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General information

Sector: Basic Materials

The company is available at Interactive Brokers

Northam Platinum Holdings Limited (JSE:NPH) is a fully empowered, mid-tier, integrated PGM producer with two primary operating assets, the Zondereinde and Booysendal mines in the South African Bushveld Complex. 

The Zondereinde lease area is also the location for Northams metallurgical operations, which include concentrators, a smelter and base metals recovery plant. 

Chrome is produced at both Zondereinde and Booysendal from the UG2 reef. Final precious metal concentrate is transported from the Zondereinde metallurgical complex for refining to the Heraeus facilities in Hanau, Germany and Port Elizabeth in South Africa. 

Northams in-house marketing department is responsible for marketing and sales of products domestically and to major global markets in Asia, Europe and North America.



  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 10.3% (LTM), projected 10.3%
  • Share price is 30.3% higher than minimum and 51.2% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.3x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (4.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)124.50
Share price, USD: 6.64
Common stocks: 396 224 900

Dividend Yield:  0.0%
FCF Yield LTM / expected: 10.3% / 10.3%
EV / LTM EBITDA: 3.3x
Last revenue growth (y/y):  -17.2%
Last growth of EBITDA (y/y):  -35.5%
Historical revenue growth:  +33.9%
Historical growth of EBITDA:  +75.8%
EV / expected EBITDA:
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 2 630
Net Debt ($m): 510
EV (Enterprise Value): 3 139
EBITDA LTM ($m): 952
EV / LTM EBITDA: 3.3x
Price to Book: 1.53x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

TechCentral Headlines

Long-serving Vodacom director David Brown passes away

Vodacom Group said on Monday that one of its longest-serving directors, David Brown, passed away at the weekend.

2022-06-20 12:21 +02:00
by Staff Reporter

JSE:VOD JSE:IMP JSE:NPH JSE:AVI

Reuters Headlines

Sibanye CEO warns of platinum mining job losses as price plummets

JOHANNESBURG (Reuters) -Sibanye Stillwater, South Africa`s biggest mining sector employer, may be forced to close some loss-making shafts, its CEO told Reuters, adding job cuts in platinum mining had become inevitable as prices of the precious metals fall.

2023-10-04

JSE:IMP JSE:SSW JSE:NPH JSE:ARH

South Africa`s Northam quits RBPlat takeover battle

JOHANNESBURG (Reuters) -South Africa`s Northam Platinum has terminated its offer to buy Royal Bafokeng Platinum, citing low prices of platinum group metals (PGM) as it ended a year-long takeover battle with bigger rival Impala Platinum.

2023-04-05

JSE:IMP JSE:NPH JSE:RBP

UPDATE 2-South Africa`s Northam quits RBPlat takeover battle

South Africa`s Northam Platinum has terminated its offer to buy Royal Bafokeng Platinum, citing low prices of platinum group metals (PGM) as it ended a year-long takeover battle with bigger rival Impala Platinum.

2023-04-05

JSE:IMP JSE:NPH JSE:RBP

UPDATE 4-Implats says kingmaker set to decide on RBPlat purchase

South Africa`s Public Investment Corporation (PIC) will soon announce whether it will back one of the two companies that have vied to acquire platinum group metals (PGM) producer Royal Bafokeng Platinum for over a year, Implats CEO said on Thursday.

2023-03-02

JSE:AGL JSE:AMS JSE:IMP JSE:SSW JSE:NPH JSE:RBP

Implats says kingmaker set to decide on RBPlat purchase

(Reuters) -South Africa`s Public Investment Corporation (PIC) will soon announce whether it will back one of the two companies that have vied to acquire platinum group metals (PGM) producer Royal Bafokeng Platinum for over a year, Implats CEO said on Thursday.

2023-03-02

JSE:AGL JSE:AMS JSE:IMP JSE:SSW JSE:NPH JSE:RBP

Impala Platinum shares fall 5% after profit decline

(Reuters) -Impala Platinum`s shares fell more than 5% on Thursday after the South African miner reported a 2.1% drop in half-year profit, saying power cuts and a furnace rebuild had hit platinum group metal (PGM) production.

2023-03-02

JSE:AGL JSE:AMS JSE:IMP JSE:SSW JSE:NPH JSE:RBP

Impala Platinum HY profit dips on furnace rebuild, power cuts

(Reuters) -South Africa`s Impala Platinum reported a 2.1% drop in half-year profit on Thursday as power cuts and a furnace rebuild hit smelter operations, lowering platinum group metal (PGM) production.

