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Sibanye Stillwater: Weakness Ahead Offers Opportunity (NYSE:SBSW)

Introduction

Johannesburg-based company Sibanye Stillwater Limited (NYSE:SBSW) released its six-month earnings results ending June 30, 2023, on August 29, 2023. It is time to update my prior article and discuss the most recent developments.

Note: This article updates

Sibanye Stillwater ADR

12/2021

6/2022

12/2022

6/2023

$US vs. ZAR 15.03 15.40 17.33 18.94
Total Revenues in $ Million 5,461 4,570 3,878 3,326
Basic Net Income attributable to SBSW in $ Million 577 782 344 427
Adjusted EBITDA $ million 1,852 1,465 635 776
EPS in $/share/ per ADR (4x) 0.76/3.04 0.28/1.12 0.13/0.52 0.14/0.56
Operating Cash Flow in $ Million 1,267 285 645 264
Capital Expenditure in $ Million 477 399 564 579
Free Cash Flow in $ Million 790 -111 81 -315
Cash and cash equivalent $ Million 1,900 1,673 1,509 1,182
Borrowings, including current in $ Million 1,273 1,282 1,315 1,350
Net debt in $ million 0 0 0 0
Dividend per ADR in $/share 0.49 0.33 0.27 0.112
Shares outstanding (diluted) in Million 719.22 707.73 707.70 707.64
Production Au Oz 12/2021 6/2022 12/2022 6/2023
US 2E PGM Production 272,099 230,039 191,094 205,513
US recycling Oz 352,276 361,333 237,441 162,452
US AISC 2E/Oz Stillwater 1,039 1,366 1,840 1,737
SA 4E PGM 941,973 823,806 843,658 799,182
SA AISC 4E/Oz 1,134 1,179 1,179 1,083
4E PGM Price in $/Oz 2,696 2,817 2,434 1,867
Gold Production Au Oz 554,086 191,683 428,859 416,738
Average gold price $/oz 1,780 1,864 1,720 1,921
AISC Gold $/oz 1,685 3,115 2,019 1,813

AISC type

6/2022

12/2022

6/2023

AISC 2E PGM 1,366 1,840 1,737
AISC 4E PGM 1,179 1,179 1,867
AISC Gold 3,115 2,019 1,813

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