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Anglo American Platinum Limited (ANGPY)
OTHER OTC:ANGPY
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Anglo American Platinum
(OTC:ANGPY)
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Rating:68Neutral
Price Target:
$20.00
▲(27.88% Upside)
The score is driven primarily by solid financial stability (strong balance sheet) and improving operating performance/cost actions highlighted on the earnings call. These positives are tempered by weak revenue and margin trends, a stretched valuation (very high P/E), and overbought technical signals that increase near-term risk.
Positive Factors
Robust balance sheet with low leverage
A strong equity base and low debt provide durable financial flexibility, supporting capital allocation, project funding and dividend policy through commodity cycles. This reduces refinancing risk and enables the business to absorb production shocks without immediate liquidity stress.
Solid operating cash generation
Consistent operating cash flows indicate the core mining operations generate real cash, underpinning reinvestment and shareholder returns. Even with FCF volatility, recent recovery improves funding capacity for capex, dividends and debt reduction over the medium term.
Delivered meaningful cost savings
A program delivering multi-billion ZAR savings is structural: sustained cost reduction improves margin resilience against PGM price swings and volume dips. Meeting targets enhances operational efficiency, increasing cash flow leverage and competitiveness over the coming 2-6 months.
Negative Factors
Declining revenues and compressed EBITDA
Material declines in sales volumes and revenue materially reduce earnings power and strain margins. If volumes remain weak or recover slowly, profitability and cash generation will be impaired, limiting reinvestment and shareholder distributions over the medium term.
Operational disruptions and safety incidents
Fatalities and flooding are structural operational risks that can reduce output, raise unit costs and delay projects. Recurring safety or environmental incidents increase regulatory scrutiny and remediation costs, threaten workforce stability and undermine medium-term production guidance.
Volatile free cash flow and high capex
High and lumpy capex combined with volatile FCF constrains financial flexibility, making sustained dividends or opportunistic investments harder if metal prices or volumes fall. Continued FCF variability raises execution and funding risk for development projects.
Anglo American Platinum (ANGPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.28B
Dividend Yield3.99%
Average Volume (3M)27.86K
Price to Earnings (P/E)395.1
Beta (1Y)0.58
Revenue Growth-8.76%
EPS Growth-88.22%
CountryUS
Employees20,158
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.21
Shares Outstanding1,591,721,400
10 Day Avg. Volume25,413
30 Day Avg. Volume27,860
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)1.49
Price to Sales (P/S)1.39
P/FCF Ratio19.26
Enterprise Value/Market Cap7.30
Enterprise Value/Revenue2.16
Enterprise Value/Gross Profit17.84
Enterprise Value/Ebitda18.56
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Anglo American Platinum Business Overview & Revenue Model
Company DescriptionValterra Platinum Ltd. is a holding company, which engages in the supply of platinum group metals. The firm specializes in mined, recycled, and traded metal which include palladium, platinum, rhodium, ruthenium, iridium, and osmium. The company was founded on July 13, 1946 and is headquartered in Johannesburg, South Africa.
How the Company Makes MoneyAnglo American Platinum generates revenue primarily through the sale of platinum group metals (PGMs). The company's revenue model is largely driven by the production and sale of platinum, palladium, and rhodium, which are essential components in catalytic converters for vehicles, as well as in various industrial applications and jewelry. The company benefits from fluctuating market prices for these metals, which can significantly impact earnings. Additionally, Anglo American Platinum engages in various long-term supply agreements and partnerships with automotive manufacturers and industrial clients, ensuring stable demand for its products. The firm also explores opportunities in recycling and secondary production of PGMs, which contribute to its revenue streams. Factors such as global economic conditions, automotive industry trends, and technological advancements in metal usage further influence its profitability.
