Financials Tharisa plc

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-07-10 pm EDT			5-day change	1st Jan Change
19.2 ^ZAR	-1.54%		-5.42%	+27.07%

Jul. 10	Tharisa platinum group metal and chrome output rise in third quarter	AN
Jul. 10	Tharisa plc Provides Production Guidance for Fiscal Year 2024	CI

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	369.9	235.9	370.4	342.6	275.1	317.7	-	-
Enterprise Value (EV) ¹	380.5	255.1	323.8	262.2	145.8	330.5	530.5	599.1
P/E ratio	35 x	5.46 x	3.68 x	2.13 x	3.35 x	4.61 x	7.84 x	133 x
Yield	0.54%	3.95%	6.54%	6.12%	5.45%	3.33%	2.25%	0.09%
Capitalization / Revenue	1.08 x	0.58 x	0.62 x	0.5 x	0.42 x	0.45 x	0.46 x	0.42 x
EV / Revenue	1.11 x	0.63 x	0.54 x	0.38 x	0.22 x	0.47 x	0.76 x	0.8 x
EV / EBITDA	7.37 x	2.25 x	1.44 x	1.11 x	1.07 x	2.1 x	3.61 x	3.49 x
EV / FCF	14.6 x	106 x	3.16 x	3.82 x	1.85 x	-3.34 x	-2.92 x	-18.7 x
FCF Yield	6.85%	0.94%	31.6%	26.2%	54.2%	-29.9%	-34.2%	-5.36%
Price to Book	1.14 x	0.68 x	-	0.61 x	0.45 x	0.44 x	0.42 x	0.42 x
Nbr of stocks (in thousands)	264,023	266,611	269,188	299,619	300,020	298,101	-	-
Reference price ²	1.401	0.8850	1.376	1.143	0.9170	1.066	1.066	1.066
Announcement Date	11/28/19	11/30/20	12/2/21	12/5/22	12/13/23	-	-	-

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	702.6	693.7	753
EBITDA ¹	51.6	113.4	224.3	236.3	136.8	157.4	147	171.7
EBIT ¹	24.2	87.6	178.8	184.5	94.7	106.4	88.82	109.2
Operating Margin	7.06%	21.58%	29.98%	26.9%	14.57%	15.14%	12.8%	14.5%
Earnings before Tax (EBT) ¹	11.2	75.8	185.3	220.2	114.3	105.3	89.78	96.44
Net income ¹	10.62	43.3	100.5	149.6	82.24	70.82	57.28	59.78
Net margin	3.1%	10.66%	16.85%	21.81%	12.65%	10.08%	8.26%	7.94%
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	-98.83	-181.6	-32.1
FCF margin	7.6%	0.59%	17.17%	10.01%	12.15%	-14.07%	-26.18%	-4.26%
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	11/28/19	11/30/20	12/2/21	12/5/22	12/13/23	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10.6	19.2	-	-	-	12.9	213	281
Net Cash position ¹	-	-	46.6	80.4	129	-	-	-
Leverage (Debt/EBITDA)	0.2059 x	0.1689 x	-	-	-	0.0817 x	1.447 x	1.639 x
Free Cash Flow ¹	26.1	2.4	102	68.7	79	-98.8	-182	-32.1
ROE (net income / shareholders' equity)	3.28%	12.8%	25.2%	30.7%	14%	10.5%	9.3%	14.2%
ROA (Net income/ Total Assets)	2.34%	9.02%	16.6%	18.6%	8.06%	7%	2%	2%
Assets ¹	454.6	480	605	805.5	1,021	1,012	2,864	2,989
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	219	270	115
Capex / Sales	12.8%	17.38%	17.78%	15.31%	10.75%	31.19%	38.87%	15.33%
Announcement Date	11/28/19	11/30/20	12/2/21	12/5/22	12/13/23	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1.066 USD

Average target price

0.8623 USD

Spread / Average Target

-19.09%

	1st Jan change	Capi.
THARISA PLC	+27.07%	318M
ANGLO AMERICAN PLATINUM LIMITED	-33.63%	9.33B
ZIMPLATS HOLDINGS LIMITED	-22.13%	1.24B
JUBILEE METALS GROUP PLC	+6.98%	268M
SYLVANIA PLATINUM LIMITED	-19.32%	206M
PLATINUM GROUP METALS LTD.	+55.33%	175M