Hi Sotolo! My problem here remains the Karo deal. It was a bad business misjudgment to go ahead with it at all. And I really don't like the financing arrangements - they are not fair on Tharisa shareholders. It has poisoned what would otherwise be a very good business. I much prefer SLP. Someday PGM prices will come back (they simply must), and that would be my chosen play. FWIW, CHAR is a struggling Adonis Pourolis AIM investment vehicle. It started as an oil and gas explorer. It failed in Namibia and more recently has seemingly failed in Morocco as well (hence the huge share price fall). There has been attempt to rebrand it as a "transitional power company" with a prospective wind/solar project in Mauritania and various solar projects linked to mine operations (including Tharisa). Overall, it's a mess and nearly out of cash and a strong avoid. |
I really know nothing about char and it was only your post that alerted it to me. And I looked it up on the internet but not much wiser. Unusually the Tharisa PR reads the posts on the LSE board and replies so I suggest you ask him or her any questions over there. Good luck. |
Sotolo - can you help me where should i read about Karo financing issues - |
building, providing ESG produced electricity by char.. I think .. or am I wrong? |
Sorry just read that there is a delayed Chariot solar farm at Tharisa? |
What is the connection between Chariot Ltd (char) and Thalia’s, other than Pouroulis? |
I have a question about char - as I am new and lack of knowledge
char is the pet project of the rich son of the founder. and char is not going well and need money. are there any issues regarding transfer pricing, commercial deal issues et similar regarding their energy deal? so the rich son play thing gets helped/rescued.
combining with the tigers post about Karo ... I would like to establish an relevant opinion on their MO
PS where exactly I could read the main point/issue of Tigers concern?
TIA |
Interesting article and analysis
hxxps://theoakbloke.substack.com/p/ths-will-turn-around-in-2025 |
Tiger happy New Year. Tharisa has been miserable and you were certainly wise to get out. It is hard to see improvement but I am hanging in there. Fortunately the large loss - an attempt to diversify from Centamin And Hochschild in their hard times has been more than made up by those two, with Anglo taking over Cey and Hoc more than doubling. I see far more further growth in Anglo and Hoc, but am stupidly unwilling to count my losses with Tharisa, which has fallen to 10% of my portfolio. Amazing it has lost only around another 10% this week. And how are you? |
Shareholders can access the show for free by entering this code MMF2025 |
Are you going to ask Tharisa the hard questions - such as to explain the financing arrangement for Karo in full, and to justify why it represents a fair deal for shareholders, or will it be the usual fluff? Because £20 or even £10 to hear a load of guff seems a lot. |
Hi Sotolo
If you are an annual pass holder, this show is included in our annual pass. Alternatively, you can join our show and buy a one off ticket here:
Tickets cost £19.50 per show but we are currently offering half price tickets with code: MMTADVFN50 |
Where is the link? How much do we have to pay to hear the horrid news? |
a terrible update. I've sold my small investment. |
Just to let shareholders and prospective investors know that Tharisa plc will be presenting on the MelloMonday webinar at 5pm on Monday 13th January 2025.
The programme for the evening is as follows: 5:00pm Keynote Speaker 5:30pm Company Presentation from Tharisa plc 6:00pm Company Presentation from Polar Capital Global Financials Trust 6:40pm Educational Presentation 6:55pm Company Presentation from CQS Natural Resources Growth & Income plc 7:15pm Discussion Panel: The Role of Shareholder Voting 7:35pm BASH Panel
Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. |
Currently forward PE looks like 8 or 9 with current lower chrome and PGM prices |
Yup - crazy cheap. |
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... |
P/E is super low 3-4 but what about Karo? & Zimbabwe? |
Better than I expected
At 67p, mkt cap = $251.2m Net cash = $108.7m Ebitda = $177.6m
Valuation = 0.8 x ebitda |
results out |
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 |
Topped out. Downwards from here. |