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Investing.com - RBC Capital has reiterated an Outperform rating on Valterra Platinum (LSE:VALT) with a price target of GBP35.00, following Anglo American’s sale of its remaining 19.9% stake in the company.
Anglo American sold its stake for approximately $2.5 billion at an 8.6% discount, a move that RBC Capital describes as being executed "at a good price" with Valterra shares up 30% since the spin-off.
Despite the size of the placement, Valterra was the top performer in the PGM (Platinum Group Metals) sector yesterday, according to RBC Capital’s analysis.
The firm expects Valterra to trade at a premium to the sector due to its asset quality and growth opportunity at Mogalakwena underground, noting that Valterra doesn’t face the "catchup capex" that competitors are currently dealing with in the improved price environment.
RBC Capital views the sale as clearing an overhang on Valterra’s stock, positioning the company as "the straight forward sector leader" that is now "entirely free to pursue its own strategic path" and leverage its competitive advantages in the space.
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