Sylvania Platinum — Some weakness but cash-flow rich

Sylvania Platinum (AIM: SLP)

Last close As at 28/03/2024

GBP0.59

1.00 (1.72%)

Market capitalisation

GBP153m

More on this equity

Research: Metals & Mining

Sylvania Platinum — Some weakness but cash-flow rich

Sylvania’s H122 results showed that despite lower production and higher costs, the company remains highly cash generative, and we expect end-December 2021 net cash of US$110m to surpass US$200m by end FY24. H122 production issues should be mostly resolved by the end of Q322. ZAR unit costs rose in H122 due to western Sylvania Dump Operations (SDO) experiencing water shortages and temporary tailings dam instability at the Lesedi SDO. These issues are being addressed and could further improve the US$ cost outlook, which is already benefiting from a weaker rand. We have cut our FY22 EPS forecast by 10% on lower H122 revenues, offset by lower US$ costs, but our longer-term forecasts remain unchanged. A windfall dividend of 2.25p was declared on 21 February.

Metals & Mining

Sylvania Platinum

Some weakness but cash-flow rich

Interim report

Metals & mining

25 February 2022

Price

97p

Market cap

£257m

£/US$1.36

Net cash (US$m) at 31 December 2021

110.1

Shares in issue

272.5m

Free float

97.7%

Code

SLP

Primary exchange

AIM

Secondary exchange

NA

Share price performance

%

1m

3m

12m

Abs

4.7

12.6

(12.7)

Rel (local)

6.9

16.4

(17.5)

52-week high/low

143p

84p

Business description

Sylvania Platinum focuses on the re-treatment and recovery of platinum group metals including platinum, palladium and rhodium, mainly from tailings dumps and other surface sources, but also lesser amounts of run-of-mine underground ore from Samancor chrome mines in South Africa.

Next events

TBC

TBC

Analysts

René Hochreiter

+44 (0)20 3077 5700

Lord Ashbourne
(formerly Charles Gibson)

+44 (0)20 3077 5700

Sylvania Platinum is a research client of Edison Investment Research Limited

Sylvania’s H122 results showed that despite lower production and higher costs, the company remains highly cash generative, and we expect end-December 2021 net cash of US$110m to surpass US$200m by end FY24. H122 production issues should be mostly resolved by the end of Q322. ZAR unit costs rose in H122 due to western Sylvania Dump Operations (SDO) experiencing water shortages and temporary tailings dam instability at the Lesedi SDO. These issues are being addressed and could further improve the US$ cost outlook, which is already benefiting from a weaker rand. We have cut our FY22 EPS forecast by 10% on lower H122 revenues, offset by lower US$ costs, but our longer-term forecasts remain unchanged. A windfall dividend of 2.25p was declared on 21 February.

Year end

Revenue (US$m)

PBT*
(US$m)

EPS*
(c)

DPS**
(p)

P/E
(X)

Yield
(%)

06/20

115

65

14.6

1.60

8.7

1.6

06/21

206

143

36.7

7.75

3.5

6.4

06/22e

167

98

24.5

6.55

5.2

4.4

06/23e

176

105

26.9

4.90

4.8

5.0

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Includes declared windfall dividend of 3.75p for FY20 paid in April 21 and a windfall 2.25p for FY21 paid in April 22.

ZAR cost pressures will only abate towards end-FY22

Sylvania’s group cash cost per 4E oz increased despite good cost control in Q222, although H122 costs were higher. This was mainly due to the Lesedi SDO producing 2,800oz of platinum group metals (PGMs) less than planned, lower feed grade of Mooinooi run-of-mine (ROM) material from the host mine and water shortages in the western SDO affecting production. We expect these problems to continue until late Q322 and ease in Q422 but, with management expecting improved production in H222, we have reduced our estimated ZAR unit costs, relative to the H1 average, by 5% for Q3 and 10% for Q4. We expect ZAR unit costs to normalise in FY23 at c 10% above the average FY21 levels, which are slightly below our previous US$ forecasts. Management recently trimmed its FY22 PGM production guidance to a range of 66,000–68,000oz, from 70,000oz in September.