Anglo American Platinum Earnings Call Summary
Earnings Call Date:Jul 28, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 25, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a mix of both positive developments and challenges. While the company reported significant progress in strategic objectives, cost savings, and price recovery, it faced operational challenges due to fatalities and flooding, impacting production and financial performance. The strong balance sheet and dividend declaration were positive aspects, but the decline in revenue and increased costs were notable concerns.Q2-2025 Updates
Positive Updates
Safety Milestones Achieved
Achieved 13 years fatality-free at Mogalakwena and Mototolo mines, 9 years fatality-free at Amandelbult's Tumela mine, and more than 2.5 years lost time injury-free at the Polokwane smelter. Improved total recordable injury frequency rate by 12% to 1.46.
Successful Demerger and Strategic Progress
Completed the demerger from Anglo American Group, secondary listing on the London Stock Exchange, and established a new brand identity. Concluded the recomposition of the Board and transitioned majority of services internally.
Cost Savings and Operational Efficiency
Delivered ZAR 2.1 billion in cost savings in H1 2025 and on track to meet ZAR 4 billion full-year guidance. Operational excellence initiatives led to improved productivity and concentrator recoveries.
PGM Price Recovery
Realized market price increased by 5% in H1 2025, with prices up about 20% since July.
Strong Balance Sheet and Dividend
Maintained a strong balance sheet with approximately ZAR 5 billion of net debt and declared an interim dividend of ZAR 2 per share or ZAR 0.5 billion.
Sandsloot Underground Project Progress
Completed pre-feasibility study confirming key parameters with reef grade of 4 to 6 grams per tonne. Feasibility study targeted for completion in H1 2027.
Negative Updates
Fatalities at Operations
Experienced fatalities at Unki and Dishaba section of Amandelbult's mine in April and July respectively.
Flooding Impact at Amandelbult
Severe flooding in February led to significantly lower production in H1 2025. Tumela Lower, which accounts for about 50% of Amandelbult's production, faced delays.
Decline in Revenue and EBITDA
Revenue down 19% due to a 25% decline in PGM sales volumes. EBITDA was 46% lower at ZAR 6.6 billion, impacted by the flooding and demerger-related costs.
Increase in Cash Operating Costs
Cash operating unit cost guidance increased to between ZAR 19,000 and ZAR 19,500 per PGM ounce due to Amandelbult flooding.
Company Guidance
In the interim 2025 results call for Valterra Platinum, several key metrics were highlighted by the CEO, Craig Miller, and CFO, Sayurie Naidoo, reflecting the company's financial and operational performance. The company achieved revenue of ZAR 42 billion, despite a 25% decline in PGM sales volumes, with an EBITDA of ZAR 7 billion and a solid EBITDA margin of 22%. Valterra Platinum managed to deliver ZAR 2.1 billion in cost savings in H1 and is on track to meet its full-year guidance of ZAR 4 billion. The company declared an interim dividend of ZAR 2 per share, equivalent to a payout of 40% of headline earnings. Operationally, they produced just under 1.5 million ounces of PGMs in metal concentrate and approximately 1.4 million ounces in refined production. The company maintained a strong balance sheet, ending the period with approximately ZAR 5 billion in net debt. Despite challenges like the Amandelbult flooding, the company revised its full-year cash operating unit cost guidance to between ZAR 19,000 and ZAR 19,500 per PGM ounce. The pre-feasibility study for Sandsloot underground was completed, and the company reduced its 2025 capital expenditure guidance to between ZAR 17 billion and ZAR 17.5 billion.Anglo American Platinum Financial Statement Overview
Summary
