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Impala Platinum Holdings Limited (IMPUY)
OTHER OTC:IMPUY
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Impala Platinum
(OTC:IMPUY)
Rating:55Neutral
Price Target:
$9.50
▲(9.20% Upside)
Impala Platinum (IMPUY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.20B
Dividend YieldN/A
Average Volume (3M)25.59K
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-6.98%
EPS Growth-109.86%
CountryUS
Employees39,834
SectorBasic Materials
Sector Strength65
IndustryOther Precious Metals
Share Statistics
EPS (TTM)N/A
Shares Outstanding904,368,470
10 Day Avg. Volume35,613
30 Day Avg. Volume25,590
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.54
Enterprise Value/Revenue0.05
Enterprise Value/Gross Profit4.83
Enterprise Value/Ebitda0.57
Forecast
1Y Price Target
$9.50Price Target Upside9.20% Upside
Rating ConsensusHold
Number of Analyst Covering1
Impala Platinum Business Overview & Revenue Model
Company DescriptionImpala Platinum Holdings Limited (IMPUY), commonly referred to as Implats, is a leading producer of platinum group metals (PGMs), which include platinum, palladium, rhodium, and other associated metals. With operations primarily located in South Africa and Zimbabwe, the company explores, mines, refines, and markets these valuable resources. Implats' core products serve a diverse range of industries, including automotive, jewelry, and electronics, where PGMs are crucial for manufacturing processes.
How the Company Makes MoneyImplats generates revenue primarily through the extraction, production, and sale of platinum group metals (PGMs). The company's revenue model is centered around mining operations at its various sites, including the Impala, Marula, and Two Rivers mines in South Africa, and the Zimplats operation in Zimbabwe. Implats processes the extracted ore to produce refined metals, which are then sold to customers across different sectors. A significant portion of revenue comes from the automotive industry, where PGMs are used in catalytic converters to reduce vehicle emissions. The company also benefits from strategic partnerships and joint ventures, which enhance its production capabilities and market reach. Additionally, fluctuations in metal prices on global commodities markets can significantly influence Implats' earnings.
Impala Platinum Earnings Call Summary
Earnings Call Date:Aug 28, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Neutral
The call highlighted strong cost control, cash position, and operational achievements, with a significant increase in PGM spot prices. However, safety incidents, processing challenges, and workforce reductions were notable concerns.Q4-2025 Updates
Positive Updates
Significant Increase in Spot Price
The company experienced a 30% increase in the spot price for platinum group metals (PGMs), moving from ZAR 24,500 to ZAR 32,200 per 6E sold.
Cost Control and Efficiency
Despite a 7% increase in unit costs, the company achieved a 3% decline in all-in costs down to ZAR 25,700, through effective cash cost management and a 50% reduction in capital expenditure from ZAR 14 billion to ZAR 7 billion.
Strong Cash Position and Dividend Declaration
Implats reported a net cash position of ZAR 8.1 billion with a dividend of ZAR 1.65 per share, amounting to ZAR 1.5 billion, which equates to 58% of total cash generated.
Operational Achievements
Styldrift ramped up production by 9%, Impala Canada generated positive free cash flow, and Bihma mine reached full production of 3.2 million tonnes per year.
ESG and Community Impact
Implats was included in the S&P's Sustainability Yearbook for the fourth year and spent over ZAR 230 million in community development, creating 3,700 jobs.
Negative Updates
Safety and Fatalities
Despite an 11% reduction in LTI frequency rate, the company reported 8 fatalities during the year, indicating a need for further improvement.
Processing and Inventory Challenges
Implats experienced disruptions in processing due to maintenance and utility issues, resulting in an excess inventory of 420,000 ounces, an increase from the previous 390,000 ounces.
Restructuring and Workforce Reduction
The company incurred restructuring costs of ZAR 635 million, including severance packages, and laid off 600 employees at Marula.
Flat Rand PGM Pricing Impact
Profitability and free cash generation were impacted by flat rand PGM pricing despite good cost containment.
