Berenberg Lifts Valterra Platinum Price Target After Q2 Production Report

06:53 AM EDT, 07/20/2026 (MT Newswires) -- Berenberg raised its price target for Valterra Platinum (VALT.L, VAL.JO) as part of a model update following the mining company's second-quarter production report and its trading statement for the first half. "Valterra reported metal-in-concentrate (M&C) production of 775koz, in line with our 783koz estimate, of which own-mined platinum group metals (PGM) production amounted to 526koz, and purchases of concentrate (POC) amounted to 250koz - both also in line with our respective 533koz and 250koz estimates. Refined PGM production (excluding tolling) of 964koz was a beat versus our 783koz estimate, mainly due to processing adjustments. While PGM production was in line with our estimates, PGM sales came in at 946koz versus our 783koz estimate," according to a Monday note. For the first half, the research firm said the PGM company's expectation of H1 EPS in the range of 70.85 rands to 84.94 rands is above Berenberg's forecast of 61.37 rands and the Visible Alpha consensus of 69.91 rands. "We think that the beat on EPS was driven by a better top-line performance, as well as higher realised pricing than what we thought, with Valterra's realised basket price for Q2 coming in at USD2,710/oz versus our USD2,105/oz estimate," the research firm said. Citing Valterra's "solid" second-quarter performance, Berenberg forecasts a per-share dividend of 50.66 rands for the first half, above the Visible Alpha consensus of 49.15 rands per share. The company will release its interim report on July 29. Against this backdrop, analysts raised the London stock's price target to 75 pounds sterling from 71 pounds, with an unchanged buy rating.