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THA

TharisaJSE:THA Stock Report

Last Price

R29.00

Market Cap

R7.9b

7D

5.5%

1Y

13.3%

Updated

23 Jan, 2022

Data

Company Financials +
THA fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends3/6

THA Stock Overview

Tharisa plc, an investment holding company, engages in the mining, processing, beneficiation, marketing, sale, and logistics of platinum group metals (PGM) and chrome concentrates in China, South Africa, Singapore, Hong Kong, the United Arab Emirates, Australia, Japan, and internationally.

Tharisa Competitors

Anglo American Platinum

JSE:AMS

R469.3b

Impala Platinum Holdings

JSE:IMP

R194.1b

Northam Platinum Holdings

JSE:NPH

R77.1b

Royal Bafokeng Platinum

JSE:RBP

R46.4b

Price History & Performance

Summary of all time highs, changes and price drops for Tharisa
Historical stock prices
Current Share PriceR29.00
52 Week HighR32.70
52 Week LowR19.26
Beta1.0
1 Month Change7.41%
3 Month Change9.68%
1 Year Change13.28%
3 Year Change54.67%
5 Year Change26.09%
Change since IPO16.00%

Recent News & Updates

Nov 28
Calculating The Fair Value Of Tharisa plc (JSE:THA)

Calculating The Fair Value Of Tharisa plc (JSE:THA)

In this article we are going to estimate the intrinsic value of Tharisa plc ( JSE:THA ) by taking the expected future...

Shareholder Returns

THAZA Metals and MiningZA Market
7D5.5%2.6%-0.3%
1Y13.3%3.4%13.9%

Return vs Industry: THA exceeded the ZA Metals and Mining industry which returned 3.4% over the past year.

Return vs Market: THA matched the ZA Market which returned 13.9% over the past year.

Price Volatility

Is THA's price volatile compared to industry and market?
THA volatility
THA Average Weekly Movement9.0%
Metals and Mining Industry Average Movement7.0%
Market Average Movement5.7%
10% most volatile stocks in ZA Market12.1%
10% least volatile stocks in ZA Market3.3%

Stable Share Price: THA is more volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: THA's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of ZA stocks.

About the Company

FoundedEmployeesCEOWebsite
20083,000Phoevos Pouroulishttps://www.tharisa.com

Tharisa plc, an investment holding company, engages in the mining, processing, beneficiation, marketing, sale, and logistics of platinum group metals (PGM) and chrome concentrates in China, South Africa, Singapore, Hong Kong, the United Arab Emirates, Australia, Japan, and internationally. The company operates through four segments: PGM, Chrome, Agency and Trading, and Manufacturing. The company’s PGM basket includes platinum, palladium, ruthenium, rhodium, iridium, nickel, copper, and gold.

Tharisa Fundamentals Summary

How do Tharisa's earnings and revenue compare to its market cap?
THA fundamental statistics
Market CapUS$522.03m
Earnings (TTM)US$100.47m
Revenue (TTM)US$596.35m

5.2x

P/E Ratio

0.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
THA income statement (TTM)
RevenueUS$596.35m
Cost of RevenueUS$383.98m
Gross ProfitUS$212.37m
ExpensesUS$111.90m
EarningsUS$100.47m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

May 25, 2022

Earnings per share (EPS)0.37
Gross Margin35.61%
Net Profit Margin16.85%
Debt/Equity Ratio7.0%

How did THA perform over the long term?

See historical performance and comparison

Dividends

5.2%

Current Dividend Yield

24%

Payout Ratio

Valuation

Is Tharisa undervalued compared to its fair value and its price relative to the market?

5.2x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: THA (ZAR29) is trading above our estimate of fair value (ZAR16.93)

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


Price To Earnings Ratio

PE vs Industry: THA is good value based on its PE Ratio (5.2x) compared to the ZA Metals and Mining industry average (6x).

PE vs Market: THA is good value based on its PE Ratio (5.2x) compared to the ZA market (10.9x).


