Mar 12, 2025
Tharisa plc JSE: THA
Tharisa plc Comprehensive Report
Document Date: 2025-03-11T10:10:42.620Z
This report presents a consolidated overview of Tharisa plc’s operations, corporate governance, financial performance, operational challenges, expansion initiatives, market performance, and risk management. All details are derived from the provided research data and are supplemented with in‐line citations for reference.
1. Company Overview & Primary Business Operations
Tharisa plc, domiciled in Cyprus and listed on both the Johannesburg Stock Exchange (JSE: THA) and London Stock Exchange (LSE: THS), operates in the mining and resources industry. Its primary business operations span a full integrated resource chain including:
Exploration: Identification and evaluation of new mineral resources, focusing on chrome and platinum group metals (PGMs) (Tharisa Homepage).
Mining: Extraction via a mechanised open-pit process at the Tharisa Mine in South Africa with an 18-year pit life and planned underground DFS; ongoing exploration includes the Karo Platinum project in Zimbabwe (LinkedIn).
Processing & Beneficiation: Value addition through processing of excavated materials.
Marketing, Sales & Logistics: Global distribution of refined PGMs and chrome concentrates.
Energy Transition & Decarbonisation: Investments in renewable energy solutions and the development of proprietary battery technologies such as Redox One (Tharisa Homepage).
2. Industry Positioning & Segment Operations
Tharisa plc positions itself as an integrated resource group with diversified exposure:
Mining of PGMs and Chrome: Leveraging cost advantages at its opencast and future underground operations.
Integrated Resource Chain: Combining exploration, mining, processing, marketing, and logistics for operational resiliency (Tharisa Home).
Energy Transition: Focused investments in renewable energy projects (e.g., a 40 MW solar project) and pioneering battery technology aiming for net carbon neutrality.
3. Governance and Leadership
Executive Leadership Team
Name | Role | Tenure | Additional Information |
Loucas Pouroulis | Executive Chairman of the Board | 14.4 years | Compensation: US$994k; Ownership: 0.50% (Source) |
Phoevos Pouroulis | CEO & Director | 14.4 years | Compensation: US$802k; Ownership: 2.8% |
Michael Jones | CFO & Director | 12 years | Compensation: US$601k; Ownership: 0.29% |
Michelle Taylor | COO | 9.4 years | Ownership: 0.27% |
Hans van Wyk | Group CTO | 6.8 years | – |
Ilja Graulich | Head of Investor Relations & Communications | – | – |
Raymond Lewis Kantor | Executive Legal Counsel | 14.3 years | – |
Board of Directors Snapshot
Name | Role | Tenure | Remarks |
Carol Bell | Lead Independent Non-Executive Director | 9 years | Now leads nomination and remuneration committees (MarketScreener) |
Others (e.g., Roger Davey, Omar Kamal, John Salter) | Independent/Non-Executive Directors | Varies | Provide additional governance oversight |
Additional board changes include new appointments (e.g., Josephat Zimba as Country Manager, Zimbabwe and Hans van Wyk as Chief Technical Officer) and the resignation of Ioannis Drapaniotis as an Independent Non-Executive Director (MarketScreener).
4. Significant Corporate Updates & Strategic Initiatives
Recent Announcements and Actions
Dividend Declaration: A final dividend of 3.0 US cents per share was approved with key dates (Record Date: 28 February 2025; Payment Date: 12 March 2025) (MarketScreener).
Annual General Meeting (AGM): The 2024 Annual Report was announced with the AGM scheduled for 19 February 2025 with remote participation available (TipRanks).
Share Buyback Programme: A successful repurchase of ordinary shares was concluded in a previous reporting period.
New Appointments: Strategic management changes include the appointment of Josephat Zimba (Country Manager, Zimbabwe) and Hans van Wyk (Chief Technical Officer) to strengthen geographical expansion and technical oversight (MarketScreener).
Expansion and Innovation Initiatives
Karo Platinum Project: A low-cost, open-pit asset in Zimbabwe expanding geographic reach.
Underground Mining DFS: Ongoing feasibility studies to extend mine life.
Renewable Energy Investments: A 15-year PPA with Etana and a complementary 40 MW solar project form core parts of the energy transition strategy.
New Product Development: Testing of the proprietary iron chromium redox flow battery system (Redox One) and advanced electrolyte units, with live operational tests underway (Investegate).
5. Financial Performance & Key Metrics
Revenue Performance
Period | Revenue (ZAc) | Previous Period Revenue (ZAc) | Sales Growth (%) |
Current (2025-09-30) | 612,013,600 | 721,394,000 | -15% |
Next Year (2026-09-30) | 674,213,000 | 612,013,600 | +10% |
Source: JSE
Earnings Per Share (EPS)
Announcement Date | EPS Estimate | EPS Actual | Difference | Surprise (%) |
2023-12-04 | 0.21 | 0.15 | -0.06 | -28.57% |
Key Performance Indicators (KPIs)
Category | KPI | Value | Units/Notes |
Valuation Metrics | Market Capitalization | 3,861,225,728 | ZAc |
Enterprise Value | 3,749,733,728 | ZAc | |
Trailing P/E | 2.65 | Ratio | |
Financial Performance | Revenue (TTM) | 721,394,000 | ZAc |
EBITDA | 182,892,000 | ZAc | |
Net Income to Common (TTM) | 82,895,000 | ZAc | |
Diluted EPS (TTM) | 4.9 | ZAc | |
Profitability Ratios | Profit Margin | 11.49% | Ratio |
Operating Margin | 18.91% | Ratio | |
Balance Sheet | Total Cash (MRQ) | 162,071,000 | ZAc |
Total Debt (MRQ) | 139,656,000 | ZAc | |
Dividends | Forward Annual Dividend Yield | 7.55% | Percentage |
Data sourced from Tharisa Plc statistics and financial disclosures (Trading Economics).
6. Operations, Production & Supply Chain
Production Performance (Q1 FY2025 vs Q4 FY2024)
Parameter | Q1 FY2025 | Q4 FY2024 | Change (%) |
PGM Production (koz) | 29.9 | 37.1 | -19% |
Chrome Production (kt) | 374.4 | 426.8 | -12% |
Challenges affecting production include:
Equipment Availability: Limited drilling equipment causing suboptimal oxidised reef mining.
Supply Chain Disruptions: Border lockdowns and transport delays (e.g., Mozambique) impacting logistics.
Cybersecurity Incident: Affected administrative functions with rapid work-around solutions (Investegate).
7. Market and Stock Performance
Pre- and Post-Earnings Stock Price Movement
Pre-Earnings Period (Feb 3–13, 2025)
Date | Open | High | Low | Close | Volume |
2025-02-03 | 1385 | 1390 | 1320 | 1387 | 23,784 |
2025-02-05 | 1385 | 1390 | 1326 | 1374 | 69,818 |
2025-02-10 | 1373 | 1388 | 1245 | 1350 | 110,044 |
2025-02-13 | 1355 | 1381 | 1265 | 1339 | 306,364 |
Observation: A gradual decline with prices drifting from ~1387 to ~1339, suggesting cautious sentiment.
