UK & European Research at a Glance - June 29, 2026

Research evidence excerpt

UK & European Research at a Glance - June 29, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

Company Comments

Ben Davis (Analyst) Sibanye Stillwater (NYSE: SBSW; 8.87; JSE: SSW)

+44 20 7002 2065; ben.davis@rbccm.com Published June 29 2026 00:45:00 EDT

Marina Calero (Analyst)

+44 20 7429 8785; marina.calero@rbccm.com South African ops CMD & site visits

Laura Chan (Analyst) Rating: Outperform+44 20 7029 7537; laura.chan@rbccm.com Price Target: 16.50 ↓ 17.00

Our view: Sibanye hosted a CMD detailing the potential outlook for its PGM and

gold portfolio in South Africa and then a site visit to Saffy mine and plant, as well

Glencore's chrome beneficiation plant and Sylvania's new Thaba asset. Plenty of

small, low-risk investment options in the portfolio readily fundable from current

cash flows that could maintain current production, or management can choose not

to invest and help keep the market tight as autocatalyst demand falls in the long

term. Despite recent commodity falls remains cheap at spot 2027 FCF 21% and

0.52x NAV.

Charles Weston, CFA (Analyst) Smith+Nephew PLC (LSE: SN; 1,138.50; NYSE: SNN)

+44 20 7429 8425; charles.weston@rbccm.com Published June 29 2026 00:45:00 EDT

Natalia Webster, CFA (Analyst)

+44 20 7653 4064; natalia.webster@rbccm.com Model Update - Gap remains to FY guide

Rating: Sector Perform

Price Target: 1,350

Our view: We explore how we could increase each of our forecasts to reach the

bottom end of the FY guide (+5.6%), and why we're not making meaningful changes

at this time (RBCe +5.1%). With some adjustments for phasing in line with the +3.5%

guided for H1 (VA consensus +4.1%), we feel content to remain on the sidelines until

we see evidence of acceleration from Q3 (LEGION, LANDMARK, SANTYL, slipped

contracts, PICO Surgical, etc.).

Industry Comments