One-glance verdict
Within fair range
$10.64 our estimate vs market $11.87
12% above our estimate
Fundamentals snapshot
Valterra Platinum Limited
ANGPY · PNK · Basic Materials · Other Precious Metals & Mining
Current price
$11.87
52-week range
$9.77 - $19.71
Market cap
$18.81B
Balance sheet
Healthy
22.37x Strong cushion
Net cash $1.51B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 6.7% last year.
- Reward Returns 37.8% on equity, ahead of 40% of its peers.
- Risk Forward P/E (62.5x) is higher than trailing (8.7x) - earnings are expected to drop.
- Risk Stock trades 948.5% above its 5-year average P/E.
What this company does
Valterra Platinum Limited
Valterra Platinum Limited mines and sells metals like platinum, palladium, and nickel from its operations in South Africa and elsewhere, with its revenue primarily coming from selling these valuable materials. This is important because these metals are used in everything from catalytic converters in cars to electronics, so how well Valterra does shows the demand for these essential industrial components.
How the company got here
Valterra Platinum Limited, formerly known as Anglo American Platinum Limited, has a history stretching back to 1926 with the beginnings of mining at Rustenburg. It evolved from early mining operations into an integrated producer with smelting and refining capabilities. The company was officially demerged from Anglo American plc and rebranded as Valterra Platinum in May 2025, carrying forward decades of expertise in platinum group metals (PGMs) mining and processing. Its foundation is built on South Africa's rich PGM geology, particularly within the Bushveld Igneous Complex.
What it actually does
Valterra Platinum is a major producer of platinum group metals (PGMs), which are a group of six metals including platinum, palladium, and rhodium. These metals are crucial for many modern technologies and industrial processes. The company manages the entire process from mining the ore out of the ground to smelting and refining the metals into a usable form. They then market and sell these refined metals to a global customer base.
Platinum Group Metals (PGMs)
This is Valterra Platinum's primary business. They mine, process, and sell platinum, palladium, rhodium, iridium, ruthenium, and osmium. These metals are essential for catalytic converters in cars to reduce emissions, in industrial applications, and increasingly in technologies for the energy transition, such as green hydrogen production. The majority of Valterra's revenue comes from the sale of platinum.
Base Metals and Other By-products
In addition to PGMs, Valterra Platinum also mines and produces base metals like nickel, copper, and cobalt sulphate, as well as chrome. These metals are often found alongside PGMs in the earth's crust and are recovered during the mining and processing of PGMs. The company also produces gold and sodium sulphate as by-products. These additional products contribute to the company's overall revenue and profitability.
Smelting and Refining Services
Valterra Platinum operates its own smelting and refining facilities, which are crucial for turning the raw PGM ore into high-purity metals. This integrated approach allows the company to control the quality of its products and capture value at multiple stages of the production process. They also offer these processing services to third parties, further diversifying their revenue streams.
What management is betting on now
Valterra Platinum's strategy focuses on several key areas: operational excellence to maintain cost efficiency, investing in its mining and processing assets for long-term value, and driving demand for PGMs by supporting new applications, particularly in the energy transition. They are also committed to sustainability, aiming for zero harm in operations, reducing their environmental impact, and fostering strong relationships with communities. The company emphasizes disciplined capital allocation and resilient cash generation across different metal price cycles.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $10.64 vs current price $11.87
Our most-likely fair value is $10.64 a share — about 10.4% away from today's price of $11.87, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $1.5B - more cash than debt. Interest coverage 22.4x.
Net debt
$-1.51B
Interest coverage
22.37x
Valterra Platinum Limited's profit covers its interest bill about 22.4 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
ANGPY
BASELINE
Valterra Platinum Limited
Total debt $202.20M Interest coverage 22.37x This is the baseline the peer rows are being compared against.
Total debt $2.27B Interest coverage 6.75x -70% vs ANGPY Carries about 3.3x less debt cushion than ANGPY.
Total debt $145.65M Interest coverage 36.85x +65% vs ANGPY Carries about 1.6x more debt cushion than ANGPY.
Total debt $2.63B Interest coverage 36.50x +63% vs ANGPY Carries about 1.6x more debt cushion than ANGPY.
Total debt $576.60M Interest coverage 21.62x -3% vs ANGPY Has roughly the same debt cushion as ANGPY.
What you should know
The case for and against ANGPY
3 Rewards
3 Risks
Rewards
-
Revenue grew 6.7% last year.
-
Returns 37.8% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Forward P/E (62.5x) is higher than trailing (8.7x) - earnings are expected to drop.
-
Stock trades 948.5% above its 5-year average P/E.
-
Operating margin compressed from 42.1% to 36.7% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
8.73x
Forward P/E
62.47x
P/B
2.81x
P/S
0.12x
EV/EBITDA
-0.10x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
34.9%
Operating margin
36.7%
Net margin
23.4%
ROE
37.8%
ROA
18.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.03x
Current ratio
1.41x
Quick ratio
0.71x
Total debt
$202.20M
Total cash
$1.71B
Growth
How the business has been compounding
Revenue TTM
$9.48B
Revenue 5Y CAGR
-10.8%
EPS TTM
1.36
EPS 5Y CAGR
-42.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.76B
Free CF TTM
$701.83M
FCF margin
7.4%
Dividend
Shareholder payout
Yield
6.9%
Payout ratio
17.7%
Last ex-div date
2026-08-21