Post-Earnings Period (Feb 14–Mar 07, 2025)
Date | Open | High | Low | Close | Volume |
2025-02-14 | 1300 | 1390 | 1300 | 1390 | 11,353 |
2025-02-21 | 1390 | 1390 | 1321 | 1390 | 2,205 |
2025-02-26 | 1323 | 1365 | 1281 | 1290 | 309,900 |
2025-03-07 | 1344 | 1345 | 1275 | 1300 | 32,916 |
Observation: An initial jump on the earnings day followed by volatility with a corrective downward pressure.
Market Capitalization & Analyst Sentiment
Metric | Value | Notes |
Market Capitalization | 3,861,225,728 ZAc | Derived from share price (e.g., 1355 ZAc) and outstanding shares (JSE) |
52-Week Change | +20.69% | Indicates long-term growth |
Analyst ratings remain positive with a recent update from Berenberg Bank (Buy rating, price target of GBX 120; upside +71.43%) and a consensus score of 2.76 (MarketBeat).
8. Expansion, Innovation & R&D
Expansion Plans
Geographic Expansion: The Karo Platinum Project in Zimbabwe augments Tharisa’s operations outside South Africa.
Underground Mining Transition: Feasibility studies are underway to extend mine life by transitioning to underground production.
Renewable Energy & Technological Innovations
Renewable Energy Projects: A 15-year Power Purchase Agreement with Etana and a 40 MW solar project are designed to supply up to 44% of the mine’s energy needs and reduce the carbon footprint by 30% by 2030 (FT Markets).
Advanced Energy Storage: Development of the proprietary long-duration battery “Redox One” is in progress with live testing in operational settings (Investegate).
New Product Offerings: Testing of upscaled proprietary electrolyte technology and complete battery solutions are underway; however, commercial launch dates remain pending (MarketScreener).
R&D Investments
Emissions Reduction Technology: A £1.5 million investment in technology startup Methanox is targeted at developing catalytic converters for methane emission reduction from natural gas-powered ships (Energy Capital Power).
R&D Prioritization: Focuses on sustainability, rapid commercialization through dedicated resource allocation, and talent development via learnerships, bursaries, and internships.
9. Risk Management
Key Risks and Mitigation Strategies
Risk Category | Description | Mitigation Strategy | Source |
Operational Risks | Equipment availability and suboptimal mining recoveries leading to reduced ROM grades | Enhancing drilling rates and optimizing feed grade improvements | |
Market & Price Volatility | Weak PGM and falling chrome prices impacting margins | Active cost management and positioning that current weakness is temporary | |
Supply Chain Disruptions | Delays due to border lockdowns and transport issues | Strengthening logistics partnerships and diversifying supply routes | |
Cybersecurity Incidents | IT system breaches affecting administrative functions | Deployment of rapid work-around solutions and systematic IT restoration measures | |
Regulatory & ESG Risks | Potential stricter environmental or ESG regulations leading to increased compliance costs | Adoption of renewable energy, comprehensive sustainability framework, and robust ESG policies |
10. Future Outlook and Analyst Guidance
Guidance for Upcoming Periods
Period | Revenue Estimate (ZAc) | EPS Guidance | Growth Estimate (%) |
Current Year (2025-09-30) | 612,013,600 | ~0.136 (low estimate) | -15% |
Next Year (2026-09-30) | 674,213,000 | ~0.008 (low estimate) | +10% |
Analysts have revised current year estimates upward (recording up-revisions recently), suggesting expectations of a rebound despite the earnings miss with EPS actual of 0.15 versus an estimate of 0.21 (−28.57% surprise). Overall sentiment remains positive with a consensus Buy rating (2.76) and an attractive price target (MarketBeat).
11. Conclusion
Tharisa plc demonstrates a diversified and integrated approach in mining and resource extraction, underpinned by strategic initiatives in renewable energy and technological innovation. Despite experiencing operational challenges such as reduced production volumes in Q1 FY2025 and a negative EPS surprise (−28.57%), the company is proactively addressing these issues through enhanced operational measures, strategic management appointments, and carefully planned expansion and R&D investments.
The company’s forward-looking strategies—including an expanded geographic footprint with the Karo Platinum Project, investments in renewable energy infrastructure, and a commitment to sustainability through R&D initiatives—position Tharisa plc to navigate competitive market pressures and economic headwinds while pursuing long-term growth.
Analyst sentiment remains favorable, supported by positive revisions and a robust sustainability framework, which together enhance the company’s market positioning and future earnings potential.
Sources throughout this report include Tharisa plc’s official communications, MarketScreener, Investegate, JSE, MarketBeat, and Tharisa Sustainability Overview.
Detailed Version
Industries and Positioning of Tharisa plc
Overview
The table below outlines the primary industries in which Tharisa plc operates and details how the company positions itself within each sector. This information is drawn from the available content provided through Tharisa’s official reports and communications.
Industry Sector | Positioning/Strategy | Evidence and Citations |
Mining (Platinum Group Metals and Chrome) | Acts as a mine developer and operator, specializing in the exploration, production, and marketing of PGMs (platinum, palladium, rhodium, ruthenium, iridium and gold) and chrome. The company leverages cost advantages, such as its opencast Tharisa Mine, to remain competitive and resilient in volatile markets. | |
Integrated Resource Chain | Incorporates mining, processing, exploration, beneficiation, marketing, sales, and logistics. This end-to-end integration optimizes the supply chain and creates a robust platform to navigate commodity cycles while aiming for sustainable growth. | |
Energy Transition and Sustainability | Invests in renewable energy projects (e.g., a 40 MW solar project) and pioneering battery technology (via the subsidiary Redox One) to align with decarbonisation objectives. This positions Tharisa as a forward-looking resource group critical to the energy transition. |
Summary
Tharisa plc primarily operates in the mining of PGMs and chrome, serving as an integrated resource group that spans the full mining value chain. It emphasizes mine development, supply chain integration, and strategic investments in renewable energy technology, positioning itself as a key player in both traditional resource extraction and the energy transition Tharisa Website.
