Despite the lower Q323 production and higher unit costs, Sylvania Platinum remains highly cash generative with US$144.2m cash at end March 2023 versus US$123.9m at end Q223. Lower rhodium prices resulted in significantly lower EBITDA than Q223. We have lowered our rhodium and palladium price forecasts for the next two years because of expected lower demand in China and some de-stocking from OEMs. Our new valuation is 173.7p/share, versus the previous valuation of 186.9p/share.
