iPath Series B Bloomberg Platinum Subindex Total Return ETN (PGM)
Valterra Platinum: A Newly Independent Tollgate On A Tightening PGM Market
Valterra Platinum is undervalued as a strategic, integrated PGM platform rather than a traditional cyclical miner. ANGPY's 2025 adjusted EBITDA rose 68% to R33.4B, with margins expanding to 38%, supported by cost control and a net cash position. Valterra's processing and refining dominance, notably its PMR facility, provides structural advantages and strategic value beyond mine-level multiples.
Impala Platinum: Flat Production, Higher PGM Prices, Vulnerable To Volatility
Impala Platinum Holdings Limited (IMPUY) is a leading PGM mining company with significant industry presence. IMPUY has enjoyed strengthened balance books from the recent PGM price surge. Because company policy ties dividend payouts to free cash flow, IMPUY now boasts very attractive dividend yields.
Gold, silver and PGM prices are getting a tailwind from falling Treasury yields - FX Empire's Zernov
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
Impala Platinum: The Only PGM Miner Outperforming SPY YTD; Rating Unchanged
Despite lower PGM prices, Impala remains profitable with $533 million EBITDA and $86 million operating income FY24. FY24 results show a 21% YoY increase in 6E production and stable unit costs, highlighting operational efficiency across all segments. Impala has the best balance sheet in its peer group, with 3.5% Total Debt/Equity and 27.3% Total Liabilities/Total Assets.
Anglo American Platinum: The Best PGM Miner; Rating Upgrade
Anglo-American Platinum, delivered strong 1H24 results despite weak metal prices, maintaining a competitive AISC and strong financial health. Anglo Platinum keeps a prudent capital structure. The Total Debt/Equity ratio is 12.6%, and Total Liabilities/Total Assets is 42.2%. BHP's proposed merger with Anglo American Plc was rejected by shareholders due to risks and questionable benefits.
Sibanye Stillwater Stock: A Contrarian Bet On PGMs Revival; Rating Unchanged
Sibanye Stillwater's 1H24 results show increased PGM production but lower prices and higher costs, leading to a 53% drop in adjusted EBITDA. Sibanye has improved its debt profile with new credit facilities and a gold prepayment deal, ensuring financial stability amid market challenges. The political shift in South Africa and ongoing PGM demand support a positive outlook, making SBSW a speculative yet promising investment.