Full Name and Primary Business Operations of Tharisa plc (JSE: THA)
Company Overview
Feature | Details |
Full Name | Tharisa plc |
Domicile | Cyprus (as stated in its consolidated financial statements) |
Listings | Johannesburg Stock Exchange (JSE: THA) and London Stock Exchange (LSE: THS) |
Industry | Mining and Resources |
Primary Business Operations
Operation Category | Description |
Exploration | Identification and evaluation of new mineral resources including chrome and platinum group metals (PGMs) Tharisa Homepage |
Mining | Extraction of critical minerals; operating a mechanised mining process at the Tharisa Mine in South Africa with a defined pit life and development plans for underground operations LinkedIn |
Processing & Beneficiation | Processing of excavated materials with value addition through beneficiation of PGMs and chrome concentrates |
Marketing & Sales | Global marketing, sales and logistics for the refined PGMs and chrome concentrates |
Logistics | Integrated logistics operations to manage the distribution of mined products globally |
Key Asset Operations
Asset Name | Location | Operational Details |
Tharisa Mine | South-western limb of the Bushveld Complex, South Africa | A mechanised mine with an 18-year pit life and potential for an extended underground phase LinkedIn |
Karo Platinum | Great Dyke, Zimbabwe | A low-cost, open-pit PGM asset under development, adding to Tharisa’s diversified operational portfolio |
Additional Initiatives
Initiative | Description |
Energy Transition & Decarbonisation | Projects including renewable energy solutions and the development of proprietary energy storage technology (Redox One) to support the energy transition and reduce carbon emissions Tharisa Homepage |
The full legal name of the company is Tharisa plc, and its primary business operations include exploration, mining, processing (and beneficiation), marketing, sales, and logistics. These activities focus on the production and refining of PGMs and chrome concentrates, with core assets such as the Tharisa Mine in South Africa and the developing Karo Platinum project in Zimbabwe. The company further emphasizes initiatives related to the energy transition through renewable energy projects and innovative battery technology.
Key Executives and Leadership Team at Tharisa plc
Executive Leadership Team
The table below lists the key executives at Tharisa plc along with their roles and, where available, tenure data and other details.
Name | Role | Tenure | Additional Information |
Loucas Pouroulis | Executive Chairman of the Board | 14.4 years | Compensation: US$994.00k; Ownership: 0.50% (ZAR 20.3m) |
Phoevos Pouroulis | Chief Executive Officer (CEO) & Director | 14.4 years | Compensation: US$802.00k; Ownership: 2.8% (ZAR 112.8m) |
Michael Jones | Chief Financial Officer (CFO) & Director | 12 years | Compensation: US$601.00k; Ownership: 0.29% (ZAR 11.7m) |
Michelle Taylor | Chief Operating Officer (COO) | 9.4 years | Ownership: 0.27% (ZAR 11.1m); Compensation data not provided |
Hans van Wyk | Group Chief Technology Officer (CTO) | 6.8 years | Compensation data not provided |
Ilja Graulich | Head of Investor Relations & Communications | - | Tenure and compensation details not provided |
Raymond Lewis Kantor | Executive Legal Counsel & Executive of Legal Affairs | 14.3 years | Compensation data not provided |
Lucien Matthews | Managing Director of Special Projects | - | Tenure details not provided |
Suren Singh | Group Head of Internal Audit | 3.8 years | Compensation data not provided |
Sanet Findlay | Company Secretary | - | Tenure details not provided |
Board of Directors (Additional Leadership)
For a comprehensive governance structure, Tharisa’s board includes several independent and non-executive directors. Key members include:
Name | Role | Tenure | Remarks |
Loucas Pouroulis | Executive Chairman of the Board | 14.4 years | Also part of the executive team |
Phoevos Pouroulis | CEO & Director | 14.4 years | |
Michael Jones | CFO & Director | 12.2 years | |
Roger Davey | Independent Non-Executive Director | 7.8 years | |
Carol Bell | Lead Independent Non-Executive Director | 9 years | |
Omar Kamal | Independent Non-Executive Director | 10.8 years | |
John Salter | Independent Non-Executive Director | 14.4 years | |
Gloria Zvaravanhu | Independent Non-Executive Director | 1.1 years | |
Man Lo Wai | Non-Executive Director | 4.1 years | |
Hao Chen | Non-Executive Director | 1.4 years |
The leadership team is drawn from seasoned executives with extensive experience and a balanced mix of executive and non-executive expertise, ensuring effective governance and strategic direction for the company Tharisa Board Information Simply Wall St.
Recent Press Releases and Announcements from Tharisa plc
Announcement Title | Published Date | Description | Source Link |
Tharisa plc Approve Final Dividend, Payable on 12 March 2025 | 05 March 2025 | Final dividend of 3.0 US cents per share approved at the AGM; key dates include trading cum- and ex-dividend rights, record date, and payment on 12 March 2025. | |
Tharisa Announces 2024 Annual Report and AGM Details | 20 December 2024 | The announcement includes distribution of Tharisa’s Annual Report for the year ended 30 September 2024 and details of the Annual General Meeting scheduled for 19 February 2025, reflecting the company’s transparency and stakeholder engagement. |
These press releases provide timely communication related to the current earnings period. Citations include Marketscreener [https://www.marketscreener.com] and TipRanks [https://www.tipranks.com].
Significant Corporate Updates in Tharisa plc Since Last Earnings Report
Event Category | Event Details | Date/Period | Source |
Dividend Declaration | Approval of a final dividend of 3.0 US cents per share; ex-dividend dates and payment scheduled (e.g., Record date: 28 February 2025, Payment on 12 March 2025) | February - March 2025 | |
Annual General Meeting (AGM) Announcement | Announcement of the 2024 Annual Report and AGM set to be held in Cyprus with remote participation available via Microsoft Teams. | 19 February 2025 | |
Share Buyback | Successful conclusion of a share repurchase programme (ordinary shares repurchased) | Prior reporting period | Referenced within the interim financial statements documentation |
| Key Finding | No significant mergers, acquisitions, or leadership changes have been reported since the last earnings update. | | |
Summary
Based on the available information, Tharisa plc has announced routine corporate actions such as a dividend declaration, an upcoming AGM, and a share repurchase programme. There have been no reported mergers, acquisitions, or leadership changes since the last earnings report.
Citations
New Key Appointments and Promotions within Tharisa plc
Overview
The key appointments made since the last earnings report include two significant changes within the management team. The appointments are aimed at strengthening the company’s diversification strategy and technical executive management. These appointments have been announced following the company’s strategic moves in geographical diversification and operational enhancements.
Appointment Details
Name | New Position | Background Information & Previous Role | Additional Details | Source Citations |
Josephat Zimba | Country Manager, Zimbabwe | Previously served as Group Chief Scientist since June 2009. Played a key role in the Zimbabwean diversification initiative. | Appointment supports geographical expansion into Zimbabwe. | |
Hans van Wyk | Chief Technical Officer | Formerly Operations Director at Tharisa Minerals Proprietary Limited since 2016, with consulting experience since September 2011. | Responsible for overall management of processing, smelting, and beneficiation operations; role promotes technical executive management. |
Context
Aspect | Details |
Purpose of Appointments | Enhance the management structure to drive geographical and diversification strategies. |
Focus Area | Zimbabwe expansion and strengthening technical operations across the Tharisa Group. |
Timeline & Relation to Earnings | Appointments are the post-earnings report development aimed to further boost the Group’s strategic initiatives. |
Summary of Key Points
Key Aspect | Points |
New Appointments | Josephat Zimba as Country Manager, Zimbabwe and Hans van Wyk as Chief Technical Officer. |
Strategic Focus | Diversification into Zimbabwe; strengthening technical control and operational efficiencies. |
Source References |
This response addresses the sub-task regarding new key appointments within Tharisa plc since the last earnings report by summarizing the appointments and promotions as detailed in the available sources.
