Financials Tharisa plc London S.E.

Equities

Delayed London S.E. Other stock markets 11:30:45 29/05/2024 BST			5-day change	1st Jan Change
77 ^GBX	-1.28%		+1.99%	+18.46%

05-23	JPMorgan raises Unilever to 'overweight'	AN
05-23	Transcript : Tharisa plc, H1 2024 Earnings Call, May 23, 2024

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	369.9	235.9	370.4	342.6	275.1	294.2	-	-
Enterprise Value (EV) ¹	380.5	255.1	323.8	262.2	145.8	335.2	501.2	529.2
P/E ratio	35 x	5.46 x	3.68 x	2.13 x	3.35 x	4.25 x	7.21 x	123 x
Yield	0.54%	3.95%	6.54%	6.12%	5.45%	3.62%	2.45%	0.1%
Capitalization / Revenue	1.08 x	0.58 x	0.62 x	0.5 x	0.42 x	0.44 x	0.42 x	0.36 x
EV / Revenue	1.11 x	0.63 x	0.54 x	0.38 x	0.22 x	0.5 x	0.72 x	0.65 x
EV / EBITDA	7.37 x	2.25 x	1.44 x	1.11 x	1.07 x	2.97 x	3.33 x	3.29 x
EV / FCF	14.6 x	106 x	3.16 x	3.82 x	1.85 x	-2.36 x	-2.97 x	165 x
FCF Yield	6.85%	0.94%	31.6%	26.2%	54.2%	-42.4%	-33.6%	0.6%
Price to Book	1.14 x	0.68 x	-	0.61 x	0.45 x	0.41 x	0.39 x	0.39 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	0.9812	0.9812	0.9812
Announcement Date	28/11/19	30/11/20	02/12/21	05/12/22	13/12/23	-	-	-

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	699	810.2
EBITDA ¹	51.6	113.4	224.3	236.3	136.8	113	150.4	160.7
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%	15.52%	19.26%	24.38%
Earnings before Tax (EBT) ¹	11.2	75.8	185.3	220.2	114.3	107	133.9	89.65
Net income ¹	10.62	43.3	100.5	149.6	82.24	49	69.52	35.97
Net margin	3.1%	10.66%	16.85%	21.81%	12.65%	7.25%	9.95%	4.44%
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	-142.1	-168.5	3.2
FCF margin	7.6%	0.59%	17.17%	10.01%	12.15%	-21.02%	-24.11%	0.39%
FCF Conversion (EBITDA)	50.51%	2.12%	45.64%	29.06%	57.74%	-	-	1.99%
FCF Conversion (Net income)	245.49%	5.54%	101.89%	45.89%	96.05%	-	-	8.9%
Dividend per Share ²	0.007500	0.0350	0.0900	0.0700	0.0500	0.0355	0.0240	0.001000
Announcement Date	28/11/19	30/11/20	02/12/21	05/12/22	13/12/23	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10.6	19.2	-	-	-	41	207	235
Net Cash position ¹	-	-	46.6	80.4	129	-	-	-
Leverage (Debt/EBITDA)	0.2059 x	0.1689 x	-	-	-	0.3628 x	1.377 x	1.462 x
Free Cash Flow ¹	26.1	2.4	102	68.7	79	-142	-169	3.2
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%	4%	-	-1%
Assets ¹	454.6	480	605	805.5	1,021	1,225	-	-3,597
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	236	261	103
Capex / Sales	12.8%	17.38%	17.78%	15.31%	10.75%	34.93%	37.37%	12.66%
Announcement Date	28/11/19	30/11/20	02/12/21	05/12/22	13/12/23	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.9812 USD

Average target price

0.8623 USD

Spread / Average Target

-12.12%

	1st Jan change	Capi.
ANGLO AMERICAN PLATINUM LIMITED	-30.91%	9.56B
NORTHAM PLATINUM HOLDINGS LIMITED	-1.55%	2.95B
ZIMPLATS HOLDINGS LIMITED	-21.49%	1.23B
JUBILEE METALS GROUP PLC	+25.43%	307M
PLATINUM GROUP METALS LTD.	+74.00%	196M