Sibanye Stillwater Ltd. (SBSW) intrinsic value & 10-year financials
Sibanye Stillwater Ltd. (SBSW) has a Graham intrinsic value of ZAR 200.31 per share. Over the last 9 fiscal years revenue grew 13.6% a year to ZAR 112.1B, with an average return on invested capital of 6.1%.
- Graham intrinsic value
- ZAR 200.31
- Revenue (FY2024)
- ZAR 112.1B
- Revenue growth (9-yr CAGR)
- 13.6%
- ROIC (10-yr avg)
- 6.1%
- Free cash flow (FY2024)
- -ZAR 11.5B
SBSW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | ZAR 112.1B | -ZAR 5.7B | -ZAR 2.58 | -ZAR 11.5B | — | -8.4% |
| FY2023 | ZAR 113.7B | -ZAR 37.4B | -ZAR 13.34 | -ZAR 15.3B | — | -49.8% |
| FY2022 | ZAR 138.3B | ZAR 19.0B | ZAR 6.50 | -ZAR 356.0M | — | 23.9% |
| FY2021 | ZAR 172.2B | ZAR 33.8B | ZAR 11.29 | ZAR 19.5B | — | 48.2% |
| FY2020 | ZAR 127.4B | ZAR 30.6B | ZAR 10.55 | ZAR 17.5B | — | 51.9% |
| FY2019 | ZAR 72.9B | ZAR 432.8M | ZAR 0.02 | ZAR 1.8B | — | 0.9% |
| FY2018 | ZAR 50.7B | -ZAR 2.5B | -ZAR 1.10 | ZAR 5.1B | — | -5.3% |
| FY2017 | ZAR 45.9B | -ZAR 4.4B | -ZAR 2.29 | -ZAR 3.4B | — | -12.3% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in ZAR.
Executive summary
Sibanye Stillwater Ltd revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Sibanye Stillwater Ltd has historically struggled to out-earn its cost of capital, averaging just 6.1% ROIC.
Over the decade, Sibanye Stillwater Ltd shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Sibanye Stillwater Ltd is modeled at 13.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $200.31 per share.