Recent Executive Resignation at Tharisa plc
Executive Resignation Details
Name | Position | Resignation Date | Source |
Ioannis Drapaniotis | Independent Non-Executive Director | 05 March 2025 |
Summary
The only recent notable resignation at Tharisa plc is that of Ioannis Drapaniotis, who served as an Independent Non-Executive Director. There is no additional evidence of other key executive or senior management departures in the provided data.
Suggested Follow-ups
Corporate Governance
Financial Impact
Market Reaction
Impact of Key Personnel Departure on Tharisa plc’s Operations and Strategic Direction
Overview of Potential Impacts
Impact Area | Potential Impact Description | Details and Considerations |
Operational Efficiency | Departure of experienced staff may lead to short-term disruptions in daily operations and production efficiency. | Given the focus on technical areas – such as improving feed grade, drilling rates, and recovery rates as highlighted in Q1 FY2025 reports FT Markets – a lack of leadership continuity might slow down improvements. |
Strategic Direction | Loss of key managerial talent could hinder timely decision-making and execution of critical strategic projects. | Tharisa’s roadmap involves several long-term initiatives including a 40 MW solar project, energy transition targets, and the development of the Redox One battery technology (Investegate). |
Investor Confidence | Key personnel changes may trigger concerns among investors regarding the company’s stability and strategic focus, potentially impacting market sentiment and share performance. | As noted in production guidance discussions and market communications (MarketScreener), maintaining clear leadership is vital for upholding investor trust. |
Project Execution | Unexpected departures might delay or complicate the implementation of future projects, including underground DFS studies or value engineering at projects like Karo Platinum. | Any lapse in management continuity could translate into slower progress or reallocation of resources affecting long-term asset optimization (Proactive Investors). |
Summary of Financial and Operational Context
Metric | Q1 FY2025 Value | Previous Quarter Comparison |
PGM Production | 29.9 koz | Q4 FY2024: 37.1 koz |
Chrome Production | 374.4 kt | Q4 FY2024: 426.8 kt |
Group Cash on Hand | US$175.1 million | 30 September 2024: US$217.7 million |
Net Cash Position | US$89.0 million | 30 September 2024: US$108.9 million |
Note: The above financial figures are sourced from the Q1 FY2025 production report (FT Markets and Investegate).
Limitations of Available Information
Information Area | Status | Details |
Direct Mention of Personnel Departure | Not explicitly available | No specific details in the provided messages detail any recent departure of key personnel. |
Management Transition Plans | Not available | Information on succession planning or transition support measures is not provided. |
Note: The discussion above is based on general implications of key personnel changes and publicly available operational and financial reports. There is no explicit mention of a key personnel departure in the provided information.
Inline Citations
FT Markets – Production Report Q1 FY2025: Link
Investegate – Production Report: Link
MarketScreener – Financial Overview: Link
Proactive Investors – Guidance: Link
Reported Revenue and Performance Comparison for Tharisa plc
Current Earnings Period Revenue
Date | Period | Revenue (ZAc) | Previous Year Revenue (ZAc) | Sales Growth |
2025-09-30 | Current Year | 612,013,600 | 721,394,000 | -15% |
Explanation
Data Point | Description |
Revenue (Current) | The current year revenue estimate is 612,013,600 ZAc. |
Previous Year Revenue | The revenue from the previous period was 721,394,000 ZAc. |
Sales Growth | The percentage change in revenue is -15%, indicating a decline compared to the previous earnings period. |
The analysis shows that Tharisa plc's revenue for the current earnings period stands at approximately 612 million ZAc, representing a decline of 15% from the previous period's revenue of approximately 721 million ZAc. This decline is explicitly indicated by the sales growth figure provided in the data source.
Data Source
Source Description | URL |
JSE Financial Data |
Significant Changes in Tharisa plc Board and Backgrounds of Newly Appointed Directors
Overview of Board Changes
Name | New Role/Change | Background & Details | Effective/Remarks |
Dr. Carol Bell | Appointed Lead Independent Director; Chairman of Nomination & Remuneration Committees | Has served as an independent non-executive director since 2016; appointed to replace Dr. David Salter (former Lead Independent Director and Nomination Committee Chairman) and Mr. Antonios Djakouris (former Remuneration Committee Chairman) MarketScreener | Changes effective from 1 October 2021 |
Dr. David Salter | Relinquished Lead Independent Director role and Nomination Committee Chairmanship | Remains an independent non-executive director and a member of both the Nomination and Remuneration Committees MarketScreener | Continued board membership |
Mr. Antonios Djakouris | Stepped down as Chairman of the Remuneration Committee | Remains an independent non-executive director and a member of the Nomination and Remuneration Committees MarketScreener | Continued board membership |
Mr. Lucien Matthews | Managing Director Special Projects | A physicist by training with over 30 years of experience in steel, stainless steel, and related industries; has served as CEO at various stainless steel companies globally MarketScreener | New role, driving the Company's beneficiation strategy |
Mr. Suren Singh | Group Head of Internal Audit | A Chartered Accountant with three decades of experience in internal audit across various sectors including government, retail, automotive, and gold production MarketScreener | New appointment |
Mr. Andrew Henwood | Executive Corporate Finance (based in London) | Joins the company with a focus on corporate finance; additional specific background details were not provided in the announcement MarketScreener | Joined effective from 1 October 2021 |
Task Summary
Research task focused on identifying any significant board or advisory committee changes at Tharisa plc and detailing the backgrounds of newly appointed directors. The information is synthesized from recent announcements Investegate and MarketScreener.
Tharisa plc’s Earnings Per Share (EPS) Analysis
Current Period EPS Metrics
Date | EPS Estimate | EPS Actual | Difference | Surprise (%) |
2023-12-04 | 0.21 | 0.15 | -0.06 | -28.57 |
Overall Performance Reflections
Aspect | Observation |
EPS Performance | The actual EPS of 0.15 is 28.57% below the estimated 0.21, indicating an underperformance. |
Market Expectations | Underperformance relative to analysts' predictions suggests potential operational challenges. |
Historical Trends | Similar EPS values in the previous period (2022-05-26) imply a consistent shortfall relative to estimates. |
For further details on market dynamics, review information available on major exchange reports JSE.