Medium- and long-term outlook remains intact

Despite a weak PGM basket during H122, H222 started well, especially for rhodium prices, and our PGM outlook remains unchanged. We have cut our FY22 EPS by 10% to 24.5c on lower H122 revenue, but our PGM prices and EPS forecasts remain largely unchanged for FY23. We are monitoring increased upside potential from Sylvania’s iridium and ruthenium by-products based on their recent strong price performance.

Valuation: 163p/share plus 12p from exploration

Our valuation for Sylvania is unchanged at 163p/share for the producing SDO. Our outlook remains unchanged, but offers potential upside from cost efficiencies (over and above the improvements expected in H222 and FY23) and the increasing importance of by-products. We continue to value exploration assets at 12p/share.

H122 results and forecasts

H122 results were reduced by a number of factors – lower production at the SDO, lower treatment volumes at Lesedi leading to 11% lower PGM production and increased ZAR cash costs. Management recently trimmed its FY22 production guidance to a 66,000–68,000oz range (previously 70,000oz). Consequently, we have revised our FY22 estimates downwards. The main reasons behind these factors are the lower ROM material and lower current arisings PGM feed grade from the western SDO during Q2, as well as the temporary suspension of operations at Lesedi due to water shortages and the temporary tailings dam deposition strategy. We think the water shortages will continue into Q322, but with expected new pipelines Q422 should see production from Lesedi improve. It may take most of H2 for the lower grades being delivered by the host mines’ ROM material to be resolved. We have therefore adjusted our PGM production down from 70,000oz to 68,000oz in line with company guidance. We have marginally reduced our estimated basket prices by 2.7% from our previous FY22 outlook to reflect the fact that actual H122 prices were soft at US$2,966/oz. Consequently, we have reduced our revenue forecasts by 5.5% (see Exhibit 1).

Exhibit 1: H1 results (to 30 December 2021) and forecast changes

US$m

H121a

FY21a

H122a

Change on H121 %

H222e

FY22e previous

FY22e updated

% change

FY23e

FY24e

Revenue

85.2

206.1

69.1

(18.9)

98.1

176.9

167.2

(5.5)

176.1

174.0

Cost of sales

27.3

54.8

29.2

6.9

30.2

61.2

59.4

(3.0)

61.6

63.3

Costs (ZAR)

442.9

840.2

438.9

(0.9)

481.3

905.4

915.5

1.1

982.6

1010.3

Gross Profit

57.9

143.1

36.8

(36.4)

63.7

108.0

100.5

(6.9)

105.8

102.0

Profit before tax

57.4

143.2

34.9

(39.2)

62.9

106.3

97.8

(8.0)

104.9

101.5

EBITDA

58.0

144.9

36.2

(37.7)

64.0

109.6

101.1

(7.8)

108.0

105.0

Net Profit

40.5

99.8

24.4

(39.9)

43.9

75.0

66.8

(10.9)

73.3

70.2

Basic EPS US cents

14.9

36.7

8.9

(40.1)

16.1

27.5

24.5

(1.1)

26.9

25.7

Dividend (p)

-

4.0

-

-

4.3

4.0

4.3

6.7

4.9

6.3

Windfall dividend

3.75**

-

2.25**

-

-

-

Production (4Eoz)

36,3345

70,043

32,376

(91.1)

35,712

70,027

68,088

(2.8)

69,290

69,975

Cash cost ZAR/4E PGM oz

9,996

1,1189

12,256

22.6

12,043

11,806

12,423

5.2

13,057

13,150

Basket price (US$/oz)

3,184

3,690

2,966

(6.8)

3,168

3,115

3,031

(2.7)

3,054

2,965

Cash balance

67.1

106.1

110.1

64.0

24.0

150.6

134.1

(10.9)

171.3

203.8

Source: Edison Investment Research. Note: *Paid in April 21 for FY20. **To be paid in April 2022 for FY21.

The fall in production meant that ZAR unit cash costs increases sharply in H122, by 23% relative to H121 and by 14% relative to FY21. We anticipate that production will go back to normal levels by Q422, but have increased our ZAR unit cash costs by 5.2% in our updated FY22 forecast. In US$ terms, they drop by 3.0% due to a weaker ZAR/US$ exchange rate.

