AGPPY - Anglo American Platinum Is A Stealth Play On Hydrogen

• Platinum, palladium and other PGMs are both going to be needed in H2 fuel cells as catalysts, so the end-market of light vehicles will not suffer a shift from ICE.
• While their role in the process will be to power cars and very different than autocatalysts, they might also have a broader role in energy as well.
• Based on the discussion in our other article on PGMs, we outline the approach through Anglo American Platinum discussing risks and return opportunities.
• With the S/D picture looking very positive for Pt, Pd, and other catalyst PGMs in the long term, we look at Anglo American Platinum as a potential addition to the portfolio.

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