JSE:THA

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

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, and internationally. More Details


Snowflake Analysis

Flawless balance sheet with solid track record.


Similar Companies

Share Price & News

How has Tharisa's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: THA is not significantly more volatile than the rest of ZA stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: THA's weekly volatility (8%) has been stable over the past year.


Market Performance


7 Day Return

0.5%

THA

-1.3%

ZA Metals and Mining

2.0%

ZA Market


1 Year Return

77.0%

THA

38.9%

ZA Metals and Mining

1.2%

ZA Market

Return vs Industry: THA exceeded the ZA Metals and Mining industry which returned 38.9% over the past year.

Return vs Market: THA exceeded the ZA Market which returned 1.2% over the past year.


Shareholder returns

THAIndustryMarket
7 Day0.5%-1.3%2.0%
30 Day32.8%8.0%7.2%
90 Day71.6%6.3%12.9%
1 Year77.4%77.0%44.2%38.9%6.5%1.2%
3 Year23.3%15.4%242.6%206.5%2.9%-17.9%
5 Year615.5%563.8%376.2%301.0%51.0%8.9%

Long-Term Price Volatility Vs. Market

How volatile is Tharisa's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

10.98x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: THA (ZAR26.55) is trading above our estimate of fair value (ZAR10.71)

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 (11x) compared to the ZA Metals and Mining industry average (15.5x).

PE vs Market: THA is good value based on its PE Ratio (11x) compared to the ZA market (13.6x).


Price to Earnings Growth Ratio

PEG Ratio: THA is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: THA is overvalued based on its PB Ratio (1.4x) compared to the ZA Metals and Mining industry average (1.2x).


Next Steps

Future Growth

How is Tharisa forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

10.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: THA's forecast earnings growth (10% per year) is above the savings rate (9.3%).

Earnings vs Market: THA's earnings (10% per year) are forecast to grow slower than the ZA market (29.7% per year).

High Growth Earnings: THA's earnings are forecast to grow, but not significantly.

Revenue vs Market: THA's revenue (10.4% per year) is forecast to grow slower than the ZA market (10.7% per year).

High Growth Revenue: THA's revenue (10.4% 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 (15%).


Next Steps

Past Performance

How has Tharisa performed over the past 5 years?

7.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: THA has high quality earnings.

Growing Profit Margin: THA's current net profit margins (10.7%) are higher than last year (3.1%).


Past Earnings Growth Analysis

Earnings Trend: THA's earnings have grown by 7.5% per year over the past 5 years.

Accelerating Growth: THA's earnings growth over the past year (307.8%) exceeds its 5-year average (7.5% per year).

Earnings vs Industry: THA earnings growth over the past year (307.8%) exceeded the Metals and Mining industry 136.9%.


Return on Equity

High ROE: THA's Return on Equity (17.1%) is considered low.


Next Steps

Financial Health

How is Tharisa's financial position?


Financial Position Analysis

Short Term Liabilities: THA's short term assets ($208.0M) exceed its short term liabilities ($115.9M).

Long Term Liabilities: THA's short term assets ($208.0M) exceed its long term liabilities ($69.9M).


Debt to Equity History and Analysis

Debt Level: THA's debt to equity ratio (19.9%) is considered satisfactory.

Reducing Debt: THA's debt to equity ratio has reduced from 38.5% to 19.9% over the past 5 years.

Debt Coverage: THA's debt is well covered by operating cash flow (114.1%).

Interest Coverage: THA's interest payments on its debt are well covered by EBIT (20.1x coverage).


Balance Sheet


Next Steps

Dividend

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

1.96%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: THA's dividend (1.96%) isn’t notable compared to the bottom 25% of dividend payers in the ZA market (2.98%).

High Dividend: THA's dividend (1.96%) is low compared to the top 25% of dividend payers in the ZA market (8.8%).


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 has only been paying a dividend for 3 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (21.6%), 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 (20% payout ratio).


Next Steps

Management

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

7.8yrs

Average management tenure


CEO

Phoevos Pouroulis (45 yo)

10.25yrs

Tenure

US$706,000

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 ($USD706.00K) is about average for companies of similar size in the ZA market ($USD666.28K).

Compensation vs Earnings: Phoevos's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Loucas Pouroulis
Executive Chairman of the Board10.25yrsUS$906.00k0.30%
$ 21.2m
Phoevos Pouroulis
CEO & Director10.25yrsUS$706.00k2.84%
$ 200.9m
Michael Jones
CFO & Director8yrsUS$551.00k0.21%
$ 14.6m
Michelle Taylor
Chief Operating Officer5.25yrsno data0.11%
$ 7.9m
Hans van Wyk
Group Chief Technology Officer2.67yrsno datano data
Ilja Graulich
Head of Investor Relations & Communicationsno datano datano data
Raymond Lewis Kantor
Executive Legal Counsel & Executive of Legal Affairs10.17yrsno data0.11%
$ 7.9m
Willem De Villiers
Managing Director of Arxo Metals8yrsno datano data
Alston Smith
Managing Director of Tharisa Minerals1yrno datano data
Lysandros Lysandrides
Assistant Company Secretaryno datano datano data
Sanet Findlay
Company Secretaryno datano datano data

7.8yrs

Average Tenure

57yo

Average Age

Experienced Management: THA's management team is seasoned and experienced (7.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Loucas Pouroulis
Executive Chairman of the Board10.25yrsUS$906.00k0.30%
$ 21.2m
Phoevos Pouroulis
CEO & Director10.25yrsUS$706.00k2.84%
$ 200.9m
Michael Jones
CFO & Director8yrsUS$551.00k0.21%
$ 14.6m
Roger Davey
Independent Non-Executive Director3.58yrsUS$79.00kno data
Carol Bell
Independent Non-Executive Director4.83yrsUS$97.00k0.020%
$ 1.4m
Omar Kamal
Independent Non-Executive Director6.58yrsUS$61.00kno data
John Salter
Lead Independent Non-Executive Director7.92yrsUS$174.00kno data
Antonios Djakouris
Independent Non Executive Director9.25yrsUS$129.00k0.020%
$ 1.4m
Zhong Hong
Non-Executive Director2.75yrsUS$43.00kno data
Vaneese Yee Chu
Non-Independent Non-Executive Director0.33yrUS$2.00kno data

7.3yrs

Average Tenure

61yo

Average Age

Experienced Board: THA's board of directors are considered experienced (7.3 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.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Tharisa plc's company bio, 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
  • Market Cap: R7.074b
  • Shares outstanding: 268.48m
  • Website: https://www.tharisa.com

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
THAJSE (The Johannesburg Securities Exchange)YesOrdinary SharesZAZARApr 2014
THSLSE (London Stock Exchange)YesOrdinary SharesGBGBPApr 2014
TIHR.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDApr 2014
7YZDB (Deutsche Boerse AG)YesOrdinary SharesDEEURApr 2014

Biography

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, S...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/21 17:01
End of Day Share Price2021/01/21 00:00
Earnings2020/09/30
Annual Earnings2020/09/30


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.