Tharisa Plc KPIs and Current Earnings Period Performance
KPIs Tracked by Tharisa Plc
Category | KPI | Value | Units/Notes |
Valuation Metrics | Market Capitalization | 3,861,225,728 | ZAc |
Enterprise Value | 3,749,733,728 | ZAc | |
Trailing P/E | 2.65 | Ratio | |
Forward P/E | 76.41 | Ratio | |
PEG Ratio | 76.41 | Ratio (identical to forward P/E) | |
Price-to-Sales (TTM) | 5.35 | Ratio | |
Price-to-Book (MRQ) | 530.85 | Ratio | |
Enterprise-to-Revenue | 5.23 | Ratio | |
Enterprise-to-EBITDA | 21.72 | Ratio | |
Financial Performance | Revenue (TTM) | 721,394,000 | ZAc |
Revenue Per Share (TTM) | 2.412 | ZAc | |
Quarterly Revenue Growth | 12% | Growth rate | |
Gross Profit (TTM) | 184,609,000 | ZAc | |
EBITDA | 182,892,000 | ZAc | |
Net Income to Common (TTM) | 82,895,000 | ZAc | |
Diluted EPS (TTM) | 4.9 | ZAc | |
Profitability Ratios | Profit Margin | 11.49% | Ratio |
Operating Margin | 18.91% | Ratio | |
Return on Assets (TTM) | 6.53% | Ratio | |
Return on Equity (TTM) | 11.36% | Ratio | |
Balance Sheet | Total Cash (MRQ) | 162,071,000 | ZAc |
Cash Per Share (MRQ) | 0.766 | ZAc | |
Total Debt (MRQ) | 139,656,000 | ZAc | |
Debt-to-Equity (MRQ) | 13.62 | Ratio | |
Current Ratio (MRQ) | 1.838 | Ratio | |
Book Value Per Share (MRQ) | 2.447 | ZAc | |
Cash Flow | Operating Cash Flow (TTM) | 121,268,000 | ZAc |
Levered Free Cash Flow (TTM) | 82,895,000 | ZAc | |
Stock Price Summary | 52-Week Low | 1,140 | ZAc (price level) |
52-Week High | 2,099 | ZAc (price level) | |
52-Week Change | 20.69% | Percentage Change | |
Beta | 0.853 | Measure of volatility | |
50-Day Moving Average | 1,415.34 | ZAc (price level) | |
200-Day Moving Average | 1,684.20 | ZAc (price level) | |
Dividends | Forward Annual Dividend Rate | 10,944.78 | ZAc |
Forward Annual Dividend Yield | 7.55% | Percentage | |
Trailing Annual Dividend Rate | 5,499.67 | ZAc | |
Trailing Annual Dividend Yield | 3.79% | Percentage | |
5-Year Average Dividend Yield | 4.32% | Percentage | |
Payout Ratio | 12.51% | Percentage | |
Dividend Frequency | Semi-Annual | Statement |
Data sourced from Tharisa Plc statistics (source) and processed based on the provided information.
Current Earnings Period Performance
Earnings Date | EPS Estimate | EPS Actual | Difference | Surprise (%) |
2023-12-04 | 0.21 | 0.15 | -0.06 | -28.57% |
2022-05-26 | 0.21 | 0.15 | -0.06 | -28.57% |
Data reflects the earnings figures reported for the recent earnings periods (source).
Citations
Tharisa Plc QoQ Changes in Key Metrics
Overview
The analysis below reviews key metrics for Tharisa Plc based on available quarterly data. The metrics assessed include:
Earnings per Share (EPS)
Gross Margin
Operating Income
For Tharisa Plc, the EPS data for two periods has been provided, while detailed information for gross margin and operating income is not available from the provided data.
EPS Data
The following table displays the available EPS values for the two provided quarters. According to the data, both quarters show an EPS value of 0. Any quarter-over-quarter change results in no variation given these inputs.
Date | EPS Value | QoQ Change |
2025-09-30 | 0 | N/A |
2026-09-30 | 0 | 0 |
Note: QoQ Change for the first period is not applicable as there is no preceding quarter, while for the subsequent period the change remains 0.
Gross Margin
The provided data does not include figures for gross margin. Therefore, no quarter-over-quarter analysis can be performed for this metric.
Date | Gross Margin | QoQ Change |
Data Not Available | - | - |
Operating Income
No data has been retrieved for operating income in the current dataset. Consequently, a QoQ analysis for operating income cannot be performed.
Date | Operating Income | QoQ Change |
Data Not Available | - | - |
Citations
EPS data source: Public Company Financials
Summary
Data indicates no EPS variation quarter-over-quarter as both provided values are 0. There is insufficient data to analyze quarter-over-quarter changes for gross margin and operating income.
Significant Drivers/Detractors Impacting Tharisa Plc’s Quarterly Performance
Balance Sheet Snapshot
Q4 2023 vs Q2 2023
Description | Q4 2023 (2023-09-30) | Q2 2023 (2023-03-31) | Observation |
Cash & Cash Equivalents | 255,300,000 | 203,621,000 | Increased liquidity in Q4 |
Total Current Assets | 455,252,000 | 407,988,000 | Growth in current assets |
Total Assets | 1,088,044,000 | 1,024,356,000 | Overall asset growth |
Total Liabilities | 412,868,000 | 357,178,000 | Increase in liabilities |
Total Shareholders’ Equity | 675,176,000 | 667,178,000 | Marginal increase |
Note: While changes in the balance sheet indicate improved liquidity and asset growth, these differences alone do not clearly identify operational performance drivers or detractors without complementary income statement details.
Analysis of Performance Drivers/Detractors
Factor | Assessment |
Operational Income | Data not available to assess key operational drivers |
Liquidity & Assets | Slight asset and liquidity increases were noted, but without corresponding income metrics, their impact on overall performance is unclear |
Cost/Expense Impact | No detailed expense data to discern cost-driven detractors |
Conclusion: The available quarterly data does not provide sufficient information on traditional performance indicators (e.g. sales growth, profit margins, operating income). Consequently, it is not possible to conclusively identify significant drivers or detractors impacting Tharisa Plc’s performance on a quarter-on-quarter basis using the provided dataset JSE.
Data Limitation Notice
The absence of detailed income statement metrics, with most key figures reported as null or zero, restricts analysis to balance sheet fluctuations only. Without corroborating income data, an assessment of specific performance influencers remains indeterminate.
Factors Contributing to YoY Growth or Decline in Tharisa plc’s Performance
Overview of Available Data
Financial Metric | Fiscal Year 2023 Value (USD) |
Sales | 649,893,000 |
Cost of Goods Sold (COGS) | 496,562,000 |
Gross Profit | 153,331,000 |
Operating Income | 99,259,000 |
Net Income | 86,776,000 |
Earnings Per Share (Basic) | 0.274 |
Operating Cash Flow | 111,867,000 |
The current data reflects Tharisa plc’s performance for the fiscal period ending on 2023-09-30. However, to accurately identify the factors contributing to YoY growth or decline in performance, data for at least one prior period is required. The metrics above represent only the latest available figures.