2023-03-02

JSE:AGL JSE:AMS JSE:IMP JSE:SSW JSE:NPH JSE:RBP JSE:MPT

S.Africa`s Northam Platinum raises cash part of RB Platinum bid

South Africa`s Northam Platinum on Monday raised the cash part of its takeover offer for Royal Bafokeng Platinum by 7 billion rand ($398 million), to try to increase its appeal against a rival bid from Impala Platinum.

2022-12-12

JSE:IMP JSE:NPH JSE:RBP

South Africa`s RB Platinum says expert to evaluate Northam bid

(Reuters) -South Africa`s Royal Bafokeng Platinum said on Wednesday that an independent board will appoint an expert to evaluate Northam Platinum`s takeover bid, which rivals an offer by Impala Platinum.

2022-11-09

JSE:IMP JSE:NPH JSE:RBP

UPDATE 2-South Africa`s RB Platinum says expert to evaluate Northam bid

South Africa`s Royal Bafokeng Platinum said on Wednesday that an independent board will appoint an expert to evaluate Northam Platinum`s takeover bid, which rivals an offer by Impala Platinum.

2022-11-09

JSE:IMP JSE:NPH JSE:RBP

S.Africa`s Northam shares fall after formal offer for RBPlat

(Reuters) -South Africa`s Northam Platinum`s shares fell on Wednesday after the company made a formal offer to acquire mid-tier miner Royal Bafokeng Platinum, escalating a takeover battle with bigger rival Impala Platinum.

2022-11-09

JSE:IMP JSE:NPH JSE:RBP

UPDATE 1-S.Africa`s Northam shares fall after formal offer for RBPlat

South Africa`s Northam Platinum`s shares fell on Wednesday after the company made a formal offer to acquire mid-tier miner Royal Bafokeng Platinum , escalating a takeover battle with bigger rival Impala Platinum.

2022-11-09

JSE:IMP JSE:NPH JSE:RBP

S.Africa`s Northam steps up bidding war with formal offer for RBPlat

South Africa`s Northam Platinum on Wednesday presented a formal offer to acquire mid-tier miner Royal Bafokeng Platinum, escalating a takeover battle with bigger rival Impala Platinum.

2022-11-09

JSE:IMP JSE:NPH JSE:RBP

UPDATE 1-South African rand dips against dollar, mining data disappoints

South Africa`s rand edged lower on Thursday, after poor mining and industrial production data dampened investor confidence, and the dollar bounced back ahead of U.S. inflation data.

2022-06-09

JSE:AGL JSE:AMS JSE:NPH JSE:INP JSE:INL JSE:JSE

UPDATE 2-S.Africa`s Northam Platinum says RBPlat stake gives it `position of strength`

* Hybrid, not EVs to dominate next two decades - CEO (Recasts with CEO on RBPlat stake)

2022-03-31

JSE:IMP JSE:NPH JSE:RBP JSE:AVI JSE:ARH JSE:ISA

CORRECTED-UPDATE 1-S.Africa`s Northam Platinum half-year profit jumps 60%

South Africa`s Northam Platinum Holdings posted a 60% jump in half-year profit on Thursday, as firmer platinum group metal (PGM) prices helped offset a dip in production that was caused by work stoppages and COVID-19 absenteeism.

2022-03-31

JSE:IMP JSE:NPH JSE:RBP JSE:MPT

UPDATE 1-South African stocks fall on weaker metals prices

South African stocks fell on Thursday, led by mining companies as gold fell to test the pivotal $1,800 support level after hawkish comments from a key Federal Reserve official raised early tapering bets.

2021-08-05

JSE:NED JSE:NPH JSE:WHL JSE:RBP JSE:SAP JSE:AVI JSE:MPT

UPDATE 1-South African rand steady; eyes on Fed minutes

South Africa`s rand steadied against the dollar in afternoon trade on Wednesday, with market attention pinned on the release of minutes from the U.S. Federal Reserve later in the day.

2021-07-07

JSE:AGL JSE:AMS JSE:SSW JSE:SLM JSE:NPH JSE:AVI JSE:JSE JSE:HUG

S.Africa`s Northam Platinum winds up Zambezi Black economic deal

South Africa`s Northam Platinum said on Tuesday that it would buy back all preference shares from its Black economic empowerment vehicle, Zambezi Platinum, four years ahead of its 10-year maturation date.

