Financials Tharisa plc

Equities

End-of-day quote Johannesburg S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
15.95 ^ZAR	+2.24%		+0.31%	+5.56%

10/04	Tharisa plc Reports Operating Results for the Second Quarter and Six Months Ended March 31, 2024	CI
10/04	Tharisa performs "well" in second quarter as platinum price stabilises	AN

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	369.9	235.9	370.4	342.6	275.1	249.5	-	-
Enterprise Value (EV) ¹	380.5	255.1	323.8	262.2	145.8	386.4	486.4	485.2
P/E ratio	35 x	5.46 x	3.68 x	2.13 x	3.35 x	3.6 x	6.12 x	104 x
Yield	0.54%	3.95%	6.54%	6.12%	5.45%	4.27%	2.88%	0.12%
Capitalization / Revenue	1.08 x	0.58 x	0.62 x	0.5 x	0.42 x	0.37 x	0.36 x	0.3 x
EV / Revenue	1.11 x	0.63 x	0.54 x	0.38 x	0.22 x	0.57 x	0.7 x	0.59 x
EV / EBITDA	7.37 x	2.25 x	1.44 x	1.11 x	1.07 x	2.93 x	3.35 x	3.07 x
EV / FCF	14.6 x	106 x	3.16 x	3.82 x	1.85 x	-1.87 x	-2.63 x	-13.2 x
FCF Yield	6.85%	0.94%	31.6%	26.2%	54.2%	-53.5%	-38%	-7.55%
Price to Book	1.14 x	0.68 x	-	0.61 x	0.45 x	0.34 x	0.33 x	0.33 x
Nbr of stocks (in thousands)	2,64,023	2,66,611	2,69,188	2,99,619	3,00,020	2,99,837	-	-
Reference price ²	1.401	0.8850	1.376	1.143	0.9170	0.8322	0.8322	0.8322
Announcement Date	28/11/19	30/11/20	02/12/21	05/12/22	13/12/23	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	342.9	406	596.3	686	649.9	676.6	695.6	828.8
EBITDA ¹	51.6	113.4	224.3	236.3	136.8	132	145.1	158.3
EBIT ¹	24.2	87.6	178.8	184.5	94.7	104.9	134.6	197.5
Operating Margin	7.06%	21.58%	29.98%	26.9%	14.57%	15.5%	19.36%	23.83%
Earnings before Tax (EBT) ¹	11.2	75.8	185.3	220.2	114.3	103.6	124.3	70.65
Net income ¹	10.62	43.3	100.5	149.6	82.24	77.1	83.6	51.1
Net margin	3.1%	10.66%	16.85%	21.81%	12.65%	11.4%	12.02%	6.17%
EPS ²	0.0400	0.1620	0.3740	0.5380	0.2740	0.2310	0.1360	0.008000
Free Cash Flow ¹	26.06	2.4	102.4	68.66	78.99	-206.8	-185	-36.65
FCF margin	7.6%	0.59%	17.17%	10.01%	12.15%	-30.56%	-26.6%	-4.42%
FCF Conversion (EBITDA)	50.51%	2.12%	45.64%	29.06%	57.74%	-	-	-
FCF Conversion (Net income)	245.49%	5.54%	101.89%	45.89%	96.05%	-	-	-
Dividend per Share ²	0.007500	0.0350	0.0900	0.0700	0.0500	0.0355	0.0240	0.001000
Announcement Date	28/11/19	30/11/20	02/12/21	05/12/22	13/12/23	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10.6	19.2	-	-	-	137	237	236
Net Cash position ¹	-	-	46.6	80.4	129	-	-	-
Leverage (Debt/EBITDA)	0.2059 x	0.1689 x	-	-	-	1.037 x	1.632 x	1.489 x
Free Cash Flow ¹	26.1	2.4	102	68.7	79	-207	-185	-36.7
ROE (net income / shareholders' equity)	3.28%	12.8%	25.2%	30.7%	14%	11.4%	17%	16.9%
ROA (Net income/ Total Assets)	2.34%	9.02%	16.6%	18.6%	8.06%	3%	-	-
Assets ¹	454.6	480	605	805.5	1,021	2,570	-	-
Book Value Per Share ²	1.230	1.310	-	1.870	2.050	2.410	2.530	2.520
Cash Flow per Share ²	0.2600	0.2700	0.7700	0.6100	0.4000	0.0200	-	-
Capex ¹	43.9	70.6	106	105	69.9	251	255	86.9
Capex / Sales	12.8%	17.38%	17.78%	15.31%	10.75%	37.03%	36.69%	10.49%
Announcement Date	28/11/19	30/11/20	02/12/21	05/12/22	13/12/23	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.8322 USD

Average target price

0.8428 USD

Spread / Average Target

+1.27%

	1st Jan change	Capi.
THARISA PLC	+5.56%	257M
ANGLO AMERICAN PLATINUM LIMITED	-31.35%	9.34B
NORTHAM PLATINUM HOLDINGS LIMITED	-10.90%	2.62B
ZIMPLATS HOLDINGS LIMITED	-23.32%	1.17B
JUBILEE METALS GROUP PLC	+8.53%	257M
SYLVANIA PLATINUM LIMITED	-10.53%	225M
PLATINUM GROUP METALS LTD.	+22.67%	136M