2024-04-12 07:31:13 ET
Summary
- For 2H23, Impala reached 1.75 Moz refined production and increased its output by 18% to 1.9 6E Moz compared to 1H23.
- On December 31, 2023, Impala reported $502 million in cash, $61.8 million in long-term debt, and $193 million in total debt.
- Impala trades at 0.93 TTM EV/Sales and 5.33 TTM EV/EBITDA, cheaper than Anglo American Platinum though more expensive than Sibanye.
- I am firm believer, that PGMs will surge in the next several months. I am long a few PGM plays and Impala is among them.I upgrade Impala’s rating to Buy.
Note: I previously covered Impala Platinum ( OTCQX:IMPUY ) in November 2023. I discussed the company's strengths: excellent capital structure, quality assets, and cheap valuation. At the time of publishing, it was too early to buy. Over the last few months, the narrative about PGMs has been shifting. Automotive companies are backing down from BEV hype and returning to the reality of ICE and hybrids. So, the demand for PGMs will remain resilient in the coming years. In today’s article, I review Impala’s last results and update its valuation and rating....
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Impala Platinum: Excellent business At An Attractive Price At The Right Time; Rating Upgrade