Sylvania Platinum Limited saw a significant quarter-on-quarter reduction in EBITDA in Q423 due to lower rhodium prices. Edison Group has lowered their rhodium and palladium price forecasts for the next two years, because of predicted demand in China and some de-stocking from OEMs and have also reduced their long-term assumptions to allow for the current uncertainty. Edison’s FY23e EPS has been adjusted downwards to 18.3c, with FY24e and FY25e EPS reduced by 40% to 9.0c and 11.2c, respectively. Edison’s revised valuation is now 118.2p per share, 32% down from their previous valuation of 173.7p per share.
BMG864081044_Sylvania_Update_030823
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