Financial Mail : 2020-07-09

MONEY&INVESTING : 40 : 40

MONEY&INVESTING

money&investing EBB AND FLOW Major PGM equity cycles from 1995 (R/PGM oz) Amplats 160 HOLD 140 35 120 Target price: R1,137.75 -9% 30 Potential downside: 100 25 80 20 60 15 40 Sibanye-stillwater 10 20 BUY 5 0 0 R53 38.3% Target price: Potential upside: 95 00 05 10 15 20 Implats BUY R170.29 42.5% Target price: Potential upside: x . 40 financialm­ail.co.za July 9 - July 15, 2020

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