Sibanye Stillwater: Lesser-Known PGM Play With A Turnaround Arc

Sibanye Stillwater delivered a 295% one-year return, driven by surging precious metal prices and a successful business turnaround. FY25 saw revenue up 16% and adjusted EBITDA up 189%, with margin expansion to 29.2%, despite non-cash impairment charges impacting GAAP EPS. SBSW is diversified across four segments, all benefiting from the commodity rally, and is well-positioned for a PGM super cycle amidst tightening supply.