First Read Valterra Platinum Limited: 1H26 beat largely flagged; guidance unchanged

研报英文原文证据摘录

First Read Valterra Platinum Limited: 1H26 beat largely flagged; guidance unchanged

r period-end. 12/26E 13,535 12,561

12/27E 14,346 12,595

Q: Has the company's outlook/guidance changed? 12/28E 13,612 12,565

A: Management retained FY26 M&C and refined-production guidance of 3.0–3.4Moz,

Steve Friedman

cash unit-cost guidance of R19,000–20,000/oz, AISC of US$1,050/3E oz and capex of

Analyst

R17–18bn. This is consistent with the recent update, although management continues steve.friedman@ubs.com

to expect costs towards the upper end of guidance, partly reflecting c.R150m of +27-11-322 7252

inflationary pressure from diesel, drill steel and explosives. The outlook requires R10.7–

Myles Allsop

11.7bn of H2 capex, while processing maintenance and the annual stock count have

been moved into Q3, implying c.16% lower HoH refined production based on the myles.allsop@ubs.com

midpoint of guidance. Management also remains on track to deliver R1.0–1.5bn of TSA- +44-20-7568 1693

related cost savings by 2027.

Ndumiso Lushaba

Associate Analyst

Q: How would we expect investors to react? ndumiso.lushaba@ubs.com

A: We expect a positive reaction with HEPS and underlying EBITDA still better than our +27-11-322 7094

revised forecast and well ahead of consensus. However, much of the earnings upside

had already been flagged in the production update and trading statement and reflected

in UBSe. Strong cash generation, the third-party-purchases beat, post-period insurance

proceeds and unchanged guidance are supportive, partly offset by the weaker

Mogalakwena performance and poorer safety outcomes. We retain our Buy rating and

R1,430 PT. Management will host a results presentation at 11:00 SAST (webcast).

Highlights (Rm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E