Tharisa Valuation

Q: What is the Fair Price of THS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

THS (£0.68) is trading above our estimate of [[fair value]] (£0.29)

Is THS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of THS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: THS (£0.68) is trading above our estimate of fair value (£0.29)

Significantly Below Fair Value: THS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for THS?

Key metric: As THS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for THS. This is calculated by dividing THS's market cap by their current earnings.
What is THS's PE Ratio?
PE Ratio	3.7x
Earnings	US$68.59m
Market Cap	US$253.49m

THS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.3x
Enterprise Value/EBITDA	1.8x
PEG Ratio	-2.3x

Price to Earnings Ratio vs Peers

How does THS's PE Ratio compare to its peers?

The above table shows the PE ratio for THS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	26x
JLP Jubilee Metals Group	34.3x	84.0%	UK£161.1m
SLP Sylvania Platinum	23.1x	43.0%	UK£127.0m
GEMD Gem Diamonds	21.7x	1.9%	UK£15.8m
FRES Fresnillo	25.1x	33.0%	UK£4.9b
THS Tharisa	3.7x	-1.6%	UK£4.6b

Price-To-Earnings vs Peers: THS is good value based on its Price-To-Earnings Ratio (3.7x) compared to the peer average (26x).

Price to Earnings Ratio vs Industry

How does THS's PE Ratio compare vs other companies in the GB Metals and Mining Industry?

8 Companies	Price / Earnings	Estimated Growth	Market Cap
ENPL En+ Group International	2.2x	8.0%	US$4.67b
NLMK Novolipetsk Steel	0.8x	n/a	US$4.08b
EVR EVRAZ	0.4x	n/a	US$1.42b
MTL Metals Exploration	0.9x	-60.3%	US$127.08m

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: THS is good value based on its Price-To-Earnings Ratio (3.7x) compared to the UK Metals and Mining industry average (10.2x).

Price to Earnings Ratio vs Fair Ratio

What is THS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

THS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.7x
Fair PE Ratio	9.7x

Price-To-Earnings vs Fair Ratio: THS is good value based on its Price-To-Earnings Ratio (3.7x) compared to the estimated Fair Price-To-Earnings Ratio (9.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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