
Sibanye-StillwaterSouth Africa7.03.2x
Impala PlatinumSouth Africa10.23.3x
Harmony GoldSouth Africa10.43.6x
Gold FieldsSouth Africa32.24.5x
Valterra PlatinumSouth Africa20.15.0x
SappiSouth Africa0.55.1x
AngloGold AshantiSouth Africa46.36.0x
Anglo AmericanSouth Africa58.410.6x
Group median4.1x
Group average4.6x
This companySouth Africa6.06.1x

Group median 4.1x; this company 6.1x — a 50% premium.

Group average 4.6x; against the average this company is at a 32% premium.

At the adjusted group median the market cap would be -32% 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 22.2x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-14; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-161 000 ZAREx-dividend: 1 000 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-18700 ZAREx-dividend: 700 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-17200 ZAREx-dividend: 200 ZAR per sharePaidYahoo Finance (ex-div)
2025-03-1815 ZAREx-dividend: 15 ZAR per sharePaidYahoo Finance (ex-div)
2024-09-1870 ZAREx-dividend: 70 ZAR per sharePaidYahoo Finance (ex-div)
2024-03-19100 ZAREx-dividend: 100 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-13600 ZAREx-dividend: 600 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).

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 Northam Platinum (NPH) — from primary filings.

Frequently asked questions

What is Northam Platinum (NPH)'s P/E ratio?
Northam Platinum (NPH) trades at a P/E of 7.1x (price to trailing 12-month earnings).
What is Northam Platinum (NPH)'s EV/EBITDA?
Northam Platinum (NPH) trades at 6.1x EV/EBITDA.
What is Northam Platinum (NPH)'s P/B ratio?
Northam Platinum (NPH) trades at a P/B of 2.3x.
What is Northam Platinum (NPH)'s dividend yield?
Northam Platinum (NPH)'s trailing 12-month dividend yield is 7.0%.
What is Northam Platinum (NPH)'s return on equity (ROE)?
Northam Platinum (NPH)'s ROE is 28.2%.
What is Northam Platinum (NPH)'s market capitalization?
Northam Platinum (NPH)'s market cap is 98.3 bn ZAR.

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