Valterra Platinum Limited: HEPS beat supported by sales outperformance

Research evidence excerpt

Valterra Platinum Limited: HEPS beat supported by sales outperformance

Global Research

17 July 2026ab

First Read

EquitiesValterra Platinum Limited

HEPS beat supported by sales outperformance South Africa

Precious Metals

12-month rating Buy

Trading statement ahead of UBSe and consensus

Valterra released a trading statement guiding 1H26 headline earnings per share (HEPS) 12m price target 146,000RCnt

to R70.47–84.56, with the midpoint of R77.52 ahead of both UBSe of R72.81 and

Visible Alpha consensus of R69.91. While operational performance was mixed, we

Price (16 Jul 2026) 108,032RCnt

believe the earnings beat was supported by materially stronger refined production and

sales volumes than expected through 2Q26. The company will report 1H26 results on RIC: VALJ.J BBG: VAL SJ

Wednesday 29 July 2026. Trading data and key metrics

52-wk range 186,439RCnt-80,795

Refined production and sales volumes beat despite M&C miss

Market cap. R287b/US$17.5b

Valterra's 2Q26 PGM metal-in-concentrate (M&C) production of 775koz increased 1%

Shares o/s 265m (ORD)

YoY, but came in 5% below UBSe of 816koz. The miss was primarily driven by weaker

Free float 21%

purchase of concentrate volumes, with third-party purchases declining 19% YoY and

Avg. daily volume ('000) 732

coming in 14% below UBSe, reflecting production challenges at various third-party

producers. Despite this, refined PGM production of 964koz exceeded UBSe by 19%, Avg. daily value (m) R923.2

while sales volumes of 946koz were 17% ahead of UBSe, supported by continued Common s/h equity (12/26E) R110b

optimisation of work-in-progress inventory across the processing value chain. As a P/BV (12/26E) 2.6x

result, total refined production of 1,153koz was 15% ahead of UBSe despite the weaker Net debt to EBITDA (12/26E) NM

M&C outcome.