Tharisa Share Discussion Threads

[gsg] 19/5/2021 13:13

Oh well, mm's have all swapped around and Winterfloods now pushing down on the offer. I'll leave it there, until the ii seller has cleared.

[farnesbarnes] 19/5/2021 11:55

Does Simon Thompson cover THS? I know he did an Alpha peer comparison a few weeks back re: JLP. Maybe a case of waiting for the 27th?

[gsg] 19/5/2021 11:36

The best sign will be, not only that they have vacated the offer, but that they have also switched onto the bid. I'll keep tabs on it.

[themadstork] 19/5/2021 11:20

Ok cool. Once they stop loading then hopefully we'll see a bigger and more deserved move. Til then it's just a question of buying volume really.

[aimsurfer] 19/5/2021 11:19

This reminds me of the wise institutions dumping CAML few months back when PIs were loading up :). Started a new position here today given today's update. Thank you very much seller.

[gsg] 19/5/2021 11:16

TMS.

No worries. It's Berenberg who keep loading the offer.

[rogerramjett] 19/5/2021 11:11

FarnesBarnes. EPS considers capital and operational expenditure so expansion plans are considered.

[themadstork] 19/5/2021 10:50

GSG: Agreed to disagree!

I can buy 100k shares in a single click at present, meaning there is an MM sitting there with 100,000 shares for sale and this keeps getting reloaded. L2 info is not really relevant until those 100k blocks stop getting dumped onto the ask. Unfortunately at present I do not have access to RSP, so I can't see who the MM is, but once that MM stops reloading then we can safely say the seller is done.

[cappajumping] 19/5/2021 10:41

My estimate was EBIT of $88m for H1 - maybe thats been blown out of the water. My FY guesstimate based on fwd metals pricing and prod at 160k PGMozs is more like $190m.

[farnesbarnes] 19/5/2021 10:30

Brucie

Can't see that they've ever paid a special or windfall. Personally, I'd prefer a sustainable div growth policy, and if paying a special, relatively small. Expansion plans will need to be paid for.

[brucie5] 19/5/2021 10:19

FarnesBarnes19 May '21 - 09:47 - 643 of 650
0 1 0
6.8p div (based on full year) would be welcome
--------------------------------------------
In the end, I think shares like this which have received windfalls due to rising price of PGMs do need to reward their shareholders in this way, or risk failing to reflect value. SLP pay special dividends, which I think would be appropriate here. Have they done so in the past?

[whitehunter] 19/5/2021 10:16

I hope the funds/institutions dumping their holding look like idiots in a few weeks. They must have their heads in the sand or in some other dark parts of their anatomy.

[gsg] 19/5/2021 10:10

We'll have to disagree. SEAQ is way more instructive imo when you are aware of the intricacies of each mm. Admittedly its more difficult on THS because of the minute NMS

[themadstork] 19/5/2021 10:08

L2 is not very useful on SEAQ (ie quote-driven, MM only) stocks. You really need RSP to see the depth on the bid/ask.

[gsg] 19/5/2021 10:06

Spread tightened slightly as Winterfloods have moved to 1.48p on the bid and now joined by Cantors. L2 2 v 1.

[gsg] 19/5/2021 09:25

L2 not budged since 8.45am despite all the buys. Currently 2 v 2, so would think there's a sell order still being worked in the background. Maybe it will print after the close. At least the extra buying volume will hasten their departure.

[sotolo] 19/5/2021 09:09

Yes up nearly 5% in Jo’burg but still same price as here - different closing times and exchange rate?

[brucie5] 19/5/2021 08:55

Crazy undervaluation, with a decent dividend of well over 4%. I've added.

[farnesbarnes] 19/5/2021 08:47

6.8p div (based on full year) would be welcome

[rogerramjett] 19/5/2021 08:40

Last year THS paid 3.5c on 16.2c EPS. That is equal to 22%. Previous year was 0.75c on 4c EPS or 18.75%. As we are already at 22c EPS could we expect the payout rario to increase to perhaps 25-30% or 5.5-6.5c or 4-4.5p per share for H1 ? Would certainly be in line with expectations.

[rogerramjett] 19/5/2021 08:30

Regardless, these figures over last year show huge performance increase. The market has to wake up to this at some point. A little frustrating but it will come.

[rogerramjett] 19/5/2021 08:29

With the additional cash from earnings it would be nice to see a little more returned to shareholders. I know 15% is minimum but that gives them a divi cover of 6 which is huge. Perhaps look at doubling the dividend leaving 3 x cover in the pot. This would still allow significant growth and investment.

[gsg] 19/5/2021 08:20

Up 4.82% on the JSE.

[farnesbarnes] 19/5/2021 08:08

I'd be satisfied to see 160p at this rate.

34p EPS is a PE of 4.4. They should start up a loss making pizza delivery division, then we might see a rerating upwards.

[sotolo] 19/5/2021 07:55

I think on those figures profit for the half around $57m which would be £80m a year so a PE of 5 and a divi of 3.5%
However they should be better at year end if metal prices stay up as the last half was based on lower metal prices