In this report, we discuss the latest results released by Implala Platinum and provide our view on platinum group metals.

We include an updated valuation for Impala and stress test various assumptions to show valuation asymmetry that is skewed upwards.

Impala Platinum released its interim results for the six months ended 31 December 2031 in early March 2024. The results, which contained the maiden interim inclusion of Impala Bafokeng, were characterised by the following:

• Refined production increased by 19% to 1.75moz. 
• Revenue decreased by 25% driven by a materially lower PGM basket price. 
• Earnings per share decreased by 89% to R1.80. o Rand weakened by 8% to R18.75 against the dollar. 
• Implats has net cash of R5.2 billion (after the RBPlat acquisition). o Implats had 16 fatalities during 1H24.

 Our research supports a hold recommendation.