Share Name Share Symbol Market Type Share ISIN Share Description
Tharisa Plc LSE:THS London Ordinary Share CY0103562118 ORD USD0.001 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 104.00 106,612 08:00:00
Bid Price Offer Price High Price Low Price Open Price
102.00 106.00 104.00 104.00 104.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 442.78 137.55 27.77 3.3 311
Last Trade Time Trade Type Trade Size Trade Price Currency
13:28:28 O 600 103.87 GBX

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Date Time Title Posts
05/7/202214:49Tharisa - PGM Producer in South Africa1,432
25/5/200023:02GRowth Stocks Investors - May/June 2000.3
29/4/200006:56Tal. Hs. Can chart be posted, hic.3
14/12/199917:27Talisman House1

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Tharisa Daily Update: Tharisa Plc is listed in the Mining sector of the London Stock Exchange with ticker THS. The last closing price for Tharisa was 104p.
Tharisa Plc has a 4 week average price of 104p and a 12 week average price of 104p.
The 1 year high share price is 172.50p while the 1 year low share price is currently 97p.
There are currently 299,261,811 shares in issue and the average daily traded volume is 74,757 shares. The market capitalisation of Tharisa Plc is £311,232,283.44.
sotolo: Tiger well you are sadly right so far, PGM basket down to near $2500 halving PGM profit) and chrome down a bit, share price holding up surprisingly well so far in the face of this
tigerbythetail: Hi Sotolo and all! These are decent results from a very well-run company. Obviously the PGM basket price is down, so that and increased costs account for the drop in profits and (subsequently) interim dividend. I think today's drop is down to the general (black) mood in the market. IMO, the market believes the world is headed towards a stagflationary recession, and (if that assumption's right) car production, catalytic converter production, and PGM prices will all fall. Buying a car is a large ticket discretionary purchase, and thus heavily dependent on the general economic outlook. I sold out here a while back, and I've heavily reduced my SLP shareholding as well. This has nothing to do with the management or performance of either company, and everything to do with my belief that we live in uncertain and dangerous times, and that there are very few shares that won't be cheaper to buy in a few months' time than they are today.
redtrend: Deadly is correct with respect to Chrome which is at $277/tn, a huge increase. Based on the recent Tamesis site visit report: "The current product price is c.$280/t and it costs c.$100/t to get the chrome to China i.e. by the end of the quarter operational cashflow will be in the order of $70m pre tax etc". So $280m pre tax before pushing Vulcan to full capacity and achieving 2Mtpa, which would yield $360m. hxxps:// I think most PIs don't quite understand the numbers and only focus on PGMs (which are still at hugely profitable prices). The Annual Report always provides breakdowns of revenues by PGM and Chrome stream, so for those inclined, you can do quite an easy rough back of the packet breakdown, including AISCs for PGM and Chrome respectively. I tend to be more conservative and think costs of Chrome will be higher than $100/tn when accounting for inflation, but hopefully this will be offset when Vulcan ramps up and economies of scale push prices down per tonne. The market is still not factoring in the major change in THS structure with the BEE % now a THS shareholder nor Karo Resources. I'm slightly concerned by the slower than expected cash build in the last Q results, so I'm hoping in the Interims this is formally clarified and shows up in the Trade Receivables and is merely a delay in hitting the books.
sotolo: Commodity prices increasing? Sorry the share price is falling as our basket is down around a quarter and still tumbling with Chinese shutdown forcing world car makers to go slow. So far luckily chromium is so far holdin but for how long with Chinese shutdown
tigerbythetail: Hi Sotolo! (Sorry for slow reply - been away). On THS vs. SLP... First, both are excellent well-managed companies, and IMO we're lucky to have a choice like this. For me, THS or SLP comes down to a question of price - I reckon at any one time the "fair" value of THS's share price should be 1.5 times that of SLP. Now we have 90p vs. 1.60. That, to me, equals overweight SLP, underweight THS, and wait for the ratio to correct (with some wariness that we may be headed for a worldwide economic slowdown / recession, which would affect both companies). In particular, I don't think the market is yet allowing for the fact that SLP's next quarterlies should be excellent (higher production, higher basket price). I should add that I remain basically neutral and unconvinced on Karo for now, and I need to think about whether it adds or subtracts value to THS as an investment proposition. It is Zimbabwe, after all! Also, it's odd that a couple of posters say SLP has no plans for growth when they have just laid out decent sized plans in the last results - potentially three new processing plants! On palm oil... On AEP, the plantations are old, so there's that. But, yes, huge damage has been done and is being done to the forests of Indonesia. But, equally, the world desperately needs food oils. (And wheat, corn and barley). Thanks to the Russian invasion in Ukraine, we're heading towards a global food crisis this year. The shortage may even be severe enough to cause popular revolutions in countries like Lebanon, Egypt (Centamin!), and Sri Lanka. Perhaps gold mining is the single most useless and wasteful human endeavour? (Bar bitcoin mining, that is). You can't eat a gold bar. You can't make or do anything useful with it at all. All you can do is keep hold of it and hope it represents a "store of value" for the future. When, in truth, we don't know what the future will be at all!
