Sibanye Stillwater - Cyclically Weak, Politically Horrific, Fundamentally Strong
A deep dive on one of the world's largest precious metals mining companies
The total return of SBSW stock over the past 3 years has been abysmal. The stock has under performed every metal they mine, the S&P500, and the South African stock market by a long shot.
I’ve recently started buying SBSW, a name I played from 2017 to 2019 as well for a tidy profit. I think the company is under valued, and despite enormous jurisdictional risks, I think is in a strong position. In this post, I’ll be doing a deep dive on SBSW assets, fundamentals, valuation, shareholder return history, and problems - and tell you why I think it is one of the most under valued large mining companies in the world right now.