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Sibanye Stillwater Limited (SBSW) Fair Value & Analysis

Basic Materials · US · Market cap $7.7B

SS Sibanye Stillwater Limited logo Sibanye Stillwater Limited SBSW · US
Price$10.48
Fair Value$19.44
Upside+85.5%
Quality52/100
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Weak Growth
Loss-making · -4.0% net margin
Moderate debt · generates free cash flow
2.92% dividend yield
Ranks above peers (10/13)
Narrow moat 25/100
Evidence: High Range $14.80 – $25.25 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated today

Fair value updated Aug 13, 2026, revised from $19.38 to $19.44 (+0.3%) since Aug 11, 2026. Share price +22.3% over the past month.

A solid business, screening 86% undervalued on our models.

What matters now

  • The price is below even our cautious bear case ($14.80). The market is more pessimistic than our downside scenario.
  • Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

$20.56 $3.10 Fair Value $19.44 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range $3.10 – $20.56 · fair‑value band $14.80 – $25.25 · the $10.48 price screens below the $19.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Sibanye Stillwater Limited (SBSW) currently trades at $10.48, while our model-based Fair Value estimate is $19.44, implying the stock looks roughly 85.5% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Sibanye Stillwater Limited generated revenue of $130B at a net margin of -4.0%. Revenue grew 31.6% year over year. It earns a return on equity of -10.3%. Net debt stands at $27.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from $14.80 (bear case) to $25.25 (bull case); at $10.48, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 49% below its 52-week high and 60% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -45% fair-value upside, at 86%, SBSW screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF $0.4993 $1.75 $3.76 80
Rev-Margin DCF $6.54 $13.94 $23.47 74
ROIC Compounder $14.79 $19.44 $25.00 72
All 15 models by family
DCF Models
FCF DCF $0.5171 $1.90 $4.21 38
5Y Revenue Exit $6.54 $14.31 $25.18 39
5Y EBITDA Exit $11.97 $25.51 $42.86 41
10Y Revenue Exit $4.04 $10.63 $21.23 36
10Y EBITDA Exit $7.92 $18.64 $35.70 37
Earnings-Based
EPV $13.14 $15.41 $17.38 59
Dividend Discount
Gordon GGM $0.2141 $0.4270 $0.6461 70
DDM Multi-Stage $0.2141 $0.3690 $0.4505 61
Multiples
EV/EBIT $19.04 $25.81 $32.59 53
EV/EBITDA $19.36 $26.24 $33.12 54
EV/Revenue $9.72 $14.43 $19.14 43
Asset-Based
NCAV (Graham) $1.72 $2.31 $3.44 50
Growth DCF
Growth DCF $0.4993 $1.75 $3.76 80
Rev-Margin DCF $6.54 $13.94 $23.47 74
Economic Profit
ROIC Compounder $14.79 $19.44 $25.00 72

Widest divergence: Multiples ($25.81) versus Dividend Discount ($0.3690). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) $130B
Revenue growth (YoY) +31.6%
Net margin -4.0%
Return on equity -10.3%
Free cash flow $1.7B FY2025
Operating margin 13.5%
More key figures
EPS (TTM) $-0.4400
Dividend yield 3.2%
EPS growth (YoY) -38.2%
Net debt $27.2B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 47 · Market factors (momentum, volatility) 29

Profitability 20
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Sibanye Stillwater Limited, together with its subsidiaries, operates as a precious metals mining company in South Africa, the United States, Europe, and Australia. The company produces gold; platinum group metals (PGMs), including palladium, platinum, rhodium, iridium, and ruthenium; chrome; lithium; zinc; nickel; and silver, cobalt, and copper.

Full company description

Sibanye Stillwater Limited, together with its subsidiaries, operates as a precious metals mining company in South Africa, the United States, Europe, and Australia. The company produces gold; platinum group metals (PGMs), including palladium, platinum, rhodium, iridium, and ruthenium; chrome; lithium; zinc; nickel; and silver, cobalt, and copper. Sibanye Stillwater Limited was founded in 2013 and is headquartered in Weltevredenpark, South Africa.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sibanye Stillwater Limited reported revenue of $120B in FY2025 versus $172B in FY2021, a compound −8.6%/yr. Reported net income was −$4.8B in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$120B
Latest YoY
+7.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.2%
Avg. growth/yr (16Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.4%
Revenue −8.6%/yr
FY21 $172B
FY22 $138B
FY23 $114B
FY24 $112B
FY25 $120B
Net income
FY21 $33.1B
FY22 $18.4B
FY23 −$37.8B
FY24 −$7.3B
FY25 −$4.8B

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Cite: Fair Value Calculator (2026). "Sibanye Stillwater Limited Fair Value". https://www.fairvalue-calculator.com/stock/SBSW

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Other Precious Metals & Mining · 100 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Above median
Fair Value upside +86% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) 14% · Above median
Revenue growth 32% · Above median
Dividend yield (TTM) 2.9% · Top 25%
Debt / equity 0.81× · Higher than 75% of peers

Valuation Multiples vs Other Precious Metals & Mining median · lower = cheaper

P/B 0.19× · Cheaper than 75% of peers
P/S (TTM) 0.06× · Cheaper than 75% of peers
P/FCF 4.6× · Cheaper than 75% of peers
EV/EBITDA 0.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 0
FUTURE 100 · sector 58
PAST 0 · sector 0
HEALTH 60 · sector 99
DIVIDEND 58 · sector 14

Insider activity: 78/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Other Precious Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Fresnillo plc FRES 579.75 MXN 544.18 MXN -6%
Hecla Mining Company HL $17.76 $8.15 -54%
Compañía de Minas Buenaventura S.A. BVN $34.60 $29.53 -15%
China Gold International Resources Corp CGG C$35.90 C$18.48 -49%
Artemis Gold Inc ARTG C$39.91 C$21.85 -45%
Triple Flag Precious Metals Corp TFPM $32.25 $16.03 -50%
Zhaojin International Gold Co 000506 ¥19.06 ¥2.84 -85%
Sino-Platinum Metals Co 600459 ¥21.71 ¥13.23 -39%
Perpetua Resources Corp PPTA C$35.18 C$5.85 -83%
Al Masane Al Kobra Mining Company 1322 84.45 SAR 53.08 SAR -37%

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Frequently asked questions

Is Sibanye Stillwater Limited (SBSW) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $19.44 versus a price of $10.48, about +86% (undervalued).
What is the fair value of SBSW?
Our model-based fair value for Sibanye Stillwater Limited is $19.44 (as of Aug 13, 2026), built from audited fundamentals. The current price is $10.48.
What is the quality score of SBSW?
Sibanye Stillwater Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sibanye Stillwater Limited (SBSW)?
Sibanye Stillwater Limited reported trailing-twelve-month revenue of about $130B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SBSW?
The net profit margin of Sibanye Stillwater Limited is about -4.0%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Sibanye Stillwater Limited pay a dividend?
Sibanye Stillwater Limited currently shows a dividend yield of about 3.15% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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