2021-03-23

JSE:NPH JSE:LEW JSE:ARH

S.Africa`s Northam Platinum sets out five-year output growth plan after profit bonanza

South African miner Northam Platinum reported a surge in half-year profit on Friday and said it plans to accelerate capital spending to boost output and take advantage of rising metals prices.

2021-03-19

JSE:AGL JSE:AMS JSE:IMP JSE:NPH JSE:AVI JSE:MPT

UPDATE 3-S.Africa`s Northam Platinum sets out five-year output growth plan after profit bonanza

* To boost output to over 1 million ounces by 2026 (Adds output ramp-up, CEO quote, updates shares)

2021-03-19

JSE:AGL JSE:AMS JSE:IMP JSE:NPH JSE:AVI JSE:MPT JSE:ISA

S.Africa`s Northam Platinum HY profit surges 74% on upbeat metals prices

South African miner Northam Platinum reported on Friday a surge in interim profit, driven by higher metals prices, and unveiled plans to accelerate its capital expenditure in the second half of the year.

2021-03-19

JSE:AGL JSE:AMS JSE:IMP JSE:NPH JSE:AVI JSE:MPT

Impala Platinum delays job cuts due to improved earnings: sources

Impala Platinum will delay cutting thousands of jobs and closing some capacity at its main South African mine due to operational improvements and higher commodity prices, two sources with direct knowledge of the matter said.

2019-09-04

JSE:AGL JSE:AMS JSE:IMP JSE:NPH

Northam Platinum expects Kukama shaft to be operational in FY 2020

South Africa`s Northam Platinum said on Wednesday mining operations at the Kukama shaft at its Eland mine would recommence in the 2020 financial year after the conclusion of a feasibility study on the project.

2019-06-26

JSE:GLN JSE:NPH

Palladium boom gives South African miners only temporary reprieve

A surge in palladium prices has thrown struggling South African mining companies a lifeline. But it may not be enough.

2019-05-17

JSE:AGL JSE:AMS JSE:IMP JSE:NED JSE:NPH JSE:AVI

Insider trades

Production and reserves

Production

Reserves

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Potential and Created Value,
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Releases

2022-06-20
Passing of the independent non-executive chairman and changes to the boards of directors
2022-05-26
New R2.06bn DMTN placement and extension to the maturity of R1.17bn of DMTNs under the R15bn DMTN programme
2022-05-23
Change in transfer secretary
2022-04-28
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2022-04-26
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2022-03-31
Condensed reviewed interim financial results for the six months ended 31 December 2021
2022-03-30
TRP dismisses submission by the independent board of RBPlat in relation to an alleged mandatory offer by Northam
2022-03-29
Change in external auditor
2022-03-24
Trading statement and trading update
2022-02-21
Dealing in securities
2022-02-18
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2022-02-03
Changes to the audit and risk committee and social, ethics, human resources and transformation committee
2021-12-17
Change to the board of directors
2021-12-15
Availability of the broad-based black economic empowerment annual compliance report
2021-12-09
Response to the announcement published by Royal Bafokeng Platinum Limited (“RBPlat”)