Anglo American Platinum exhibits a mixed financial performance with strong operational efficiency and a robust balance sheet. However, declining revenues and profit margins present challenges. The cash flow situation is improving but remains somewhat volatile.Income Statement
Anglo American Platinum's income statement reveals a challenging period with declining revenues over recent years. Gross profit margins have compressed, reflecting increased cost pressures. Net income has also fallen, impacting net profit margins negatively. However, the company maintains a strong EBITDA margin, indicating operational efficiency despite declining revenues.75
Positive
Balance Sheet
The balance sheet is robust with a healthy equity base and low debt levels, as evidenced by a favorable debt-to-equity ratio. Stockholders' equity constitutes a significant portion of total assets, highlighting financial stability. However, the declining trend in total assets over recent years could be a concern if it continues.82
Very Positive
Cash Flow
Cash flow analysis shows variability, with free cash flow turning negative in recent years but recovering recently. The company has strong operating cash flows, although capital expenditures have been high. The operating cash flow to net income ratio indicates solid cash conversion, but the volatility in free cash flow growth is a risk factor.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 99.11B | 108.99B | 124.58B | 164.09B | 214.57B | 137.79B |
| Gross Profit | 11.98B | 18.22B | 21.01B | 70.51B | 105.11B | 39.72B |
| EBITDA | 11.51B | 18.60B | 24.87B | 73.17B | 113.41B | 42.46B |
| Net Income | 1.32B | 7.06B | 13.04B | 49.15B | 78.98B | 30.34B |
Balance Sheet | ||||||
| Total Assets | 163.10B | 170.94B | 169.22B | 176.91B | 180.15B | 144.38B |
| Cash, Cash Equivalents and Short-Term Investments | 10.44B | 24.48B | 24.68B | 31.64B | 56.77B | 25.03B |
| Total Debt | 16.36B | 8.66B | 7.63B | 458.00M | 612.00M | 843.00M |
| Total Liabilities | 77.43B | 68.83B | 69.18B | 79.95B | 77.80B | 65.84B |
| Stockholders Equity | 85.25B | 101.74B | 99.61B | 96.78B | 102.21B | 78.35B |
Cash Flow | ||||||
| Free Cash Flow | 560.00M | 7.86B | -4.34B | 28.46B | 82.86B | 13.73B |
| Operating Cash Flow | 18.90B | 26.83B | 16.55B | 45.36B | 96.49B | 23.20B |
| Investing Cash Flow | -16.82B | -17.61B | -16.30B | -10.96B | -9.84B | -5.58B |
| Financing Cash Flow | -16.75B | -8.33B | -7.75B | -57.52B | -57.81B | -14.95B |
Anglo American Platinum Technical Analysis
Positive
15.64
Price Trends
13.72
Positive
12.15
Positive
9.65
Positive
Market Momentum
1.20
Negative
72.41
Negative
94.61
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANGPY, the sentiment is Positive. The current price of 15.64 is below the 20-day moving average (MA) of 15.90, above the 50-day MA of 13.72, and above the 200-day MA of 9.65, indicating a bullish trend. The MACD of 1.20 indicates Negative momentum. The RSI at 72.41 is Negative, neither overbought nor oversold. The STOCH value of 94.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANGPY.
Anglo American Platinum Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $14.96B | 18.97 | 32.05% | 0.87% | 29.08% | 72.12% | |
75 Outperform | $18.97B | 93.25 | 8.88% | 0.07% | 45.61% | ― | |
71 Outperform | $10.01B | 22.37 | 12.35% | 1.45% | 27.42% | 20.63% | |
68 Neutral | $29.28B | 395.12 | 1.40% | 3.99% | -8.76% | -88.22% | |
65 Neutral | $9.03B | 7.38 | 10.00% | 3.70% | 3.82% | 239.39% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | $13.99B | -77.36 | -8.31% | ― | 6.27% | 93.14% |
* Basic Materials Sector Average
ANGPY
Anglo American Platinum
18.25
13.01
248.23%
BVN
Compania de Minas Buenaventura SAA
39.01
26.54
212.73%
HMY
Harmony Gold Mining
26.04
14.80
131.71%
HL
Hecla Mining Company
27.19
21.42
371.23%
MOS
Mosaic Co
28.14
0.44
1.57%
SBSW
Sibanye Stillwater
21.12
17.31
454.33%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.