Company Guidance
During the Impala Platinum call, the company provided guidance that reflects a cautiously optimistic outlook for the upcoming periods. The platinum group metals (PGM) market has seen a 30% increase in spot prices, now at approximately ZAR 32,200 per 6E sold, attributed to geopolitical tensions, high inflation, and a record high gold price which has shifted investment focus to platinum. The company reported a 3% decline in all-in costs to ZAR 25,700, with production slightly declining by 3% to 3.55 million ounces. Capital expenditure was halved from ZAR 14 billion to ZAR 7 billion, indicating a more defensive strategy. Despite operational challenges and a build-up in inventory to 420,000 ounces, the company's net cash improved to ZAR 8.1 billion. Impala announced a dividend of ZAR 1.65 per share, amounting to ZAR 1.5 billion, reflecting a payout of around 60% of their total cash generated. Looking forward, they have lowered guidance from 130,000 ounces per annum to 110,000 ounces and signaled a focus on shareholder returns and maintaining a strong balance sheet. The company plans to responsibly release inventory over the next four years, capitalizing on market conditions to generate cash and potentially increase capital allocation to shareholder returns.Impala Platinum Financial Statement Overview
Summary
Impala Platinum faces significant financial challenges with declining revenue, profitability, and cash flow. Despite a strong balance sheet with low leverage, the negative trends in income and cash flow highlight operational inefficiencies and cost management issues.Income Statement
Impala Platinum's income statement reveals a challenging period with declining revenue and profitability. The company experienced a significant drop in total revenue from 106.59 billion to 86.40 billion, marking a negative revenue growth rate of approximately -18.91%. The net income turned negative, resulting in a net profit margin of -20.04% for the latest period. Additionally, both EBIT and EBITDA margins suffered, with EBITDA turning negative, indicating operational inefficiencies or increased costs.45
Neutral
Balance Sheet
The balance sheet indicates a relatively strong financial position with a debt-to-equity ratio of 0.04, suggesting low leverage. The equity ratio is 68.76%, highlighting a solid capital structure with a significant portion of assets financed by equity. However, the decrease in stockholders' equity from the previous period and the net income loss raises concerns about future returns and stability.60
Neutral
Cash Flow
Cash flow analysis shows a decline in operating cash flow from 23.57 billion to 6.94 billion, and free cash flow turned negative at -7.04 billion, highlighting liquidity and cash management challenges. The operating cash flow to net income ratio is negative due to the net loss, and the significant decrease in free cash flow suggests potential issues in sustaining capital expenditures and financing operations.55
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 86.40B | 106.59B | 118.33B | 129.57B | 69.85B |
| Gross Profit | 5.47B | 22.34B | 41.28B | 53.45B | 23.27B |
| EBITDA | -11.29B | 14.76B | 47.31B | 71.13B | 27.62B |
| Net Income | -17.31B | 4.91B | 32.05B | 47.03B | 16.05B |
Balance Sheet | |||||
| Total Assets | 132.96B | 169.39B | 156.09B | 126.47B | 95.86B |
| Cash, Cash Equivalents and Short-Term Investments | 9.66B | 26.84B | 27.56B | 24.48B | 13.33B |
| Total Debt | 3.34B | 2.59B | 1.21B | 1.33B | 8.98B |
| Total Liabilities | 36.33B | 43.35B | 36.80B | 35.80B | 31.31B |
| Stockholders Equity | 91.40B | 114.85B | 114.70B | 87.83B | 61.88B |
Cash Flow | |||||
| Free Cash Flow | -7.04B | 10.90B | 25.97B | 35.57B | 12.87B |
| Operating Cash Flow | 6.94B | 23.57B | 34.94B | 41.83B | 17.12B |
| Investing Cash Flow | -11.05B | -9.87B | -16.56B | -4.75B | -12.16B |
| Financing Cash Flow | -12.90B | -14.32B | -15.90B | -26.07B | -576.00M |
Impala Platinum Technical Analysis
Neutral
8.70
Price Trends
9.50
Negative
8.10
Positive
6.89
Positive
Market Momentum
-0.15
Positive
35.05
Neutral
10.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMPUY, the sentiment is Neutral. The current price of 8.7 is below the 20-day moving average (MA) of 9.44, below the 50-day MA of 9.50, and above the 200-day MA of 6.89, indicating a neutral trend. The MACD of -0.15 indicates Positive momentum. The RSI at 35.05 is Neutral, neither overbought nor oversold. The STOCH value of 10.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMPUY.
Impala Platinum Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $7.91B | 31.97 | 9.88% | ― | 68.88% | ― | |
78 Outperform | $9.31B | 16.17 | 25.19% | 1.17% | 20.35% | 20.44% | |
72 Outperform | $1.57B | 12.42 | 28.11% | 1.52% | 30.05% | 73.23% | |
70 Outperform | $5.36B | 50.22 | 4.67% | 0.31% | 36.30% | ― | |
61 Neutral | $10.31B | 6.18 | 0.76% | 2.94% | 3.30% | -36.34% | |
55 Neutral | $8.20B | ― | -16.57% | ― | -6.98% | -109.86% | |
45 Neutral | $5.90B | ― | -15.89% | ― | -0.71% | 80.26% |
* Basic Materials Sector Average
Performance Comparison
IMPUY
Impala Platinum
8.70
4.06
87.50%
CDE
Coeur Mining
12.47
6.29
101.78%
DRD
Drdgold
18.07
9.82
119.03%
HMY
Harmony Gold Mining
14.67
4.40
42.84%
HL
Hecla Mining Company
8.03
2.09
35.19%
SBSW
Sibanye Stillwater
7.86
3.73
90.31%
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.