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Platinum group metals miner operating in Zimbabwe, majority owned by South Africa's Implats (Impala Platinum).
Platinum group metals miner operating in Zimbabwe, majority owned by South Africa's Implats (Impala Platinum).
Mines ore in Zimbabwe, processes it into a semi-refined product and sells it to its majority owner, Implats, which refines it in South Africa and markets the platinum group metals, so Implats' terms and Zimbabwe's royalty and tax policy matter as much as metal prices.
In one line: A Zimbabwean PGM miner tied to a major South African producer.
Moat: narrow (scale, installed base). Large, long-life Great Dyke PGM reserves and integration with Implats' refining give durable cost position.
Headquarters: Harare, Zimbabwe · Founded: 1994 · Employees: 4,296
Size Zimplats (ZIM.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $1.06B, the 170th largest of 316 Australia companies the cockpit tracks. Shares closed at A$14.19 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -22.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 49.5% over the last twelve months (peer median +24.5%); the operating margin is 32.5% (peer median 7.9%).
Valuation It trades at 0.8× enterprise value to sales against a peer median of 2.1× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.1 points above its cost of capital (9.4% WACC).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$1.91B | A$1.92B | A$1.28B | A$1.17B | A$1.43B |
| Revenue growth | — | +50% | +9% | -18% | — |
| Gross profit | A$643M | A$643M | A$161M | A$123M | A$458M |
| EBITDA | A$825M | A$826M | A$343M | A$301M | A$614M |
| Net income | A$409M | A$408M | A$62.5M | A$12.5M | A$305M |
| Free cash flow | A$39.9M | A$41.4M | -A$49.8M | -A$346M | A$234M |
| Capital expenditure | A$218M | A$227M | A$248M | A$671M | A$452M |
| Total debt | n/a | A$51.1M | A$153M | A$94.0M | A$7.21M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Zimplats ZIM.AX | $1.06B | -15% | +50% | 33% | 0.8× | -15.0% |
| Sibanye Stillwater Limited Sponsored ADR SBSW | $6.30B | -29% | +59% | 26% | 0.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZIM.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | -17.6% | 3rd highest of 21 |
| 6-month return | -15.1% | -22.0% | 5th highest of 20 |
| Distance from 52-week high | -44.6% | -44.7% | 11th highest of 21 |
| Revenue growth (TTM) | +49.5% | +24.5% | 5th highest of 17 |
| Operating margin | 32.5% | 7.9% | 3rd highest of 17 |
| EV / Sales | 0.8× | 2.1× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -15.0% | 7.0% | least demanding of 7 |
| Growth delivered (Del g) | +1.1% | +22.1% | 2nd lowest of 7 |
| Hurdle (Req g minus delivered) | -16.0 pp | -22.9 pp | 4th least demanding of 7 |
| ROIC minus cost of capital | +5.1 pp | -5.1 pp | 4th highest of 19 |
| EV / EBITDA | 1.8× | 13.6× | cheapest of 10 |
| Net debt / EBITDA | -0.0× | 0.8× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zimplats ZIM.AX | Australia | $1.06B | -15% | +50% | 33% | 0.8× | -15.0% | +1.1% |
| Jain Resource Recycling JAINREC.NS | India | $1.05B | -43% | +48% | 5% | 0.9× | n/a | n/a |
| Americas Gold and Silver USA.TO | Canada | $1.05B | -50% | +86% | 19% | 5.6× | n/a | n/a |
| Xizang Zhihui Mining 2546.HK | Hong Kong | $1.08B | +8% | +104% | 28% | 11.8× | 32.8% | +6.0% |
| Londian Wason New Energy Tech, Inc. Unsponsored ADR FOIL | United States | $1.11B | n/a | +25% | 5% | 0.6× | n/a | n/a |
| TMC TMC | United States | $1.00B | -60% | n/a | n/a | n/a | n/a | n/a |
| Alphamin Resources AFM.V | Canada | $1.12B | -15% | +45% | 54% | 1.3× | n/a | n/a |
| Jinchuan Group International Resources 2362.HK | Hong Kong | $997M | +4% | +65% | 22% | 2.0× | -2.2% | -1.8% |
| AMG Critical Materials AMG.AS | Netherlands | $988M | -41% | +12% | 7% | 0.8× | 0.2% | +13.0% |
| Uranium Royalty UROY | United States | $1.16B | -24% | +1,570% | 27% | 9.4× | 17.4% | +161.8% |
| Jiangxi Jiangnan New Material Technology 603124.SS | China | $1.16B | -37% | +19% | 3% | 0.8× | n/a | n/a |
| Collective Mining CNL.TO | Canada | $1.17B | -22% | n/a | n/a | n/a | n/a | n/a |
| Gravita India GRAVITA.NS | India | $1.17B | -17% | +24% | 8% | 2.2× | n/a | n/a |
| Zhejiang Tony Electronic 603595.SS | China | $960M | +52% | +5% | -12% | 3.8× | n/a | n/a |
| Eramet ERA.PA | France | $1.19B | -38% | 0% | -1% | 1.4× | n/a | n/a |
| Solaris Resources SLS.TO | Canada | $1.19B | -28% | n/a | n/a | n/a | n/a | n/a |
| Metals X MLX.AX | Australia | $934M | -11% | +26% | 53% | 2.9× | -10.3% | +31.2% |
| Faraday Copper FDY.TO | Canada | $1.21B | -18% | n/a | n/a | n/a | n/a | n/a |
| Ivanhoe Electric IE | United States | $1.21B | -45% | -21% | -3,916% | 328.4× | n/a | n/a |
| Sandur Manganese & Iron Ores SANDUMA.NS | India | $914M | -18% | +21% | 20% | 1.6× | 13.8% | +46.8% |
| North Long Dragon New Materials Tech 301357.SZ | China | $1.23B | -20% | -9% | -23% | 49.9× | n/a | n/a |