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Sibanye-Stillwater (SSW) ZAR

At a glance: strengths & risks
✓Revenue growing (+16%)✓Margins improving (11%→27%)✓Low leverage (0.8x EBITDA)✓Commodity price +34% vs 1-yr · -5% vs 3-yr✗Loss-making last FY

Sector: Gold & PGM mining

ZA_SSW

Price chart

50.16 ZARDay 7.20%

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
50.16 ZAR · 7.20%
Market cap
142.0 bn ZAR

Growth

Δ revenue y/y
31.6%
Δ EBITDA y/y
97.1%

Multiples

P/E (LTM)
—
P/B (FY)
3.6x
P/E (ann.)
<0
EV/EBITDA (LTM)
4.9x
EV/EBITDA (ann.)
2.8x

Cash return

Dividend yield
2.6%
FCF yield (LTM)
-7.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-5.5%
↓ details

Liquidity

Daily turnover (listing)
1.7 bln ZAR

Shares: yahoo_fundamentals_timeseries/SSW.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
2025-12-31H2 2025 (6M)OK74.9
y/y 31.6%
25.2
y/y 135.1%
5.1
y/y 10.1%
30.3
y/y 97.1%
-1.6
y/y -4257.9%
8.1-10.8149.7
y/y 8.4%
39.5
y/y -10.1%
-12.3%26.1Link
2025-06-30H1 2025 (6M)OK54.8
y/y -0.8%
-0.1
y/y —
4.2
y/y 2.0%
4.1
y/y —
-3.6
y/y —
13.3-9.5144.7
y/y 7.3%
44.3
y/y -4.7%
-16.3%21.4Link
2024-12-31H2 2024 (6M)OK56.9
y/y 7.2%
10.7
y/y 3497.1%
4.7
y/y -11.5%
15.4
y/y 209.6%
0.0
y/y 100.1%
6.3-10.4138.1
y/y -3.4%
44.0
y/y -9.7%
-16.1%25.6Link
2024-06-30H1 2024 (6M)OK55.2
y/y -8.9%
-7.0
y/y -180.3%
4.1
y/y -12.6%
-2.9
y/y -121.4%
-7.3
y/y -198.8%
3.8-11.1134.9
y/y -25.2%
46.5
y/y -53.5%
-30.8%21.8Link
2023-12-31H2 2023 (6M)OK53.1
y/y —
-0.3
y/y —
5.3
y/y —
5.0
y/y —
-45.2
y/y —
-1.4-11.6142.9
y/y —
48.7
y/y —
-50.7%14.9Link
2023-06-30H1 2023 (6M)OK60.6
y/y —
8.7
y/y —
4.7
y/y —
13.5
y/y —
7.4
y/y —
8.5-10.9180.4
y/y —
100.2
y/y —
—3.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-20 000020 00040 00060 00080 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

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

Cash flow

FCF (ZAR mln)

-15 000-10 000-5 00005 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (ZAR mln)

010 00020 00030 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is broadly cash-backed
In a typical year of 2022–2025 operating cash flow came to 0.84x of reported net profit; after capex, -0.02x. Loss years (2023, 2024, 2025) are left out of the ratio.
year2022202320242025
cash flow / profit0.84x———
accruals, % of assets1.7%-31.4%-12.6%-17.8%
net debt / EBITDA 0.8x · capex 2.3x 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.

Production & Reserves

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

PGM (SA 4E + US 2E) + gold — diversified precious metals

Proved reserves
48.80 Moz
2025
Reserve life (R/P)
24.3 yrs
reserves ÷ annual output
Annual production
2.01 Moz
2025
Production guidance
2 Moz

Production, Moz

2.1020232.1720242.012025

Proved reserves

YearReserves, Moz
202548.80
202447.10

Production

YearProduction, Mozper day, Moz
20252.01
−7.2%		0.01
20242.17
+3.1%		0.01
20232.100.01

