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Closed at R265.85 and that's where most traders seem uncomfortable, but Northam's cost per ounce is still reasonable versus Impala or Sibanye when you strip out the rand weakness noise. Palladium autocatalyst demand isn't going anywhere, and their Zondereinde expansion gives them scale most peers don't have. The future excites me.
platinum's in the bin so nph gets smashed but the asset's still there. palladium collapsed but they're not going anywhere, the bushveld doesn't move. R265.85 is probably fine if you can wait, eish.
honestly npl's fundamentals are solid, they're sitting on world class assets in the bushveld and palladium prices have been decent, but the rand weakness is just eating into their rand returns ngl. at R265.85 you're getting decent value if you believe in the platinum cycle turning around but this bear mood makes sense when everyone's spooked about demand from auto
R265.85 and the rand's doing all the work innit
R265.85 holding. Rand doing the work here.
Nph holding R265.85 but the rand strength is doing the heavy lifting on rand prices, underlying metal demand is still dodgy. Palladium autocatalyst recovery will take time, rhodium premium collapsed. Decent balance sheet but you're betting on a commodities recovery that hasn't really arrived yet, eish.
Aai jinne, NPH sitting at R265.85 and the rand keeps eating our lunch. Palladium autocatalyst demand is weak globally but rhodium holding up okay. Long term the PGM story is solid if you can stomach the volatility and currency headwinds, otherwise this could grind lower for a bit.
Platinum prices still struggling and rand strength isn't helping either. NPH trades on what, 6x earnings at R265? Sibanye looking similar but at least they've got gold to lean on when pgm gets rough. Long-term view hasn't changed though, bushveld's not going anywhere.
Pulled the latest AFS, PGM spreads still tight but cash generation solid
platinum is getting hammered by macro headwinds, rand weakness actually helps us on revenue but costs are killing margins. northam's still got solid reserves in the bushveld and management isn't panicking, long-term view hasn't changed even if the spot price is under pressure. inflation very high locally so watch the wage negotiations coming up, that'll matter more than the daily price swings imo.
Platinum price has been weak, that's the real headwind. NPH needs spot to hold above 950 usd or the margins get squeezed hard. Look at the all-in sustaining costs, they're pushing higher with load-shedding and labour costs, so unless we see a contract win or platinum rallies, not much upside here near 265.
northam's sitting at r265.85 and the rand's been all over the place but fundamentals are solid, palladium up heaps and they're sitting on the best platinum ground in the world. long holders know this, short term noise doesn't matter when you're pulling metal out of the bushveld. good day to top up if you believe in the commodity cycle turning.
platinum margins still holding up vs anglogold, reckon we see r280 again
rand weakness helping but the real issue is if they can keep unit costs down at Eland. refineries running hot helps, palladium premium still there but that's not forever. at R265.85 you're getting paid for the metal in the ground more than the operational leverage, which feels backwards for a producer.