South Africa's 21-Day Lockdown Changes Sylvania's Fortunes [Seeking Alpha]
JOHNSON MATTHEY S/ADR (JMPLY)
NASDAQ:AMEX Investor Relations:
matthey.com/investor
Company Research
Source: Seeking Alpha
SummarySouth Africa accounts for around 75% of global platinum supply and 38% of global palladium supply.The country is under a 21-day lock-down, which will remove around 370koz of platinum and 220koz of palladium supply from the market.Sylvania is well-positioned to weather the storm with $33.8 million in cash and should benefit from rising platinum and palladium prices as well as the weak rand.Investment ThesisLast week, a 21-daywill began in South Africa with the aim of containing the spread of the coronavirus. Only health care, law enforcement, food sales and distribution, and utilities operations are exempt.At first glance, this sounds like bad news for companies like Sylvania Platinum (OTC:SAPLF). However,the measure can significantly change its fortunes as South Africamain products withalmost 90%of output.Also, the lock-down is dragging down the value of the rand, which has a positive impact on the cost structure of Sylvania’s operations.Sylvania’s businessThe company operates
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