Added to YB: 2026-09-15
Pitch date: 2026-09-11
THS.L [bullish]
Tharisa plc
Author Info
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Company Info
Tharisa plc, an investment holding company, engages in the mining, processing, sale, and logistics of platinum group metals (PGMs) and chrome concentrates in South Africa, China, Singapore, Hong Kong, the United Arab Emirates, and internationally.
Market Cap
ZAR 496.1M
Pitch Price
N/A
Price Target
2.44 (-91%)
Dividend
1.79%
EV/EBITDA
1.94
P/E
4.28
EV/Sales
0.72
Sector
Metals and Mining
Category
value
THS-le sizzle
THS.L: Tharisa trades near 125p and roughly 2-2.5x estimated current-price EBITDA for its existing mine, leaving fully financed Karo effectively free despite potential attributable EBITDA of $150m-$200m. A 52% increase in the Tharisa PGM basket supports the cash bridge to Karo, while underground ore may improve recoveries. The base case is 244p, but construction, ramp-up, Zimbabwe, commodity-price and 11%-coupon leverage risks remain.
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