Valterra Platinum: A Newly Independent Tollgate On A Tightening PGM Market

Valterra Platinum is undervalued as a strategic, integrated PGM platform rather than a traditional cyclical miner. ANGPY’s 2025 adjusted EBITDA rose 68% to R33.4B, with margins expanding to 38%, supported by cost control and a net cash position. Valterra’s processing and refining dominance, notably its PMR facility, provides structural advantages and strategic value beyond mine-level multiples. The demerger from Anglo American, renewable energy initiatives, and a focused growth pipeline further strengthen ANGPY’s investment case.

I am bullish about Valterra Platinum (ANGPY) for two primary reasons. First, I believe that the market is still valuing the company too much like a traditional cyclical miner and less like a rare