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【出版时间及名称】：2010年1月南非铂金行业研究报告
【作者】：德意志银行
【文件格式】：PDF
【页数】：32
【目录或简介】：
Deutsche Securities (Pty) Ltd
Table of Contents
Historical value creation ................................................................... 3
Creating significant economic value..........................................................................................3
Value driven by a rise in autocat demand..................................................................................3
Hitting a speed-bump........................................................................ 5
A halt to momentum, as the global economic crisis hit ............................................................5
Going into the crisis, some were better positioned than others ...............................................6
Returning to value in 2010................................................................ 8
Higher PGM prices to drive higher margins and improved solvency ........................................8
IMP, AQP and NHM our preferred sector picks ............................ 10
Tying economic value to current valuations ............................................................................10
Implats: Best long-term value potential ..................................................................................11
Anglo Platinum: Fully valued ...................................................................................................14
Northam: Uniquely positioned for medium-term, low-cost growth ........................................12
Aquarius: Stars aligning...........................................................................................................13
Lonmin: Return to value creation still a way off ......................................................................14
Valuation and risks.......................................................................... 16
Valuation ................................................................................................................................16
Risks ......................................................................................................................................17
Deutsche Bank input price assumptions.................................................................................17
Appendix A: 2x2 matrix definition ................................................. 23
Evaluating SA gold sector’s long term attractiveness.............................................................23
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