As a consequence, we see pressure on gross profit, EBITDA and net profit leading to an 11% reduction in our forecast FY22 EPS to 24.5c/share. Sylvania continues to be strongly cash generative, leading to our end-FY22 net cash forecast of US$134m and our increased FY22 dividend forecast of 4.3p/share. Management announced a windfall dividend of 2.25p on 21 February 2022 for FY21, payable on 8 April 2022.

Valuation unchanged at 163p/share and 175p/share with exploration

The interim results have not affected our valuation as the problems in H122 are of a short-term nature and in the longer term our outlook remains intact. We believe that resolution of the current processing problems will bring ZAR unit costs back in line, production will increase as short-term problems are sorted out and the PGM basket will increase in line with our forecasts (with January and February 2022 already moving upward). New water pipelines and the return of Lesedi to normal production levels should be achieved by Q422. We also think that the lower grades being experienced by the host mine at Mooinooi are temporary and likely to return to normal grades by Q422. These lower-grade patches in the Bushveld Complex are encountered sometimes, but the constant grades and geology of the Bushveld reefs ensure that grades will return to normal levels in due course.

Furthermore, construction of the second milling and flotation circuits (MF2) at two of its six plants (SDOs), namely Tweefontein and Lesedi, as fine-grinding in addition to a second pass of the concentrate through another set of flotation cells, will improve recoveries by c 8 to15% at these plants, which translates into a c 4 to 8% recovery improvement across the SDOs as a whole. Sylvania already has MF2 circuits at Millsell, Doornbosch and Mooinooi. The new MF2 circuits are scheduled to be in operation by late CY22, so will add to production by FY23 and result in full enhanced recoveries from FY24 onwards.

Strong cash generation supports healthy dividends

Sylvania pays a dividend for its financial year (ending 30 June) in the following December. It pays a windfall dividend for the same financial year, if declared, in April of the following year. Sylvania declared a 4p dividend for FY21, which it paid in December. It also declared a windfall dividend, again for FY21, of 2.25p, which it will pay on 8 April 2022.

With the rise in unit costs in H122, and 15% lower net profits now forecast for FY22, we estimate that Sylvania can declare a basic 4.3p dividend for FY22, reflecting the high cash balance it will have at the end of FY22. Sylvania’s strong cash generation and high cash balances lead us to forecast a further increase in the underlying dividend for FY23 to 4.9p. Further windfall dividends are also possible.

Operational issues

The main operational issues in H122 (to end December 2021) were experienced on the western Bushveld SDO (Exhibit 2).

Lesedi (SDO 3 in Exhibit 2), which was acquired from Pan African Resources in November 2017, ie the PGM Phoenix dump retreatment operation, had a tailings dam stability problem in 2021. After the Vale dam disaster in Brazil in 2019, all tailings dams worldwide came under scrutiny and Sylvania decided to stop deposition on the dump and establish a new one. In the meantime, a temporary dam is being used but, due to the nature of the emergency dam deposition facility and ongoing water shortages in the area, Lesedi produced c 2,800 PGM ounces less than anticipated for the period. The operation will remain under pressure until a new water pipeline and more boreholes have been installed in the latter part of Q322 when the new tailings dam is scheduled to be commissioned.

Exhibit 2: Location of Sylvania’s plants and projects on the Bushveld Igneous Complex in South Africa, the source of some 90% of the world’s resources of PGMs

Source: Sylvania Platinum

PGM market status: Rhodium price may exceed our forecasts in the longer term

Our view on the PGM markets (see our thematic report on the outlook for the PGM markets, published on 13 December 2021) is largely unchanged. However, recent moves in the rhodium price mean that the year-to-date price of US$16,900/oz is now above our existing 2022 forecast of US$16,000/oz. Rhodium represented around 60% of Sylvania’s revenue in FY21 and 40% in H122.

Exhibit 3: PGM price forecasts (average annual prices to 2039)

Source: Edison Investment Research

The biggest consumer of PGMs by far is the auto sector. Because of the global chip shortage, vehicle sales are likely to be lower again in the first six months of 2022. Compared to the 14% fall in vehicles sales in 2021 versus normal pre-pandemic levels (source: JD Power), we believe the first half of 2022 could again see reduced sales levels. Toyota recently announced that it is reducing its global consolidated sales forecast by 3.5% from 8.55m vehicles to 8.25m for its current financial year ending 31 March 2022. In 2019, Toyota, which is the world’s biggest car maker, produced and sold 10.7m vehicles. We expect other car makers to announce reductions in their sales because of the chip shortage. In the short term, therefore, we see no reason to change our forecasts as we have already anticipated the chip shortages, which are likely to continue in H1 CY22 (H222).

