Tharisa Share Discussion Threads

[sotolo] 30/11/2024 09:14

Currently forward PE looks like 8 or 9 with current lower chrome and PGM prices

[nigelpm] 29/11/2024 18:02

Yup - crazy cheap.

[stemis] 29/11/2024 17:13

The market clearly values Karo as a liability. I don't know what the latest outstanding spend is to complete the mine but even if was say $300m and THS spent that tomorrow, converting $108.7m cash into $191.3m debt and then attributed zero value to the mine, valuation would only be 2.5 x ebitda.

Should of course the PGM market turn, then...

[justiceforthemany] 29/11/2024 15:54

P/E is super low 3-4 but what about Karo? & Zimbabwe?

[stemis] 28/11/2024 10:22

Better than I expected

At 67p, mkt cap = $251.2m
Net cash = $108.7m
Ebitda = $177.6m

Valuation = 0.8 x ebitda

[kaos3] 28/11/2024 07:40

results out

[sotolo] 26/11/2024 21:26

She is, problem is looking forward, with tumbling chromium price that has been saving us, rather than back. Forward pe is anyone’s guess but wit these kinds of falls will be well north on what we have seen recently imho

[texaschaser] 14/10/2024 07:47

Topped out. Downwards from here.

[stemis] 10/10/2024 13:59

Current market cap = $266.8m
Net cash = $108.7m
Enterprise value = $158.1m

2023 EBITDA = $136.8m
2023 PBIT, less notional tax (i.e cash free PAT) = £71.9m

Based on production number/average prices, 2024 revenue should be slightly higher than 2023, although profit depends on costs etc.

But current valuation = 1.2 x ebitda or 2.2 x cash free earnings.

[nigelpm] 10/10/2024 13:12

45p was the time to get involved. Still cheap though.

[ianb5004] 26/9/2024 16:46

Very interesting post on lse by the Tharisa (THS) Pr guy. Very encouraging read suggesting PGM prices are about to take off.

Could be time to load up in PGM miners like THS.

[justiceforthemany] 20/8/2024 15:45

P/E just 4 with growth to come.

[texaschaser] 08/8/2024 10:19

Going the way of the dodo

[stemis] 19/7/2024 17:30

Prices looking firm. Tharisa basket price at $1,408.71, up slightly on average in first half of $1,344, whilst SA chrome concentrate at $322.5/t up on average of $288/t in first half.

[whitehunter] 12/7/2024 07:23

Normal reaction here to news even when it reads well. Plenty of traders/short term holders will be up on rise from 48p so likely a bit of impatience and looking for more exciting stocks. Cutting dividend and ongoing Karo cloud have damaged support for share price

[121spa] 11/7/2024 21:11

Any idea why the shares have been selling off?

[whitehunter] 10/7/2024 09:13

Good to have the buybacks to sweep up any “sell on news” shares.

[stemis] 10/7/2024 08:38

Reassuring update.

[deadly] 23/5/2024 21:57

Strange to have a TS 2 days before the interims.
The drop in earnings hasn't affected the price much.

[stemis] 22/5/2024 09:51

Posted on another chat board by Tharisa (presumably by Ilja Graulich, Head of Investor Relations and Communications):-

Peel Hunt comment on trading statement

News: Tharisa has released the usual JSE-mandated trading update ahead of the interim FY24 results. This update highlights an expected EPS range of USc12.5-13.5, well ahead of our USc11 estimate. While the PGM market has remained subdued, the chrome concentrate market has stayed strong. The comment that adjusted (or headline) EPS and basic EPS are in the same range indicates to us that the upcoming results will be 'clean'.

Peel Hunt view: While the YoY comparisons are not favourable, this comes as no surprise given the prevailing PGM basket prices and we would use any weakness in the Tharisa share price to add to positions

[martinus67] 21/5/2024 16:35

Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF), the platinum and chrome miner, said headline earnings per share (HEPS) for the six months ended March 31 are expected to be between 12.5 cents and 13.5 cents per share with a tolerance of 10%. This is a decrease of 23.3% to 29.0% relative to the HEPS of 17.6 cents per share for the comparable period last year.Basic earnings per share are expected to be between 12.5 cents and 3.5 cents per share with a tolerance of 10%, a decrease of between 22.4% to 28.2% relative to the EPS of 17.4 cents a year earlier.Earnings have been impacted by the nearly 40% drop in PGM prices received and increased cost pressures, according to Tharisa's statement.https://www.proactiveinvestors.co.uk/companies/news/1048094/tharisa-earnings-hit-by-weak-platinum-prices-and-higher-costs-1048094.html

[stemis] 21/5/2024 12:43

SteMiS 6 Mar '24 - 15:32 - 1874 of 1895 Edit

It will be interesting to see the interims. Based on production and average basket prices in Q1 and Q2, turnover should be marginally ahead of the comparable period last year, with stronger chrome prices offsetting weaker PGM. Obviously I don't know about costs, however in comparable H1 last year company did EPS of 14p and generated (pre capex & dividends) $96m of cashflow, after a positive $23m movement in working capital.

At current share price that's an annualised P/E of 1.7

Looks like an EPS of 9.8p - 10.6p for the 6 months. Obviously I'd have preferred 14p but neverthless, despite a 50% rise in the share price since my post, it's still on a P/E of 3.5 - 3.8 with net cash of 18.5p/share.

[stemis] 04/5/2024 22:33

Strange headline when it seems to be Tharisa taking the activists to court