Valterra Platinum Ltd ANGPY

MaterialsMetals & MiningSouth Africa

Last close 10.60 USD on Nov 1, 2026, −17.5% year to date

Quant rating

Quant rating D Rank 179 of 220 in Materials

Growth D 189 of 220
Valuation B 54 of 220
Quality D 158 of 220
Revisions D 193 of 220
Momentum C 105 of 220

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.3B
Enterprise value: 15.8B
52-week range: 9.16 – 19.39
3-year range: 4.49 – 19.39
Dividend yield: 7.69%
Beta (5 years): 0.70
Shares outstanding: 265M
Next earnings: Feb 22, 2027

About the company

Valterra Platinum Limited, formerly Anglo American Platinum Limited, is a global mining company. The Company’s principal activity is the mining, processing and marketing of platinum group metals (PGMs) and associated co-products. The Company provides a complete resource-to-market service, supplying its network of global customers with a range of mined, refined and traded products. The products that the Company produces are PGMs (platinum, palladium, rhodium, iridium, ruthenium and osmium); co-products from its PGM mining operations, such as gold and select base metals; and sodium sulphate as a by-product. Its 10 sites host six mining operations, five smelter operations (one of which is under care and maintenance), and its refining operations. Its mining operations include Mogalakwena Mine, Amandelbult Mine, Mototolo Mine, Unki Mine, Modikwa Mine, and Twickenham Mine (under care and maintenance). The Mogalakwena Mine mining right covers about 37,211 hectares.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,024	5,782	6,814	9,650	13,417	–
Revenue growth	21.5%	−15.2%	−29.4%	−28.1%	43.0%	−5.6%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	24.5%	16.7%	16.9%	43.0%	49.0%	30.0%
Net margin	13.3%	6.5%	10.5%	30.0%	36.8%	19.4%
ROE	15.4%	7.0%	13.3%	49.4%	87.5%	34.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,024	+21.5%	2.3x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ANGPY Valterra Platinum Ltd	17.3B	–	13.3%	2.62x	–	–	–	–
TAU Thesis Gold and Silver Inc	470M	12.80x	–	2.04x	−27.0x	−33.7x	−21.7x	−25.1x
GENM Generation Mining Limited	202M	–	–	−1.94x	−40.3x	10.1x	−48.4x	−48.4x
CAPT Capitan Silver Corp	157M	–	–	4.22x	−12.2x	−7.2x	−11.8x	−5.9x
SCOT Scottie Resources Corp	126M	–	–	5.52x	–	–	–	–
PLG Platinum Group Metals Ltd	133M	4.22x	–	1.80x	−10.5x	−15.0x	–	–
Mean		8.51x	13.3%	2.38x	−22.5x	−11.5x	−27.3x	−26.4x
Median		8.51x	13.3%	2.33x	−19.6x	−11.1x	−21.7x	−25.1x

Technical analysis

1M−16.9%
3M−1.1%
1Y+16.2%
3Y+155.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Valterra Platinum Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,024	5,782	6,814	9,650	13,417	9,381
Cost of revenue	5,300	4,815	5,665	5,503	6,844	6,677
Gross profit	1,724	966	1,149	4,147	6,573	2,704
Selling, general & administrative expenses	74.3	71.2	98.5	78.9	60.4	59.3
Research & development	–	–	–	–	–	–
Interest expense (income), operating	38.2	28.5	26.8	0	165	164
Unusual expense (income)	40.6	217	76.4	15.1	46.6	78.9
Other operating expenses	122	43.2	31.7	18.8	−116	−94.3
Operating income	1,450	607	916	4,034	6,417	2,497
Net interest income (expense)	−62.3	−82.3	82.7	−114	372	302
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−41.6	−11.0	−8.2	6.7	−16.1	−16.6
Net income before taxes	1,346	513	991	3,927	6,773	2,782
Provision for taxes	391	121	255	1,027	1,832	712
Minority interest	−23.7	−17.7	−22.2	−8.4	−2.7	−4.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	931	374	713	2,891	4,939	2,066
Extraordinary items	–	–	–	–	–	–
Net income	931	374	713	2,891	4,939	2,066
EBIT, normalized	1,527	853	1,019	4,048	6,631	2,739
EBITDA, normalized	2,022	1,268	1,365	4,388	6,935	3,043
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Valterra Platinum Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	974	1,299	1,415	1,897	3,597	1,682
Receivables	389	342	261	350	310	333
Total inventory	1,696	1,313	1,984	2,878	2,349	3,089
Prepaid expenses	46.6	58.0	58.6	60.9	38.6	32.1
Other current assets	75.4	86.6	87.3	90.4	125	51.9
Total current assets	3,181	3,099	3,806	5,276	6,420	5,188
Property, plant & equipment	6,573	5,422	5,059	4,656	4,157	3,889
Goodwill	24.0	21.1	21.7	23.3	24.8	27.0
Intangibles	–	–	–	–	–	–
Long-term investments	181	208	311	371	588	644
Note receivable	42.9	0	7.7	8.2	–	–
Other long-term assets	302	318	49.4	70.6	75.0	81.6
Total assets	10,305	9,068	9,256	10,404	11,265	9,830
Liabilities
Accounts payable	936	710	967	1,274	1,162	1,268
Payable/accrued	–	–	–	–	–	–
Accrued expenses	196	95.1	109	152	125	118
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	261	336	397	9.3	12.6	17.5
Other current liabilities	1,317	1,251	1,093	1,979	2,231	1,779
Total current liabilities	2,709	2,393	2,567	3,414	3,531	3,182
Long-term debt	23.2	28.4	20.0	17.6	25.7	39.9
Minority interest	24.0	19.8	23.1	10.9	8.6	12.5
Other liabilities	1,598	1,230	1,197	1,270	1,308	1,261
Total liabilities	4,355	3,671	3,807	4,713	4,873	4,495
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.6	1.4	1.4	1.5	1.6	1.8
Additional paid-in capital	1,343	1,189	1,244	1,340	1,425	1,539
Retained earnings (accumulated deficit)	4,282	3,826	3,854	4,086	4,686	3,521
Treasury stock	–	–	–	–	–	–
Other equity	324	381	349	263	279	273
Total equity	5,950	5,397	5,449	5,691	6,391	5,334
Total liabilities & shareholders' equity	10,305	9,068	9,256	10,404	11,265	9,830

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Valterra Platinum Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	–	–	–	–	0	−0.4
Cash from operations	1,742	1,423	905	2,667	6,033	1,579
Investing activities
Capital expenditures	−1,046	−1,006	−1,143	−994	−852	−645
Other investing cash flows	66.8	72.5	251	349	237	265
Cash from investing	−979	−934	−891	−644	−615	−380
Financing activities
Financing cash flow items	−22.3	−86.8	−130	−153	−113	−45.4
Cash dividends paid	−1,022	−268	−665	−3,211	−3,484	−938
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−157	−86.5	370	−18.2	−18.3	−34.0
Cash from financing	−1,202	−442	−424	−3,382	−3,615	−1,018
Foreign exchange effects	−94.0	9.0	123	72.1	166	−83.5
Net change in cash	−533	56.8	−287	−1,287	1,969	98.4
Free cash flow	696	417	−237	1,674	5,181	934

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.