Frontierby eninvs

Language: EN / RU

← Region

Valterra Platinum ZAR

Valterra Platinum (formerly Anglo American Platinum) is one of the largest global primary producers of platinum group metals, operating the Mogalakwena, Amandelbult and Mototolo mines and smelting/refining complexes in South Africa.

At a glance: strengths & risks
✓Revenue growing (+93% y/y, H1 2026)✓Profit growing (+3594% y/y, H1 2026)✓Margins improving (16%→41%, H1 2026)✓Net cash balance sheet

Sector: PGM mining

ZA_VAL

Price chart

1 213.83 ZARDay -0.72%

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
1 213.83 ZAR · -0.72%
Market cap
320.3 bn ZAR

Growth

Δ revenue y/y
93.2%
Δ EBITDA y/y
390.1%

Multiples

P/E (LTM)
8.8x
P/B (FY)
3.3x
P/E (ann.)
7.4x
EV/EBITDA (LTM)
4.8x
EV/EBITDA (ann.)
4.3x

Cash return

Dividend yield
8.2%
FCF yield (LTM)
8.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-3.2%
↓ details

Liquidity

Daily turnover (listing)
1.1 bln ZAR

Shares: yahoo_fundamentals_timeseries/VAL.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
2026-06-30H1 2026 (6M)OK81.8
y/y 93.2%
30.0
y/y 923.3%
3.8
y/y -4.1%
33.8
y/y 390.1%
21.6
y/y 3593.8%
32.7-7.6186.2
y/y 14.2%
109.0
y/y 27.2%
41.6%-26.1stockanalysis.com
2025-12-31H2 2025 (6M)OK74.0
y/y 30.3%
23.3
y/y 289.3%
4.2
y/y -1.7%
27.6
y/y 167.7%
14.8
y/y 1910.2%
25.8-9.3170.7
y/y -0.2%
98.5
y/y -3.1%
16.7%-12.1Yahoo Finance
2025-06-30H1 2025 (6M)OK42.3
y/y -18.9%
2.9
y/y -71.9%
4.0
y/y 12.3%
6.9
y/y -50.7%
0.6
y/y -90.7%
3.1-8.0163.1
y/y -8.9%
85.7
y/y -17.2%
1.2%1.7stockanalysis.com
2024-12-31H2 2024 (6M)OK56.8
y/y -5.2%
6.0
y/y -33.7%
4.3
y/y 25.4%
10.3
y/y -17.5%
0.7
y/y -86.1%
15.8-10.4170.9
y/y 1.0%
101.7
y/y 2.1%
6.9%-18.5Yahoo Finance
2024-06-30H1 2024 (6M)OK52.2
y/y -19.3%
10.5
y/y 5.4%
3.5
y/y 21.9%
14.0
y/y 9.1%
6.3
y/y -18.3%
11.0-8.6179.0
y/y 1.3%
103.5
y/y 5.5%
12.4%-16.0stockanalysis.com
2023-12-31H2 2023 (6M)OK59.9
y/y —
9.1
y/y —
3.4
y/y —
12.5
y/y —
5.3
y/y —
6.7-12.6169.2
y/y —
99.6
y/y —
13.2%-16.0Yahoo Finance
2023-06-30H1 2023 (6M)OK64.7
y/y —
9.9
y/y —
2.9
y/y —
12.8
y/y —
7.7
y/y —
9.8-8.3176.7
y/y —
98.1
y/y —
—-26.1stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

020 00040 00060 00080 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-200%0%200%400%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (ZAR mln)

-10 000010 00020 00030 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (ZAR mln)

-30 000-20 000-10 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.57x of reported net profit; after capex, 0.66x.
year2022202320242025
cash flow / profit0.92x1.27x3.80x1.87x
accruals, % of assets2.1%-2.1%-11.6%-7.9%
Last twelve months (to 2026-06-30): 1.60x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · capex 2.6x 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: -3.2%

Main driver: Platinum -8% vs LTM; revenue ×0.90 vs costs ×1.04; EBITDA 58 590→28 262; at 10.5× EV/EBITDA → -3%.

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 revenue155 804
LTM EBITDA58 590
LTM cash costs (revenue − EBITDA)97 214
2 · Revenue projection
Revenue multiplier — spot×0.896 (-10%)
= Spot revenue139 570
Revenue multiplier — 3y price×0.765 (-24%)
= 3-year-price revenue119 160
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs101 103
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs101 103
4 · EBITDA projection (revenue − costs)
= Spot EBITDA38 467
= 3-year-price EBITDA18 057
Conservative EBITDA = min(spot, avg)28 262
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct) — capped at 2x current10.5x
Target EV = EV/EBITDA × conservative EBITDA297 578
Net debt-26 146
Target market cap = EV − net debt323 724
Current market cap334 598

Upside = target market cap ÷ current − 1 = -3.2%

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 H164 67769 222-6.6%12 82022 261-42.4%
2023 H259 90651 794+15.7%12 214-385—
2024 H152 21351 751+0.9%13 990482—
2024 H256 77456 233+1.0%10 30211 981-14.0%
2025 H142 33757 801-26.8%6 90214 187-51.3%
2025 H273 99373 768+0.3%24 76131 585-21.6%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +7% vs -13% the year before — a +19.3 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 -24% · 2024 -13% · 2025 +7%
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 12.9x · target 75th pct (3y) 22.6x · LTM avg 11.9x

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
SappiSouth Africa0.55.1x
AngloGold AshantiSouth Africa46.36.0x
Northam PlatinumSouth Africa6.06.1x
Anglo AmericanSouth Africa58.410.6x
Group median4.1x
Group average4.7x
This companySouth Africa20.14.8x

Group median 4.1x; this company 4.8x — a 18% premium.

Group average 4.7x; against the average this company is at a 2% premium.

At the adjusted group median the market cap would be -15% 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
2026-08-195 700 ZAREx-dividend: 5 700 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-254 300 ZAREx-dividend: 4 300 ZAR per sharePaidYahoo Finance (ex-div)
2025-08-20200 ZAREx-dividend: 200 ZAR per sharePaidYahoo Finance (ex-div)
2025-04-236 200 ZAREx-dividend: 6 200 ZAR per sharePaidYahoo Finance (ex-div)
2024-08-21975 ZAREx-dividend: 975 ZAR per sharePaidYahoo Finance (ex-div)
2024-03-26930 ZAREx-dividend: 930 ZAR per sharePaidYahoo Finance (ex-div)
2023-08-231 200 ZAREx-dividend: 1 200 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-293 400 ZAREx-dividend: 3 400 ZAR per sharePaidYahoo Finance (ex-div)
2022-08-108 100 ZAREx-dividend: 8 100 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-0912 500 ZAREx-dividend: 12 500 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 Valterra Platinum — from primary filings.

Frequently asked questions

What is Valterra Platinum's P/E ratio?
Valterra Platinum trades at a P/E of 8.8x (price to trailing 12-month earnings).
What is Valterra Platinum's EV/EBITDA?
Valterra Platinum trades at 4.8x EV/EBITDA.
What is Valterra Platinum's P/B ratio?
Valterra Platinum trades at a P/B of 3.3x.
What is Valterra Platinum's dividend yield?
Valterra Platinum's trailing 12-month dividend yield is 8.2%.
What is Valterra Platinum's return on equity (ROE)?
Valterra Platinum's ROE is 41.6%.
What is Valterra Platinum's market capitalization?
Valterra Platinum's market cap is 320.3 bn ZAR.

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