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THS Tharisa Plc

0.00 (0.00%)
27 Feb 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Tharisa Plc THS London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 58.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
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Industry Sector

Tharisa THS Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 15/2/2024 08:44 by stemis
Investors wonder why companies are reluctant to interact with PI's.

I'm not a great fan of LSE. In my (albeit fairly limited interaction - mainly DX., SQZ and THS) I've found it the source of some absolutely woeful analysis, which is then swallowed wholesale by gullible readers.
Posted at 07/2/2024 15:43 by stemis
A bit more for those who don't follow LSE:-

Because THS own the majority of Karo Holdings (KH), it doesn't much matter what valuation they place on the shares.

Suppose KH was valued at $325m pre fund raise. THS owns 70% so it's stake is worth £227.5m. THS injects £65m for another 5% so KH is now worth $390m. THS now owns 75% so it's stake is worth $292.5m (amazingly $65m more; the amount it injected).

However let's suppose KH was only worth $125m pre fund raise. THS owns 70% so it's stake is worth £87.5m. THS injects £65m for 5% so KH is now worth $190m. THS now owns 75% so it's stake is worth $142.5m ($55m more; but only $10m less than it injected).
Posted at 07/2/2024 09:23 by stemis

I've now had chance to look at the posts on LSE. Although what is said is strictly correct, I think they are getting confused by the accounting.

The gist of the argument, if I'm not mistaken, is that THS have paid $65m for 5% of the shares in Karo Holdings, valuing Karo Holdings at an incredible $1.3bn. Whilst this is true, what they haven't taken account of is that THS didn't buy the shares off the minority holder (Leto settlement) but subscribed for new shares in Karo Holding. The result is that 75% of the $65m still effectively 'belongs' (in the sense of being part of their beneficial holding) to THS. Only 25% i.e. $16m of value has been provided to Leto to reduce their holding from 30% to 25% (so from their point of view, it's valued their holding in Karo Holdings at $320m). Indeed if THS do increase their holding to 80%, that $16m 'effectively' becomes $13m.

Now one can argue that the $16m should be lower, but there may be strategic (or indeed contractual) reasons why they might have agreed that figure (I don't know). However, in the scheme of things, the difference really isn't that material.
Posted at 22/12/2023 10:30 by tigerbythetail
Platinum price also improving - $980 now, well off the lows of $830 or so. This is more or less the top of the recent channel, so it will be interesting to see if it can break-out over $1,000. Let's hope so.
Rhodium and iridium, which together are highly significant for Tharisa's overall basket price, both stable.
In short, things are looking up for PGMs. THS share price hasn't really moved to reflect this yet.
Posted at 15/12/2023 11:28 by stemis
I believe there's around $330m left to spend on Karo. THS has $116m net cash & generated (pre capex) $105m in 2023 so should be able to avoid significant net debt.

So even if you ignore it's cash, still valued <2 x 2023 ebida. That's with zero value for Karo.

Any recovery in PGM prices & this will fly
Posted at 14/12/2023 14:43 by tigerbythetail
Tumbleweed here.
For my money, Tharisa offers amazing value at this level. If you adjust for cash, then the P/E is only a little over 1.
I'm not sure if the Karo investment will turn out to be wise in the medium term, but THS is still a well-run and profitable enterprise. And though it's really a growth stock, it even pays a reasonable dividend.
So I'm buying at these levels when all is quiet. I'm also thinking of buying a platinum ETF as well (but not palladium!), because I'm confident that at some point prices will turn.
Posted at 14/12/2023 08:03 by basem1
Large dividend cut too inspite of the earnings figures
Posted at 06/12/2023 08:09 by sotolo
THS flash sale this morning, 13% off price down near 50p, buy while you can
Posted at 10/5/2023 18:02 by moneyman50
Sotolo-suggest you read the company’s RNS dated the 20th May 2022-this explains the difference between the EPS that includes accounting for the “fair value” gain on the Karo acquisition and the EPS excluding this transaction (ie the profits generated by the company’s commercial operation-Pgm and chrome production.)This is the figure the dividend payment is based (ie circa 15% of normal operating profit after tax).
This EPS figure is circa 16 cents for the six months ended 31 March 2022 and forms the basis of the dividend calculation (3 cents ie circa 18% of profits after tax) and I expect this figure to be slightly higher for the period ended 31 March 2023 hence I don’t see a dividend cut.
The fair value adjustment on the Karo acquisition was a non cash transaction,hence it would have no effect on the level of the dividend payout otherwise the dividend last June would have been between 5 cents and 6 cents not 3 cents.
Posted at 10/5/2023 15:33 by moneyman50
Last year eps (excluding Karo uplift) 16 c on which dividend payout is based.
This year if profit for first 6 months could be circa ยง60 million (basic calculation) I have done which equates to approx 20c per share (in the same region as Mike on the other side) Last year dividend 3 c per share.I am anticipating a turnover circa $320 million (based on half yearly PGM and chrome prices) Gross profit circa $115 million -admin circa $25 million tax circa $25 million giving profit after tax of $65 million rounded down to $60 million .
What is your estimated profit .My gross profit percentage is circa 35% (as per last year) but this could be higher based on higher chrome prices and lower shipment costs

So for dividend to be reduced profit after tax for six months would have to probably be below $55 million.(remember shareholders profit no longer diluted by BEM interest)
I agree the market is discounting Karo but this has no effect on the current profitability of the South African operation and has no impact on profitability until production commences in approx a year time when pgm prices could be higher

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