Documents

SENS Announcements

2024-04-17
Interest payment notification – NHM023
2024-03-19
Interest payment notification – NHM022
2024-03-08
Interest payment notification – NHM015
2024-03-01
Condensed reviewed interim financial results for the six months ended 31 December 2023 and cash dividend declaration
2024-02-28
Appointment of an independent non-executive director and changes to the SEHR&T committee
2024-02-21
Interest payment notifications – NHM019, NHM021, NHM024, NHM025 and NHM026
2024-02-19
Trading statement and trading update for the six-months ended 31 December 2023
2024-02-07
Interest payment notification – NHM016
2024-01-17
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2024-01-17
Interest payment notification – NHM023
2024-01-15
Voluntary production update
2023-12-20
Interest payment notification – NHM022
2023-12-08
Interest payment notification – NHM015
2023-11-22
Interest payment notifications – NHM019, NHM020, NHM021, NHM024, NHM025 and NHM026 and settlement of NHM020
2023-11-10
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2023-11-08
Interest payment notification - NHM016
2023-10-30
Results of the AGM & engagement with shareholders regarding the group’s remuneration policy & implementation report
2023-10-27
Notice of conditional postponement of annual general meeting and withdrawal of special resolution number 1
2023-10-18
Interest payment notification – NHM023
2023-10-11
Northam's long-term and short-term credit ratings reaffirmed and outlook maintained as stable
2023-10-06
Availability of the broad-based black economic empowerment annual compliance verification certificate
2023-09-29
Availability of annual financial statements of the company – NHMI
2023-09-29
Release of annual financial statements of the guarantor – NHMI
2023-09-29
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2023-09-20
Interest payment notification – NHM022
2023-09-08
Interest payment notification – NHM015
2023-09-08
Dealings in securities
2023-08-28
Disposal of the remainder of Northam Holdings’ interest in Implats
2023-08-25
Audited group annual results for the year ended 30 June 2023, cash dividend, share buyback programme & notice of AGM
2023-08-24
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2023-08-22
Interest payment notifications – NHM019, NHM020, NHM021, NHM024, NHM025 and NHM026
2023-08-14
Trading statement and trading update for the year ended 30 June 2023
2023-08-07
Interest payment notification – NHM016
2023-07-20
Acceptance of the mandatory offer from Implats in respect of Northam Holdings' total 34.5% interest in RBPlat
2023-07-18
Interest payment notification – NHM023
2023-07-13
Voluntary production update
2023-07-03
Restructure of banking facilities: Settlement and cancellation of the term loan facility and increase to the RCF
2023-06-20
Interest payment notification - NHM022
2023-06-08
Interest payment notification – NHM015
2023-05-29
Acceptance of awards
2023-05-26
Disclosure of an acquisition of a beneficial interest in Northam Holdings securities
2023-05-24
Listing of new financial instruments – NHM024, NHM025 and NHM026
2023-05-22
Interest payment notifications – NHM018, NHM019, NHM020 and NHM021
2023-05-08
Interest payment notification - NHM016
2023-04-18
Interest payment notification – NHM023
2023-04-05
Occurrence of Material Adverse Changes and termination of the Offer
2023-03-24
Condensed reviewed interim financial results for the six months ended 31 December 2022
2023-03-20
Changes to board committees
2023-03-17
Interest payment notification – NHM022
2023-03-16
Update regarding the Northam offer circular and Northam transaction circular
2023-03-09
Trading statement and trading update for the six months ended 31 December 2022
2023-03-09
Update regarding the Implats Complaints
2023-03-08
Interest payment notification – NHM015
2023-02-22
Interest payment notifications – NHM018, NHM019, NHM020 and NHM021
2023-02-08
Interest payment notification – NHM016
2023-01-18
Interest payment notification – NHM023
2022-12-22
Further extension to the posting date of the Northam offer circular
2022-12-20
Interest payment notification – NHM022
2022-12-12
Increase to the maximum cash consideration in relation to the offer, from R10 bn to R17 bn, and further information
2022-12-08
Interest payment notification – NHM015
2022-12-07
Extension to the posting date of the Northam offer circular
2022-11-22
Interest payment notifications – NHM018, NHM019, NHM020 and NHM021
2022-11-18
Update regarding the transaction
2022-11-09
Firm Intention Announcement – Offer by Northam to acquire the remaining RBPlat shares
2022-11-08
Interest payment notification – NHM016
2022-10-28
Northam's long-term credit rating upgraded, increase in banking facilities and settlement of amounts due to RBH
2022-10-25
Engagement with shareholders regarding the group’s remuneration policy and remuneration implementation report
2022-10-25
Results of annual general meeting
2022-10-20
Listing of new financial instrument – NHM023
2022-10-03
Availability of the broad-based black economic empowerment annual compliance verification certificate
2022-09-30
Release of annual financial statements of the guarantor – NHMI
2022-09-22
Listing of new financial instrument – NHM022
2022-09-08
Interest payment notification – NHM015
2022-08-26
Availability of annual financial statements of the company - NHMI
2022-08-26
Audited group annual results for the year ended 30 June 2022 and notice of annual general meeting
2022-08-22
Interest payment notifications – NHM018, NHM019, NHM020 and NHM021
2022-08-17
Voluntary trading statement and trading update
2022-08-05
Interest payment notification – NHM016
2022-06-20
Passing of the independent non-executive chairman and changes to the boards of directors
2022-06-08
Interest payments notification – NHM012 and NHM015
2022-05-26
New R2.06bn DMTN placement and extension to the maturity of R1.17bn of DMTNs under the R15bn DMTN programme
2022-05-24
Listing of a tap issuance – NHM021
2022-05-23
Change in transfer secretary
2022-05-19
Interest payment notifications – NHM011, NHM018, NHM019, NHM020 and NHM021