Based on Indaba Presentation currently on PLA website, i will have a first cut stab at future worth.
2008/09 Smokey Hills 95000 oz 4E basket price US$1530, cost US$240 (platinum $1600, palladium $375, gold $900, Rhodium $7000)
2009/10 Smokey Hills 95000 oz 4E basket price US$1530, cost US$240 Kalahari 80000 oz 3E basket price US$1080, cost US$280
2010/11 Smokey Hills 95000 oz 4E basket price US$1224, cost US$240 Kalahari 1850000 oz 3E basket price US$864, cost US$280
PLA retains 60% share of Smokey Hills due to BEE PLA retains 49% share of Kalahari due to JV with ARM
AQP is a PE of 18 PLA fully diluted 219mil shares NPAT US$ US EPS AUD PE SP AUD$ 2008/09 54.1mil 0.247 0.89 15 $4.16 2009/10 76.0mil 0.35 0.89 15 $5.90 2010/11 191.1mil 0.415 0.89 15 $6.24
I haven't factored in Panton 40000 oz/pa from 2010/11, i am using this as an upside buffer. I need to check on 60% BEE as PLA reduces to 60% but has effective 75% of cashflow. But again for conservative estimates i am using 60%. Maybe someone can clarify for me.
PLA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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