Sibanye-Stillwater FY2025 results 6-K (SEC CIK 1786909, acc. 0001628280-26-010005) + MRMR declaration as at 31 Dec 2025 (17 Feb 2026). FY2025 production: SA PGM 1,724,778 4Eoz + US 284,069 2Eoz mined = 2.009 Moz PGM; gold 632,341 oz. Reserves = attributable Mineral Reserves 31 Dec 2025: SA 4E 29.4 Moz (+4.7%) + US 2E 19.4 Moz (+2.1%) = 48.8 Moz PGM (gold reserves 6.7 Moz separate); 2024 comparable 47.1 Moz derived from stated YoY changes (prior 90 Moz entry was a resources-basis overestimate, corrected). LoM = 48.8/2.009 = 24.3y. FY2026 guidance: SA 4E 1.65-1.75 Moz (incl PoC + 50% Mimosa) + US 2E 280-300 koz => ~2.0 Moz; gold excl DRDGOLD 440-473 koz. Interim: Q1-2026 6-K — SA 4E +2% YoY, US 2E 68,386 oz (-5% YoY).

Key-commodity price — Gold

Current 4 608spot vs LTM +18%

Commodity-player potential

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

Upside: -5.5%

Main driver: Gold +34% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 34 426→35 404; at 4.5× EV/EBITDA → -5%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Gold (rev)+42%4 608.193 443.923 255.54+34%+20%-5%
Palladium (rev)+24%1 350.501 174.671 209.56+15%+3%+3%
Platinum (rev)+22%1 895.701 301.451 319.93+46%+31%+1%
Rhodium (rev)+10%8 800.006 280.756 415.16+40%+26%+2%

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

1 · Reported baseline (LTM)
LTM revenue129 677
LTM EBITDA34 426
LTM cash costs (revenue − EBITDA)95 251
2 · Revenue projection
Revenue multiplier — spot×1.184 (+18%)
= Spot revenue153 598
Revenue multiplier — 3y price×0.889 (-11%)
= 3-year-price revenue115 331
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs99 061
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs99 061
4 · EBITDA projection (revenue − costs)
= Spot EBITDA54 537
= 3-year-price EBITDA16 270
Conservative EBITDA = min(spot, avg)35 404
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.5x
Target EV = EV/EBITDA × conservative EBITDA160 264
Net debt26 079
Target market cap = EV − net debt134 185
Current market cap141 981

Upside = target market cap ÷ current − 1 = -5.5%

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 H160 56864 740-6.4%13 47012 646+6.5%
2023 H253 11656 278-5.6%4 9665 085-2.3%
2024 H155 20454 318+1.6%-2 8835 264-154.8%
2024 H256 92559 124-3.7%15 3774 405+249.1%
2025 H154 76764 255-14.8%4 12212 947-68.2%
2025 H274 91078 774-4.9%30 30431 293-3.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +16% vs -1% the year before — a +17.0 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 -18% · 2024 -1% · 2025 +16%
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 2.9x · target 75th pct (3y) 14.2x · LTM avg 7.7x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-18131 ZAREx-dividend: 131 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-2053 ZAREx-dividend: 53 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-22122 ZAREx-dividend: 122 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-14138 ZAREx-dividend: 138 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-23187 ZAREx-dividend: 187 ZAR per sharePaidYahoo Finance (ex-div)
2021-09-15292 ZAREx-dividend: 292 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.sibanyestillwater.com/investors/

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 Sibanye-Stillwater (SSW) — from primary filings.

Sibanye-Stillwater is a precious metals mining company that extracts and processes platinum group metals, gold, and other base metals from operations in South Africa, the United States, Europe, and Australia.

Frequently asked questions

What is Sibanye-Stillwater (SSW)'s EV/EBITDA?
Sibanye-Stillwater (SSW) trades at 4.9x EV/EBITDA.
What is Sibanye-Stillwater (SSW)'s P/B ratio?
Sibanye-Stillwater (SSW) trades at a P/B of 3.6x.
What is Sibanye-Stillwater (SSW)'s dividend yield?
Sibanye-Stillwater (SSW)'s trailing 12-month dividend yield is 2.6%.
What is Sibanye-Stillwater (SSW)'s return on equity (ROE)?
Sibanye-Stillwater (SSW)'s ROE is -8.0%.
What is Sibanye-Stillwater (SSW)'s market capitalization?
Sibanye-Stillwater (SSW)'s market cap is 142.0 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map