Potential Growth or Decline Factors
Without direct YoY comparisons from previous years, we can only outline general factors that typically affect a company’s year-over-year performance:
Factor | Potential Impact | Relevance Based on 2023 Data |
Revenue Generation | Increase in sales can drive growth | Sales data provided, but comparison missing |
Cost Management (COGS and Operating Costs) | Efficiency improvements can enhance margins | Detailed COGS and expense figures are available |
Operating Efficiency | Better conversion of revenue to operating profit | Operating income is strong, yet change unknown |
Non-operating Items | Interest income or expense variations | Some non-operating items are reported |
Cash Flow Management | Robust operating cash flow contributes to stability | Operating cash flow is healthy |
Limitations in Analysis
Issue | Description |
Lack of Historical Data | YoY analysis requires baseline from previous periods |
Context on External Factors | Economic conditions, commodity prices, and regulatory changes are not provided |
Detailed Expense Breakdown | More granularity on shifts in specific expenses could refine the analysis |
Conclusion on YoY Analysis
Due to the absence of prior year data in the information provided, it is not possible to definitively state which factors have contributed to YoY growth or decline in Tharisa plc’s performance. Further comparative data from earlier fiscal periods is required for a complete analysis.
For additional insights, you may refer to official JSE reports or Tharisa plc’s published financial statements.
Tharisa Plc Guidance for Upcoming Quarter/Year Regarding Revenue, EPS, and Key Metrics
Revenue Estimates
Date | Period | Analysts | Average Estimate (ZAc) | Low Estimate (ZAc) | High Estimate (ZAc) | Year-Ago Sales (ZAc) | Sales Growth (%) |
2025-09-30 | Current Year | 5 | 612,013,600 | 550,000,000 | 669,600,000 | 721,394,000 | -15.0 |
2026-09-30 | Next Year | 5 | 674,213,000 | 628,000,000 | 721,500,000 | 612,013,600 | 10.0 |
EPS Estimates
Date | Period | Analysts | Average Estimate | Low Estimate | High Estimate | Year-Ago EPS |
2025-09-30 | Current Year | 1 | 0 | 0.136 | 0.136 | N/A |
2026-09-30 | Next Year | 1 | 0 | 0.008 | 0.008 | N/A |
Growth Estimates
Metric | Estimate Value |
Next 5 Years (pa) | 10.76% |
Past 5 Years (pa) | 10.76% |
Guidance for Upcoming Quarter
Metric | Guidance Provided |
Revenue | Guidance available for current and next year; no quarter-specific data provided |
EPS | Guidance available for current and next year; no quarter-specific data provided |
Other Key Metrics | Growth estimates available; quarter-specific guidance not provided |
Data sourced from Tharisa Plc financial guidance on revenue, EPS, and growth estimates (e.g., Tharisa Plc Profile for general reference).
Revisions to Tharisa plc’s Guidance and Underpinning Assumptions
Guidance Revision Status
Item | Previous Guidance | Current Guidance | Revision Status |
6E PGMs Production | 140-160 koz | 140-160 koz | No revision – guidance maintained |
Chrome Concentrates Production | 1.65 Mt to 1.8 Mt | 1.65 Mt to 1.8 Mt | No revision – guidance maintained |
Sources: Investegate, Proactive Investors
Assumptions Underpinning the Guidance
Assumption Category | Details | Citation |
Funding & Capital | Sufficient group cash on hand and debt management ensuring liquidity for project funding and operational needs | |
Project Execution & Investment | Continued deployment of early works capital, value engineering at the Karo project, and DFS progressing as planned | |
Renewable Energy & Carbon Targets | A 15-year Power Purchase Agreement with Etana and construction of a 40 MW solar project to support carbon reduction (30% by 2030, net-zero by 2050) | |
Operational Performance | Maintenance of steady production profiles with execution resilience despite first quarter challenges |
Note: The current guidance remains unchanged from previous forecasts, underpinned by operational resilience, stable funding, and strategic project advancements.
Business Segment Revenue Performance for Tharisa plc
Overview
The available income statement for Tharisa plc (fiscal date: September 30, 2023) provides consolidated revenue information only. There is no segmented breakdown by product lines or geographic regions.
Consolidated Revenue Data
Revenue Metric | Value (ZAR) |
Total Revenue | 649,893,000 |
Operating Revenue | 649,893,000 |
Business Segment Details
Business Segment | Revenue (ZAR) | Comments |
Consolidated (All) | 649,893,000 | No further breakdown into product lines or regions provided. |
Citation
Data sourced from the consolidated income statement available on the JSE ([https://www.jse.co.za/).Wikipedia style citation](https://en.wikipedia.org/wiki/Main_Page)
Tharisa plc Revenue Growth by Business Segment
The available financial data for Tharisa plc does not include detailed breakdowns by business segment for either the latest quarter or the same quarter in the previous year. Therefore, it is not possible to analyze which business segments exhibited the highest revenue growth or experienced declines based solely on QoQ and YoY comparisons.
Below is a summary table that outlines the issue:
Data Component | Available Data | Remarks |
Latest Quarter Revenue by Segment | Not provided | Missing detailed business segment data |
Same Quarter Last Year Revenue by Segment | Not provided | Missing detailed business segment data |
QoQ and YoY Revenue Comparisons | Not analyzable | Insufficient segment-specific information |
For further analysis, comprehensive financial segment data from Tharisa plc, such as segment-specific income statements for the required periods, would be needed.
Source: Wikipedia-style citation not applicable as no URL was provided for the detailed segment data.
New Product Launches and Discontinuations by Tharisa plc with Impact on Revenue
Overview
Category | Details |
New Product Launch | Redox One: Launched in March 2024 at the African Energy Indaba. Developed as a proprietary iron chromium redox flow battery to support grid-scale, long-duration energy storage. |
Product Discontinuations | None reported in the available data. |
Revenue Impact | No direct linkage or quantification of the impact on revenue from the product launch is provided in the available information. |
Financial data specifically correlating Redox One or any discontinuations to revenue changes was not disclosed in the provided documents Tharisa Annual Financial Statements, Mining.com article, or other related sources.
Conclusion
From the available information, Tharisa plc launched a new product, Redox One, but there is no evidence that its introduction or any product discontinuations had a notable impact on overall revenue.
How did existing products or services offered by Tharisa plc perform compared to expectations during the current earnings period?