Price to Earnings Growth Ratio

PEG Ratio: THA's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: THA's PB Ratio (1.2x) is in line with the ZA Metals and Mining industry average.


Future Growth

How is Tharisa forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-8.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: THA's earnings are forecast to decline over the next 3 years (-8.4% per year).

Earnings vs Market: THA's earnings are forecast to decline over the next 3 years (-8.4% per year).

High Growth Earnings: THA's earnings are forecast to decline over the next 3 years.

Revenue vs Market: THA's revenue (1.5% per year) is forecast to grow slower than the ZA market (6.3% per year).

High Growth Revenue: THA's revenue (1.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: THA's Return on Equity is forecast to be low in 3 years time (16%).


Past Performance

How has Tharisa performed over the past 5 years?

15.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: THA has high quality earnings.

Growing Profit Margin: THA's current net profit margins (16.8%) are higher than last year (10.7%).


Past Earnings Growth Analysis

Earnings Trend: THA's earnings have grown by 15% per year over the past 5 years.

Accelerating Growth: THA's earnings growth over the past year (132.1%) exceeds its 5-year average (15% per year).

Earnings vs Industry: THA earnings growth over the past year (132.1%) underperformed the Metals and Mining industry 218.4%.


Return on Equity

High ROE: THA's Return on Equity (29.1%) is considered high.


Financial Health

How is Tharisa's financial position?


Financial Position Analysis

Short Term Liabilities: THA's short term assets ($292.7M) exceed its short term liabilities ($124.0M).

Long Term Liabilities: THA's short term assets ($292.7M) exceed its long term liabilities ($128.1M).


Debt to Equity History and Analysis

Debt Level: THA has more cash than its total debt.

Reducing Debt: THA's debt to equity ratio has reduced from 30.2% to 7% over the past 5 years.

Debt Coverage: THA's debt is well covered by operating cash flow (662.2%).

Interest Coverage: THA's interest payments on its debt are well covered by EBIT (48.4x coverage).


Balance Sheet


Dividend

What is Tharisa current dividend yield, its reliability and sustainability?

5.20%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: THA's dividend (5.2%) is higher than the bottom 25% of dividend payers in the ZA market (2.87%).

High Dividend: THA's dividend (5.2%) is low compared to the top 25% of dividend payers in the ZA market (7.34%).


Stability and Growth of Payments

Stable Dividend: THA has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: THA's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (24.1%), THA's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: THA's dividends in 3 years are forecast to be well covered by earnings (23.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.5yrs

Average management tenure


CEO

Phoevos Pouroulis (46 yo)

11.25yrs

Tenure

US$1,912,000

Compensation

Mr. Phoevos Pouroulis, B.Sc. (Business Admin) has been the Chief Executive Officer at Tharisa Limited since June 29, 2017. Mr. Pouroulis serves as the Chief Executive Officer at Tharisa Plc and has been it...


CEO Compensation Analysis

Compensation vs Market: Phoevos's total compensation ($USD1.91M) is above average for companies of similar size in the ZA market ($USD726.48K).

Compensation vs Earnings: Phoevos's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: THA's management team is seasoned and experienced (7.5 years average tenure).


Board Members

Experienced Board: THA's board of directors are considered experienced (8.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Tharisa plc's employee growth, exchange listings and data sources


Key Information

  • Name: Tharisa plc
  • Ticker: THA
  • Exchange: JSE
  • Founded: 2008
  • Industry: Precious Metals and Minerals
  • Sector: Materials
  • Implied Market Cap: R7.868b
  • Shares outstanding: 271.32m
  • Website: https://www.tharisa.com

Number of Employees


Location

  • Tharisa plc
  • Sofoklis Pittokopitis Business Centre
  • Offices 108-110
  • Paphos
  • 8011
  • Cyprus

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/23 17:01
End of Day Share Price2022/01/21 00:00
Earnings2021/09/30
Annual Earnings2021/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.