Valterra Platinum Limited: Risk Reward Update

Research evidence excerpt

M

Update

August 5, 2026 05:55 AM GMT

RMB Morgan Stanley Proprietary Limited+

Valterra Platinum Limited | Europe

Brian Morgan

Equity Analyst

Risk Reward Update

Valterra Platinum Limited (VALJ.J, VAL SJ)

What’s Changed

EEMEA - Metals & Mining | South Africa

Valterra Platinum Limited (VALJ.J)

From

To

Price Target

ZAc 102,000

ZAc 106,000

Bull Case

ZAc 183,000

ZAc 187,000

Base Case

ZAc 102,000

ZAc 106,000

Bear Case

ZAc 60,000

ZAc 64,000

Updated Components

EPS

Investment Thesis

Risk Reward for Valterra Platinum Limited (VALJ.J) has been

updated

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Equal-weight

In-Line

ZAc 106,000

ZAc 135,000

ZAc 190,131- 78,572

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (ZAc)**

Prior EPS (ZAc)**

6,318 13,059 11,243 12,491

- 12,173 10,466 11,833

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update estimates post the 1H26 results. EPS rises by c7% over the forecast

horizon as we increase our POC/Toll margin assumption and also increase

Mogalakwena output in line with guidance. Our PT, bull and bear case valuations

rise by R40/s to R1060, R1870 and R640/s respectively.

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