Earnings Performance Data
Date | EPS Estimate (ZAc) | EPS Actual (ZAc) | Difference (ZAc) | Surprise (%) |
2023-12-04 | 0.21 | 0.15 | -0.06 | -28.57 |
Analysis
Aspect | Detail |
Current Earnings Period | Data from 2023-12-04 earnings show an underperformance, with actual EPS of 0.15 falling short of the estimated 0.21, resulting in a negative surprise of 28.57%. |
Comparison to Past Results | The similar results observed in the 2022-05-26 period indicate that the EPS shortfall is recurrent. |
Earnings Estimate for Current Year | An earnings estimate for the current financial year from 2025-09-30 lists a low estimate of 0.136, which further emphasizes the adjustment in market expectations. |
The underperformance in EPS suggests that the current products or services generated revenues lower than anticipated by analysts. However, specific details on product-level performance are not provided, and the conclusion is based solely on available EPS data JSE and published estimates Investing.com.
Financial Tables
Financial Metric | EPS Estimate | EPS Actual | Difference | Surprise (%) |
Current Earnings (2023-12-04) | 0.21 | 0.15 | -0.06 | -28.57 |
Earnings Estimate (Current Year as of 2025-09-30) | Number of Analysts | Avg Estimate | Low Estimate | High Estimate |
Current Year | 1 | 0 | 0.136 | 0.136 |
The tables presented compile all relevant financial data available regarding the earnings performance during the current period.
What Role Did New Product or Service Offerings Play in Tharisa plc’s Overall Revenue for This Period?
Summary of Findings
Aspect | Details |
Revenue Breakdown by Offerings | Not Available in Provided Data |
Presence of New Offerings | Mentioned indirectly in management commentary and segment reporting; however, detailed attribution is lacking |
Specific Financial Contribution Data | No line-item or segmented financial disclosure isolating new product/service revenue |
Required Data for Clarity | Detailed management discussion and analysis sections or segmented revenue breakdowns stating new revenue contributions |
Benefit of Detailed Data | Would indicate whether new offerings provided incremental revenue or simply supplemented existing streams |
Research Question Response
Question Focus | Response |
Role of New Offerings in Overall Revenue | The available disclosures do not provide a clear breakdown isolating revenue from new product or service offerings. Detailed segmentation is necessary but not provided in the available materials. |
Impact Assessment | Given the lack of specifics, the role of these new offerings cannot be quantitatively determined from the current data. |
Citations
Source Type | URL Reference |
Wikipedia Style Reference |
Data Summary
Data Element | Availability in Data |
Specific Revenue Breakdown | Not Available |
Management Commentary | Indirect references to new initiatives present, but not quantified |
Major Cost Components for Tharisa Plc and Their Trend Analysis
Annual Cost Data (Fiscal Year Ending 2023-09-30)
Metric | Amount (USD) | Percentage of Sales (%) |
Sales | 649,893,000 | 100 |
Cost of Goods Sold (COGS) | 496,562,000 | ~76.4 |
Gross Profit | 153,331,000 | ~23.6 |
Research and Development Expense | 1,247,000 | ~0.19 |
Selling, General & Administrative Expense | 16,961,000 | ~2.61 |
Other Operating Expenses | 7,885,000 | ~1.21 |
Total Operating Expenses (excluding COGS) | 26,093,000 | ~4.01 |
Analysis of Cost Components
Component | Observation |
Cost of Goods Sold | The largest component, accounting for approximately 76% of sales, indicating a significant production or purchase cost base. |
Operating Expenses | Include R&D, SG&A, and other operating costs. These are moderate relative to overall sales, suggesting controlled operating costs. |
Trend Analysis
Trend Aspect | Observation |
Quarterly Trend | Quarterly data was not available (no recent quarterly income statement provided). |
Year-over-Year Trend | With only one annual data point available, sufficient historical trends over multiple years cannot be determined. |
Data Limitations
The available data offers a snapshot for the fiscal period ending 2023-09-30. Insufficient historical data limits a detailed trend analysis over previous quarters and years. Future analysis would benefit from multiple annual and quarterly data points to better assess the cost trends over time.
Inline citations: JSE
Notable Supply Chain and Production Process Challenges at Tharisa plc
Identified Challenges
Challenge | Description | Impact on Operations | Source |
Drilling Equipment Availability | Limited access to drilling equipment led to mining suboptimal oxidised reef horizons. | Lower ROM grades and reduced metallurgical recoveries, impacting overall production quality. | |
Cybersecurity Incident | A cyber attack affected administrative, accounting, and support services. | No direct impact on physical operations due to workaround solutions; systems gradually restored. | |
Supply Chain Disruptions at Mozambique Border | Lockdowns and transport disruptions at the border impacted logistics. | Delivery delays for chrome cargoes, though physical demand remained normal. |
Production Impact Overview
Parameter | Q1 FY2025 | Q4 FY2024 | Change (%) | Notes |
PGM Production (koz, 6E basis) | 29.9 | 37.1 | -19% | Impacted by suboptimal reef mining and recovery challenges. |
Chrome Production (kt) | 374.4 | 426.8 | -12% | Lower output linked to drilling limitations and supply chain delays. |
Mitigation and Process Adjustments
Mitigation Measure | Details | Expected Impact |
Improved Drilling Rates & Equipment Availability | Adjustments implemented in response to drilling equipment constraints. | Optimisation of feed grade and return to previous recovery levels in future quarters. |
Cybersecurity Work-around Solutions | Temporary solutions implemented to maintain business continuity. | Minimised disruption in administrative and support functions, ensuring stability of physical operations. |
Summary
The production challenges at Tharisa plc have been primarily driven by equipment unavailability resulting in suboptimal mining outcomes, a cybersecurity incident affecting non-physical functions, and supply chain disruptions at key logistical points. These have led to reduced ROM grades and recovery rates, causing a notable drop in both PGM (-19%) and chrome (-12%) production in Q1 FY2025. However, process improvements and operational adjustments are underway to mitigate these issues, as detailed by multiple sources Investegate, MarketScreener.
Current Inventory Status of Tharisa plc: Comparison with Previous Periods
Inventory Status Overview
Fiscal Date | Inventory (USD) |
2023-09-30 | 90,080,000 |
Historical Comparison
Fiscal Date | Inventory (USD) | Change (%) |
2023-09-30 | 90,080,000 | N/A - No previous period data provided |
Data Source: JSE and provided API details.
How Do Tharisa plc’s Current Cost Metrics Compare on a QoQ and YoY Basis?
Quarter-over-Quarter (QoQ) Comparison
The available Q1 FY2025 data (compared to Q4 FY2024) provides insights on production and pricing metrics, which serve as proxies for cost performance. These include changes in production volumes and average commodity prices. Note that explicit operating cost figures are not provided; however, the following data help understand relative performance:
Metric | Q1 FY2025 | Q4 FY2024 | Change/Observation |
PGM Production | 29.9 koz | 37.1 koz | Decline (~19% decrease) |
Chrome Production | 374.4 kt | 426.8 kt | Decline (~12% decrease) |
PGM Price | US$1,381/oz | US$1,370/oz | Slight increase (~0.8%) |
Average Metallurgical Grade Chrome Concentrate Price | US$271/t | US$314/t | Decline (~13.7%) |
Data are sourced from the Q1 FY2025 production report FT and the Investegate announcement Investegate.
