Decide at what price you'd be comfortable buying and we'll help you stay ready.
Implats exhibits pronounced commodity-cycle sensitivity, with revenue, margins, and earnings moving sharply with realized PGM prices. The model is capital-intensive but can generate substantial internally funded cash when pricing improves, although working capital and operating-cost movements materially affect conversion.
The latest comparable results mark an inflection: operating earnings and cash generation recovered from the depressed 2024-25 pattern, while free cash flow returned to positive territory. This matters because improved PGM pricing is again flowing through to internally generated cash after a period of losses and cash deficits.
Whether operating cash flow continues to cover capital spending while working capital remains a cash use.
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| 36.8B | 35.9B | 48.6B | 69.9B | 129.6B | 118.3B | 106.6B | 86.4B | 85.5B | 135.1B | |
| (37.9B) | (34.7B) | (41.8B) | (45.3B) | (76.1B) | (77B) | (84.3B) | (80.9B) | (83B) | (102B) | |
| (1.1B) | 1.1B | 6.8B | 24.5B | 53.5B | 41.3B | 22.3B | 5.5B | 2.4B | 33.1B | |
| 528m | 0 | 933m | (1.1B) | 2.2B | (418m) | (629m) | (2B) | (366m) | (679m) | |
| — | — | — | — | — | — | — | (1.9B) | (106m) | (195m) | |
| — | — | — | — | — | — | (169m) | (88m) | (6m) | 0 | |
| 528m | — | 933m | (1.1B) | 2.2B | (418m) | (460m) | 44m | (254m) | (484m) | |
| (562m) | 1.1B | 7.8B | 23.4B | 55.7B | 40.9B | 21.7B | 3.5B | 2.1B | 32.5B | |
| 397m | (980m) | (1.8B) | 973m | 2B | 4.8B | 4.1B | (899m) | 235m | 1.8B | |
| 664m | — | 817m | 723m | 625m | 120m | 120m | 224m | 259m | 266m | |
| (9.9B) | (13.6B) | (2.4B) | (957m) | 10.5B | (32m) | (15.5B) | (22.4B) | (149m) | 11.3B | |
| (632m) | 430m | (319m) | (432m) | (308m) | (395m) | (456m) | (638m) | (670m) | (743m) | |
| (10.7B) | (13B) | 3.3B | 23B | 67.9B | 45.2B | 9.8B | (20.4B) | 1.5B | 44.7B | |
| 2.6B | 2.2B | (2.1B) | (6.5B) | (20.1B) | (12.1B) | (3.6B) | 3.3B | (786m) | (13.1B) | |
| (8.1B) | (10.8B) | 1.2B | 16.5B | 47.9B | 33.1B | 6.2B | (17.2B) | 707m | 31.7B | |
| (122m) | 114m | 292m | (429m) | (823m) | (1.1B) | (1.3B) | (162m) | 54m | (629m) | |
| (8.2B) | (10.7B) | 1.5B | 16.1B | 47B | 32B | 4.9B | (17.3B) | 761m | 31B | |
| (11.45) | (14.86) | 2.03 | 19.11 | 59.57 | 38.40 | 5.75 | (19.29) | 0.84 | 34.38 |
Alpha Spread
Preferences
We rebuilt our DCF valuation models from the ground up and upgraded how Intrinsic Value is calculated. Alpha Spread now selects the method that best fits each company.
You can now see how the new methodology performed across thousands of stocks on our new Valuation Backtest page. We update the results at the end of every month.
New to Alpha Spread? Create free account
By using Alpha Spread you are agreeing to our Terms of Service and Privacy Policy.
Already have an account? Sign in
Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
Read more
