Anglo American Platinum 2H23 results - EBITDA remains weak
   
📝Amplat's 2H23 revenues beat our estimates by 17% (but were roughly in-line with consensus), mostly amid higher third party concentrate sales than we had anticipated. However, EBITDA was disappointing (-22% vs. the consensus, and -15% vs. us), amid elevated cost pressures in the POC segment and an SG&A one-off
   
📈The PGM miner's 3E AISC rose 3% YoY to USD 1,136/oz in 2023. Regarding 2024, management sees AISC at ~USD 1,050/oz (-7% YoY)
 
⛏Amplats also reiterated its refined PGM production guidance at 3.3-3.7mnoz in 2024 (down 3-13% YoY). The figure is expected to decline to 3.0-3.4mnoz in 2025
  
💰The BoD has declared a final dividend of ZAR 9.3/sh., implying some ~1.2% yield

📌At spot, we expect Amplat's 1H24F EBITDA to be notably weaker HoH amid potentially lower sales volumes and subdued metals prices (current Pd prices are 26% lower vs. 2H23 avg.)

#AMS #PGMs
https://metals-wire.com/company/AMS_SJ/