Financials Sibanye Stillwater Limited

Equities

SSW

ZAE000259701

Non-Gold Precious Metals & Minerals

End-of-day quote Johannesburg S.E. 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
22.19 ZAR -0.94% Intraday chart for Sibanye Stillwater Limited -10.16% -10.88%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 22,712 95,827 175,414 137,893 126,574 62,810 62,810 -
Enterprise Value (EV) 1 44,668 113,945 173,884 128,180 123,545 85,931 88,713 89,755
P/E ratio -9.11 x 1,795 x 5.69 x 4.35 x 6.88 x -1.87 x 10.1 x 5.44 x
Yield - - 6.18% 9.76% 5.81% 2.13% 3.53% 4.59%
Capitalization / Revenue 0.45 x 1.31 x 1.38 x 0.8 x 0.92 x 0.62 x 0.56 x 0.51 x
EV / Revenue 0.88 x 1.56 x 1.36 x 0.74 x 0.89 x 0.76 x 0.79 x 0.72 x
EV / EBITDA 5.34 x 7.62 x 3.56 x 1.87 x 3.01 x 4.18 x 3.89 x 3.21 x
EV / FCF 8.73 x 64.8 x 9.92 x 6.57 x 13 x -8.09 x -10.4 x 18.1 x
FCF Yield 11.5% 1.54% 10.1% 15.2% 7.7% -12.4% -9.64% 5.54%
Price to Book 0.95 x 3.23 x 2.56 x 1.73 x 1.44 x 1.45 x 1.23 x 0.76 x
Nbr of stocks (in thousands) 2,266,687 2,670,029 2,923,571 2,808,406 2,830,370 2,830,567 2,830,567 -
Reference price 2 10.02 35.89 60.00 49.10 44.72 22.19 22.19 22.19
Announcement Date 21/02/19 19/02/20 18/02/21 03/03/22 28/02/23 05/03/24 - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 50,656 72,925 127,392 172,194 138,288 113,684 112,813 123,879
EBITDA 1 8,369 14,956 48,872 68,606 41,111 20,556 22,804 27,946
EBIT 1 1,756 7,742 41,280 59,930 33,806 10,431 12,478 20,577
Operating Margin 3.47% 10.62% 32.4% 34.8% 24.45% 9.18% 11.06% 16.61%
Earnings before Tax (EBT) 1 -1,437 -1,300 35,480 47,557 27,904 -39,846 10,525 17,092
Net income 1 -2,500 62.1 29,312 33,054 18,396 -37,772 7,712 13,161
Net margin -4.93% 0.09% 23.01% 19.2% 13.3% -33.23% 6.84% 10.62%
EPS 2 -1.100 0.0200 10.55 11.29 6.500 -13.34 2.197 4.076
Free Cash Flow 1 5,116 1,758 17,534 19,516 9,509 -10,627 -8,547 4,972
FCF margin 10.1% 2.41% 13.76% 11.33% 6.88% -9.35% -7.58% 4.01%
FCF Conversion (EBITDA) 61.13% 11.76% 35.88% 28.45% 23.13% - - 17.79%
FCF Conversion (Net income) - 2,831.08% 59.82% 59.04% 51.69% - - 37.78%
Dividend per Share 2 - - 3.710 4.790 2.600 0.5300 0.7823 1.019
Announcement Date 21/02/19 19/02/20 18/02/21 03/03/22 28/02/23 05/03/24 - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 S1 2022 S1 2022 S2 2023 S1
Net sales 1 23,535 - - 70,379 67,909 60,568
EBITDA 1 2,018 16,514 - 22,561 18,550 14,147
EBIT 1 - 12,645 - 18,567 - 9,373
Operating Margin - - - 26.38% - 15.48%
Earnings before Tax (EBT) - - - - - -
Net income 1 -265.2 - 24,836 12,016 - 7,423
Net margin -1.13% - - 17.07% - 12.26%
EPS 2 -0.1100 3.340 8.340 4.230 - 2.620
Dividend per Share 2 - - - 1.380 - 0.5300
Announcement Date 29/08/19 27/08/20 26/08/21 25/08/22 28/02/23 29/08/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 21,956 18,117 - - - 15,450 25,902 26,945
Net Cash position 1 - - 1,530 9,713 3,029 - - -
Leverage (Debt/EBITDA) 2.623 x 1.211 x - - - 0.7516 x 1.136 x 0.9642 x
Free Cash Flow 1 5,117 1,758 17,534 19,516 9,509 -10,627 -8,547 4,972
ROE (net income / shareholders' equity) -10.5% 8.83% 59.7% 52.4% 25.1% -55.2% 12.2% 15.5%
ROA (Net income/ Total Assets) - 2.54% 24.9% 27.1% 13.2% -24.4% 6.28% 11.2%
Assets 1 - 2,447 117,588 122,029 139,856 154,786 122,863 117,770
Book Value Per Share 2 10.50 11.10 23.40 28.50 31.10 17.20 18.10 29.10
Cash Flow per Share 2 6.730 5.170 13.20 10.20 5.350 1.890 7.470 7.740
Capex 1 7,081 7,706 9,616 12,740 15,899 22,411 21,789 16,586
Capex / Sales 13.98% 10.57% 7.55% 7.4% 11.5% 19.71% 19.31% 13.39%
Announcement Date 21/02/19 19/02/20 18/02/21 03/03/22 28/02/23 05/03/24 - -
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
8
Last Close Price
22.19 ZAR
Average target price
26.87 ZAR
Spread / Average Target
+21.11%
Consensus
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  4. Financials Sibanye Stillwater Limited