Financials Tharisa plc

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
15.75 ^ZAR	+1.29%		+0.25%	+4.24%

Apr. 10	Tharisa plc Reports Operating Results for the Second Quarter and Six Months Ended March 31, 2024	CI
Apr. 10	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	250.8	-	-
Enterprise Value (EV) ¹	380.5	255.1	323.8	262.2	145.8	387.7	487.7	486.5
P/E ratio	35 x	5.46 x	3.68 x	2.13 x	3.35 x	3.62 x	6.15 x	105 x
Yield	0.54%	3.95%	6.54%	6.12%	5.45%	4.24%	2.87%	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	2.94 x	3.36 x	3.07 x
EV / FCF	14.6 x	106 x	3.16 x	3.82 x	1.85 x	-1.87 x	-2.64 x	-13.3 x
FCF Yield	6.85%	0.94%	31.6%	26.2%	54.2%	-53.3%	-37.9%	-7.53%
Price to Book	1.14 x	0.68 x	-	0.61 x	0.45 x	0.35 x	0.33 x	0.33 x
Nbr of stocks (in thousands)	264,023	266,611	269,188	299,619	300,020	299,837	-	-
Reference price ²	1.401	0.8850	1.376	1.143	0.9170	0.8366	0.8366	0.8366
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	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	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	-	-	-	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	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

0.8366 USD

Average target price

0.8428 USD

Spread / Average Target

+0.74%

	1st Jan change	Capi.
THARISA PLC	+4.24%	251M
ANGLO AMERICAN PLATINUM LIMITED	-34.23%	8.85B
NORTHAM PLATINUM HOLDINGS LIMITED	-11.34%	2.58B
ZIMPLATS HOLDINGS LIMITED	-21.90%	1.19B
JUBILEE METALS GROUP PLC	+2.33%	245M
SYLVANIA PLATINUM LIMITED	-8.55%	226M
PLATINUM GROUP METALS LTD.	+25.33%	141M