A bit scrappy and some slight changes made which do pull down...

A bit scrappy and some slight changes made which do pull down the figures a bit; hope it helps in any case.

Logic as follows:

Cash costs in period taken from announcements, other costs assumed in line with prior years
Turnover has been determined by taking the last 5 years volumes dividing through turnover to get a realised price, and then comparing what the market price was for the period (you'll see it at the bottom). This lands at circa 10% discount or a 90% realisation to the index. Flow this through the reported production volumes for Q1/Q2 and add in another bit of revenue for nickel and other byproducts and you land at turnover for the period. This gets you a PBT, then take tax rate of 30% (SA is usually around 28% though this extra should cover any shortcoming on the royalties assumption in costs). This gets PaT, divide by number of shares from annual report this gets us to EPS

To get PE: take EPS and divide over the share price and you'll get ~3.0.

let me know if you see any omissions, errors and of course your thoughts.

Concerning the FY earnings the Prices as of this morning on the spots market (rounded) would be as follows and are used below. Though do we really think Rh will stay at that price?
Pt at 1,100/oz
Pd at 2,250/oz
Rh at 20,500/oz
Au at 1,800/oz

For FCF take $50-60m off per half for capex, so looking like ~140m for H1 and 300-350 for FY. assumes no WC movements.