Stock data
| Market cap. | £333m |
| Last close | 35.88p |
| High / Low (52 weeks) | 112.0p / 31.5p |
| Stock market listing | AIM, TSX, JSE |
| Forecast net cash (US$m) | 78.1 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 1.06 | (9.18) | (68.6) |
| Relative * | (3.75) | (15.21) | (67.59) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 111.4 | 18.0 | 0.2 | 0.9 | 62.7 | N/A |
| 2010A | 155.0 | 33.0 | 10.3 | 1.9 | 29.7 | 14.7 |
| 2011E | 141.5 | 0.5 | (14.8) | (0.9) | N/A | N/A |
| 2012E | 253.9 | 55.9 | 38.7 | 2.3 | 24.5 | 19.8 |
Last updated on 28/11/2011
Latest research
Solid Q311 numbers
Update | Mining | 16/11/2011
Q3 production update
Update | Mining | 21/10/2011
Earnings troughed
Outlook | Mining | 06/09/2011
H2 production on the up
Update | Mining | 21/07/2011
FY10 results call
Update | Mining | 29/03/2011
Q310 results
Update | Mining | 16/11/2010
Secures $100m funding
Update | Mining | 29/10/2010
Expanding horizons
Outlook | Mining | 18/08/2010
Cream of the crop
Update | Mining | 15/01/2010
Third quarter results
Update | Mining | 13/11/2009
First among equals
Outlook | Mining | 01/10/2009
On the right track
QuickView | Mining | 14/08/2009
Investment summary
Eastplats released solid Q311 financial results supported by the recovery in PGM sales and corresponding cost normalisation. With an 18% increase in revenue and 8% reduction in cash production cost, the company managed to break even on EBITDA that came in at $0.4m. While maintaining high production levels is important, we note that lower PGM prices and production disruptions may have an adverse impact on the company’s performance in Q411. Despite the expectations of a weak quarter, the stock’s underperformance relative to the commodity basket limits the downside. We view Eastplats as an attractive turnaround and growth story, with the large cash cushion providing additional support.
Last updated on 09/12/2011
Industry outlook
The PGM market looks fairly balanced and prices show some resilience to the recent market turmoil. Having said that, rising energy/staff costs and strong rand represent the major risk to PGM producers' performance in the medium to long term.
Last updated on 09/12/2011
Key management
| David Cohen, Chairman |
| Ian Rozier , CEO |
| Horng Dih Lee, FD |
Company address
| Suite 501 837 West Hastings Street Vancouver V6C 3N6 Canada +001 604 685 6851 View website |
