Sibanye Stillwater Hawk normalized EV/EBITDA valuation

Sibanye Stillwater (SBSW)
As of 2026-06-15
USD
Updated Jun 20, 2026
Download Excel

Sibanye Stillwater Hawk normalized EV/EBITDA valuation

as of 2026-06-15

Fair value per SBSW ADS
$13.63
Upside/downside to current ADS price
27.2%

Balance sheet

22.1R billions

Normalization assumptions

35.0%

Reported earnings anchors

37.8R billions
19.4R billions

Share count

2,830.6millions

Valuation assumptions

3.8
17.80

Normalized EV/EBITDA valuation bridge

FY2026E
FY2025 adjusted EBITDA37.8
Q1 2026 adjusted EBITDA annualized77.5
Weight on Q1 run-rate35.0%
Normalized adjusted EBITDA51.7
EV / adjusted EBITDA multiple3.8
Enterprise value193.8
Net debt22.1
Equity value171.7
Equity value$9.6
Ordinary shares outstanding2,830.6
Ordinary shares per ADS4.0
Fair value per ADS$13.63

Sources

  1. The 2025 annual report reported adjusted EBITDA of R37.800B, net debt of R22.123B, and net debt to adjusted EBITDA of 0.59x at December 31, 2025. — modeledge.ai
  2. The 2025 annual report reported revenue of R129.677B, adjusted EBITDA of R37.800B, operating cash flow of R21.407B, capital expenditures of R20.307B, and 2.830567B shares outstanding. — modeledge.ai
  3. The Q1 2026 operating update reported group adjusted EBITDA of R19.4B, a detailed key-statistics figure of R19.372B, and 2,830,567,264 shares at March 31, 2026. — storage.googleapis.com
  4. The Q1 2026 operating update states that one SBSW ADS represents four ordinary shares. — storage.googleapis.com
  5. The valuation uses a normalized EV/adjusted EBITDA approach: FY2025 EBITDA is blended with a discounted annualized Q1 2026 run-rate, then a cyclical miner multiple is applied and net debt is subtracted.
  6. Main portfolio SBSW Hawk row used a last ADS price of $10.72 on June 15, 2026.

Built with Modeledge MCP

Connect Claude or any MCP agent to research SEC filings and earnings calls, and produce a living financial model like this one.

Connect your agent