Company Valuation: Valterra Platinum Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 476,350 374,240 253,326 149,471 370,109 369,516 - -
Change - -21.44% -32.31% -41% 147.61% -0.16% - -
Enterprise Value (EV) 1 424,998 374,240 236,604 130,922 357,553 352,082 352,676 350,207
Change - -11.94% -36.78% -44.67% 173.1% -1.53% 0.17% -0.7%
P/E 6.05x 7.63x 19.5x 21.2x 24.1x 10.7x 13.1x 12.1x
PBR 4.68x - 2.55x 1.47x 3.76x 3.54x 3.26x 3.04x
PEG - -0.2x -0.3x -0.5x 0x 0x -0.7x 1.49x
Capitalization / Revenue 2.22x 2.28x 2.03x 1.37x 3.18x 2.51x 2.68x 2.63x
EV / Revenue 1.98x 2.28x 1.9x 1.2x 3.07x 2.39x 2.55x 2.49x
EV / EBITDA 3.92x 5.06x 9.68x 6.61x 10.7x 6.22x 7.06x 6.57x
EV / EBIT 4.14x 5.48x 13.2x 9.86x 13.9x 7.37x 9.16x 8.58x
EV / FCF 5.13x - -54.5x 16.7x 31x 12.9x 16.3x 12.4x
FCF Yield 19.5% - -1.83% 6% 3.23% 7.72% 6.14% 8.06%
Dividend per Share 2 300 - 21.3 12.75 25 89.11 89.32 84.67
Rate of return 16.5% - 2.21% 2.24% 1.77% 6.08% 6.1% 5.78%
EPS 2 300.2 186.7 49.53 26.83 58.44 136.3 111.5 120.6
Distribution rate 99.9% - 43% 47.5% 42.8% 65.4% 80.1% 70.2%
Net sales 1 214,568 164,100 124,583 108,987 116,330 147,219 138,128 140,687
EBITDA 1 108,438 73,900 24,434 19,812 33,369 56,636 49,932 53,265
EBIT 1 102,615 68,345 17,884 13,272 25,711 47,743 38,493 40,794
Net income 1 78,978 49,200 13,041 7,059 15,420 36,034 28,652 31,074
Net Debt 1 -51,352 - -16,722 -18,549 -12,556 -17,434 -16,840 -19,309
Reference price 2 1,816.77 1,424.88 964.00 568.95 1,409.56 1,465.11 1,465.11 1,465.11
Nbr of stocks (in thousands) 262,196 262,647 262,787 262,713 262,571 262,053 - -
Announcement Date 2/21/22 1/15/23 2/19/24 2/17/25 2/25/26 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.72x2.49x6.46x6.08% 23.61B
9.31x1.97x6.4x3.89% 7.26B
4.75x1.12x2.24x6.28% 325M
7.04x0.24x1.51x - 91.67M
Average 7.96x 1.46x 4.15x 5.42% 7.82B
Weighted average by Cap. 10.32x 2.35x 6.39x 5.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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