martinfrench: stagnant and lacking any real sort of ambition, which seems to be reflected in both ceos's behaviour. slp happy to do the easy thin g and just mine and pick up salries, but they are very good at mining, but have far too much cash in bank for anyone's liking, and should just increase divi or do a buy back. have made far more from slp though, but future is ths, so will switch when i can. at early stages of me investing in pgms it was slp or ths, and that made me a lot, not too much on ths as couldnt do both. now is prob time to switch not heard much about their own smelter, i know they are doing a pilot one for karo but for the rest not sure where it is ?
tigerbythetail: Well, I'm happy with Tharisa's progress as a company, if not with the share price action today. Production numbers are excellent all round, and 47.7K PGM ounces is a very good start to the year. I see Karo news, the final dividend payment, PGM and chrome prices, and ultimately the interims as share price drivers over the next few months. Or perhaps all it takes for this to rerate upwards is for one decent-sized buyer to appear...
thirty fifty twenty: thanks UK George. i was encouraged by the remarks from CMCL recently whch said that it saw very keen interest in its new canadian listing for its development in Zim. Obvs that is a different company and commodity! but i did see it as an expression of investor interest in the long term development of Zim. secondly the THS mgt team have a lot of skin in the game and hae a good long term delivery record. i think they must have a view on adding capacity to the market and how that effects their overall profitability. There are a lot of moving parts i PGM market but as a lower cost producer i dont think THS wil come out worst from some extra capacity that they have a share in - it worked for TSCO lol! anyway - the proof will be in the share price in 12 mths time, and fingers crossed a pick up tomorrow. pleased to see that THS keeping up their investor profile with a presentation tomorrow All IMHO, DYOR + BoL THS is in my top5 hldgs
sotolo: Tiger, if the divi is as usual around 17% of eps (without a special that we hope for) it will yield under 4% at current share price, and that is with elevated profit this year with fab rhodium, so market probably expects the yield to fall back in future so maybe the share price is not so odd. The bad thing about THS is it only pays out 17% or so of profit in divi, the good thing is it uses the other 83% mostly investing for future profit. However investors are never sure if this will come off, is THS really a growth company, we think so but it has such a very lowly PE, maybe around 4, as the market thinks too many dangers, PGM price, politics Aim, chrome etc imho
coco2020: Excellent post from tones77777 this morning on the THS valuation. '' I notice that SLP have had their quarterly update released today for quarter ending June 30th, 2021. A high level comparison between Tharisa's results for the same period 30th June 2021 shows the following SLP (Taken from RNS dated 27/07) PGM Production (4E basis) for the quarter - 16,289 koz Conversion to 6E for comparison for Tharisa - 23,270 koz (based on a ratio ?of 10/7) Revenue for the Quarter - $48.7 mil EBITDA - $28.7 mil Tharisa (Taken from RNS dated 09/07) PGM Production (6E basis) - 39,000 koz Average basket price $3,804 Revenue from PGM Production for the quarter - $148.35 mil Chrome Production - 379.7 kT Average Chrome price $160/T Revenue from Chrome production for the quarter - $60.75 mil Total Revenue for the quarter - $209 mil EBITDA for Tharisa is not exactly easy to calculate as this is not published by the company however from memory and my previous calculation the 'All in Cost' for PGM is c$1380/oz and Chrome around $105/t. Assuming a 10% increase in these costs to counter for any adjustments thus using PGM cost of c$1520/oz and cost of producing Chrome concentrate of c$116/T, I get the following EBITDA figures, EBITDA for PGM - $89 mil EBITDA for Chrome - $16.7 mil Total EBITDA for the quarter - $105.7 mil Therefore to compare the headline figures for SLP and THS, Total quarterly revenue of $48.7 mil for SLP vs $209 mil for THS, whilst the EBITDA for the quarter for SLP was $28.7 mil, the expected EBITDA for the same period for THS is c105.7 mil. The market cap for SLP is £316m vs THS of £318mil. From what I gather THS is producing a lot more PGM ounces (more than double after factoring the 4E to 6E reporting consistencies), have a huge Chrome production line (whilst SLP has none) and THS also has a significantly higher life of mine of 54 years (including 14 years of open pit). Make no mistake SLP is NOT overvalued, in fact it is under valued given their performance, margins and balance sheet. However my point is that if SLP is value at the same marketcap with those operational metrics and asset mine life, then THS deserves to be a whole lot, well substantially higher!! Summary: Just goes to show the sheer value to be had here in THS. If the opportunity arises I will add more this week as it is clear which PGM miner has more value and disconnect from the market cap. As I've said previously, whilst THS has had their best quarter and half year results to date over the last few weeks/months, the drop from the 160p to 110p was not a reflection of the company but wider market concerns. On the contrary the company has gone from strength to strength and now presents simply the best value mining share on LSE - simple as that.''
Tharisa share price data is direct from the London Stock Exchange
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