However, demand for cars is very strong, with most companies’ order books full and around three months’ waiting time for a new car. Global new car prices rose 12% during 2021, second-hand car prices rose 42% and car rental prices rose 24% (source: The InEVitable – MotorTrend, presented by Volvo).

The rhodium price is above most forecasters’ expectations and has recently traded at $18,000/oz, indicating good demand, combined with an expected deficit for a number of years in the future. Rhodium is the most important metal produced by Sylvania, currently contributing more than 40% to its revenue. Rhodium accounts for 12% of Sylvania’s produced metals by mass, a higher percentage than the 6–8% by mass of other South African producers. High iridium and ruthenium prices boosted Sylvania’s by-product revenue in H122 and, if maintained at the current levels of US$3,900/oz and US$525/oz respectively, could further enhance Sylvania’s revenues in H222.

Valuation

Our approach to the valuation of Sylvania is unchanged since our initiation note published on 29 October 2021. Our methodology remains the constant currency dividend discount model (DDM) method for valuing all mining shares, at a 10% real discount rate. Sylvania’s exploration assets are valued at its balance sheet value of 12p per share as at end June 2021. The Grasvally exploration asset was sold during Q222 for ZAR100m.

Absolute valuation

Sylvania is a tailings dump retreatment company that has planned steady production rates for the next 20 years. We use the following key drivers in our DDM valuation:

Exhibit 4: Key inputs to our DDM model

FY21

FY22

FY23

FY24

FY25

PGM plant feed (tonnes)

1,272,974

1,252,196

1,268,330

1,271,727

1,268,227

PGM plant feed grade (g/t)

3.2

3.2

3.0

3.1

3.1

PGM cash cost ZAR/4E PGMoz

11,257

12,423

13,057

13,150

13,441

PGM cash cost US$/4E PGMoz

734

827

822

824

843

Source: Edison Investment Research

We have reduced our feed tonnes estimate in FY22 to account for the Lesedi problems, but forecast stable production from FY23 to FY29 and then a more conservative production/output as dump material is depleted and current arisings become the main feed source, which is in line with our previous view. We forecast muted US$ cash costs/oz after a normalisation in ZAR unit costs in H222 and FY23. Our SDO valuation remains unchanged at 163p/share.

Valuation of exploration assets

We have valued the exploration assets at the balance sheet value as of June 2021 to be conservative, which results in a 12p/share addition to our SDO valuation. We have also valued the assets using the resource base method (excluding the Grasvally, asset which has been sold) and, using this method, our value is UD$0.47 per share or 35p per share at the current exchange rate (see our initiation note for the detailed valuation). However, we have used a more conservative value for our total value of Sylvania, which in aggregate is 175p per share.

Relative valuation

Sylvania offers good value relative to its peers and trades at a discount at all levels. Our P/E ratios, based on our forecasts, are lower than consensus and significantly lower than the majors except for Jubilee, although this company is not a pure PGM producer. On a dividend yield basis, our valuation is a little higher than consensus. Compared to its peers, however, Sylvania’s dividend yield is lower in most cases.

Exhibit 5: Sylvania valuation relative to consensus for its peers

P/E (x)

Dividend yield (%)

Ticker

2022e

2023e

2024e

2022e

2023e

2024e

Sylvania (Edison)

SLP-GB

3.8

3.5

3.7

6.7

5.0*

6.5*

Sylvania (Consensus)

SLP-GB

4.5

4.3

4.4

4.9

4.4

9.8

Anglo Platinum

AMS-ZA

7.0

9.3

10.9

12.0

7.8

6.3

Implats

IMP-ZA

5.9

5.5

7.2

8.9

12.6

11.1

Sibanye

SSW-ZA

4.7

5.3

6.5

10.2

8.0

9.4

Northam

NPH-ZA

6.2

5.0

5.6

8.1

11.5

12.4

Royal Bafokeng Platinum

RBP-ZA

6.1

7.9

8.6

11.1

9.5

10.3

Jubilee

JLP-LON

11.0

6.0

4.7

0.0

0.0

0.0

Source: Edison for Sylvania research, Refinitiv consensus for all other counters. Note: *Does not include windfall dividend in 2023 or 2024.

Exhibit 6: Financial summary

US$m

2018

2019

2020

2021

2022e

2023e

2024e

Year ending 30 June

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

 

 

 

 

 

 

Revenue

63

71

115

206

167

176

174

Cost of Sales

(45)

(45)

(47)

(55)

(59)

(62)

(63)

Royalties Tax

0

0

(1)

(8)

(7)

(9)

(9)

Gross Profit

18

26

67

143

101

106

102

EBITDA

16

30

69

145

100

108

105

Operating Profit (before amort. and except.)

16

24

64

142

97

103

99

Intangible Amortisation

0

0

0

0

0

0

0

Exceptionals

0

0

(10)

0

0

0

0

Other

(2)

(9)

(9)

(5)

(7)

(7)

(8)

Operating Profit

16

24

54

142

97

103

99

Net Interest

1

1

2

1

1

2

2

Profit Before Tax (norm)

16

24

65

143

98

105

102

Profit Before Tax (FRS 3)

16

24

56

143

98

105

102

Tax

(5)

(6)

(15)

(43)

(31)

(32)

(31)

Profit After Tax (norm)

11

18

51

100

67

73

70

Profit After Tax (FRS 3)

11

18

41

100

67

73

70

Average Number of Shares Outstanding (m)

286

286

280

272

273

273

273

EPS - normalised (c)

3.8

6.4

14.6

36.7

24.5

26.9

25.7

EPS - normalised fully diluted (c)

3.8

6.2

14.3

35.9

23.8

26.9

25.7

EPS - (IFRS) (c)

3.8

6.2

14.3

35.9

23.8

26.9

25.7

Dividend per share (p)

0.0

0.0

1.6

4.0

4.3

4.9

6.3

Gross Margin (%)

28%

36%

58%

69%

60%

60%

59%

EBITDA Margin (%)

25%

43%

60%

70%

60%

61%

60%

Operating Margin (before GW and except.) (%)

25%

34%

55%

69%

58%

59%

57%

BALANCE SHEET

 

 

 

 

 

 

 

Fixed Assets

95

93

74

86

95

105

105

Intangible Assets

57

53

43

45

48

48

48

Tangible Assets

37

38

30

40

47

56

56

Investments

1

2

0

0

1

1

1

Current Assets

41

59

89

188

206

242

274

Stocks

1

2

2

4

4

3

3

Debtors

25

8

12

69

59

58

57

Cash

14

22

56

106

134

171

204

Other

0

28

19

9

10

10

10

Current Liabilities

6

7

9

14

11

12

12

Creditors

6

7

9

14

11

12

12

Short term borrowings

0

0

0

0

0

0

0

Long Term Liabilities

18

18

13

16

17

19

21

Long term borrowings

18

18

13

16

17

19

21

Other long-term liabilities

0

0

0

0

0

0

0

Net Assets

112

128

141

244

273

316

347

CASH FLOW

 

 

 

 

 

 

 

Operating Cash Flow

18

25

71

114

105

110

106

Net Interest

1

1

2

2

1

2

2

Tax

(4)

(8)

(15)

(47)

(30)

(31)

(31)

Capex

(8)

(8)

(5)

(8)

(18)

(15)

(5)

Acquisitions/disposals

(6)

0

0

0

0

0

0

Financing

(3)

(1)

(18)

(4)

(5)

0

0

Dividends

0

(1)

(3)

(20)

(23)

(30)

(40)

Net Cash Flow

(0)

8

41

39

32

36

32

Opening net (debt)/cash

15

14

22

56

106

134

171

HP finance leases initiated

0

0

0

0

0

0

0

Other

(1)

(0)

(7)

12

(4)

1

0

Closing net (debt)/cash

14

22

56

106

134

171

204

Source: Company accounts, Edison Investment Research


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This report has been commissioned by Sylvania Platinum and prepared and issued by Edison, in consideration of a fee payable by Sylvania Platinum. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

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This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

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United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

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United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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