Year-over-Year (YoY) Comparison
Annual reporting provides limited direct comparisons for the current quarter; data from the annual financial statements offer a glimpse of trends in chrome concentrate pricing. The key findings include:
Metric | Previous Year (FY2022) | Current Year (FY2023) | Change/Observation |
Average Metallurgical Grade Chrome Concentrate Price | US$209/t | US$263/t | Increase of 25.8% |
Chrome Production | (Flat at 1.58 Mt*) | (Flat at 1.58 Mt*) | No notable change reported in output volume |
*Note: While output remained flat YoY, the significant price increase reflects better pricing conditions for chrome products.
These figures are detailed in the FY2023 results booklet Tharisa Annual Financial Statements.
Summary
QoQ, Tharisa plc experienced lower production volumes and a marked decline in chrome concentrate prices, with a slight increase in PGM prices. YoY, there is a notable improvement in average chrome concentrate prices despite stable production volumes, suggesting improved pricing performance relative to the prior period.
Citations: FT, Investegate, Tharisa Annual Financial Statements.
Significant Marketing Campaigns and Strategic Sales Initiatives by Tharisa plc
Aspect | Details |
Marketing Campaigns | No dedicated or significant marketing campaigns were identified in the examined documents and reports. |
Strategic Sales Initiatives | There are no specific references to strategic sales initiatives being launched. The available reports primarily discuss operational developments, production guidance, sustainability projects, cost management, and capital allocation for mining and energy transition purposes. |
Outcomes | As no significant marketing or sales initiatives were reported, there were no direct outcomes recorded related to such campaigns. |
Sources | Tharisa Financial Statements 2023; Tharisa PLC Annual Reports 2024 |
Based on the available information from the shared documents and reports, there is no evidence of any significant marketing campaigns or strategic sales initiatives being launched by Tharisa plc. Consequently, no outcomes directly associated with such campaigns have been reported.
How Tharisa Plc’s Sales and Marketing Efforts Contributed to its Revenue Growth
Overview of Available Data
Metric | Current Earnings Period (2025-09-30) | Prior Year Sales (2024-09-30) | Sales Growth |
Revenue Estimate | ZAc 612,013,600 | ZAc 721,394,000 | -15% |
Metric | Next Earnings Period (2026-09-30) | Prior Year Sales (2025-09-30) | Sales Growth |
Revenue Estimate | ZAc 674,213,000 | ZAc 612,013,600 | +10% |
Source: JSE Financial Data, Tharisa Plc Revenue Estimates.
Analysis of Sales and Marketing Contribution
Aspect | Detail |
Sales and Marketing Role | The provided financial data does not include any explicit details on specific sales and marketing initiatives or strategies employed during the current earnings period. |
Revenue Performance | The revenue estimate for the current period shows a decline (-15%) compared to the previous year, which does not directly reflect growth driven by sales and marketing efforts. |
Next Period Outlook | The revenue growth estimate of +10% for the next period could imply upcoming initiatives; however, no explicit information links this improvement solely to sales and marketing actions. |
Data Limitation | The absence of detailed narrative or breakdown of sales and marketing strategies makes it unclear how these efforts contributed to revenue changes. |
Conclusion
| Conclusion Detail | The available information does not provide enough specific details to directly attribute any revenue growth to sales and marketing efforts. While there is a noted revenue decline (-15%) in the current earnings period, the forecast for the next period indicates improvement (+10%). Without explicit commentary, it is not possible to determine the precise impact of sales and marketing activities on the current period's revenue performance. |
This analysis is based solely on the financial data available from the recent earnings period and does not include additional strategic details.
For further financial details, please refer to Tharisa Plc official financial reports and JSE data sources.
Tharisa Plc Sales and Marketing KPIs
Sales Growth KPI
Period | Number of Analysts | Average Sales Estimate | Previous Year Sales | Sales Growth |
2025-09-30 | 5 | 612,013,600 GBp | 721,394,000 GBp | -15% |
2026-09-30 | 5 | 674,213,000 GBp | 612,013,600 GBp | +10% |
The period ending 2025-03-31 did not include sales growth data, as it represented a forecasted next quarter period.
Customer Acquisition Cost (CAC)
KPI | Data |
Customer Acquisition Cost | Not Reported |
There is no available data on Customer Acquisition Cost for Tharisa Plc in the provided documents.
Citations
Supply Chain Issues Impact on Tharisa Plc on a QoQ and YoY Basis
Overview
The available financial data for Tharisa Plc includes information on sales, cost of goods sold (COGS), gross profit, and other key operating metrics for the Annual period ending September 2023. However, there is no explicit reference to supply chain issues or detailed commentary on how these issues may have impacted operational efficiency and associated costs on a Quarter-over-Quarter (QoQ) or Year-over-Year (YoY) basis.
Available Financial Data
Below is a table summarizing the annual income statement for the fiscal period ending September 2023. This data could provide a context for operational performance, even though it does not directly attribute any changes to supply chain disruptions.
Metric | Value (USD) |
Sales | 649,893,000 |
Cost of Goods Sold (COGS) | 496,562,000 |
Gross Profit | 153,331,000 |
Operating Income | 99,259,000 |
Earnings Before Interest and Tax (EBIT) | 121,441,000 |
EBITDA | 138,950,000 |
Net Income | 86,776,000 |
Source: Tharisa Plc Annual Income Statement (2023-09-30) (JSE Financial Data Repository)
Supply Chain Impact Analysis
Aspect | Availability of Data | Remarks |
Supply Chain Issues Commentary | Not available | The provided data does not include specific details on supply chain challenges. |
QoQ Comparisons | Not available | No detailed quarterly data on supply chain performance is provided. |
YoY Comparisons | Not available | There is no prior period data or direct commentary on supply chain influence. |
Conclusion
The available financial information does not supply explicit details about supply chain issues or how these have impacted Tharisa Plc’s operational efficiency and costs on a QoQ and YoY basis. For a detailed assessment, more targeted commentary or segmented operational data would need to be provided.
Citations
Tharisa plc’s Cash Flow from Operations Analysis
Overview
Description | Details |
Data Source | Cash flow from operations data for Tharisa plc (THA) queried for quarterly periods on the JSE |
Data Availability | No cash flow data available in the provided source |
Analysis
Aspect | Observation |
Change Over Previous Quarters | Insufficient data to determine any change since there are no data points |
Change Compared to the Same Period Last Year | Insufficient data to compare as historical values are not provided |
Conclusion
| Summary | Insufficient financial information is available to assess how Tharisa plc’s cash flow from operations has changed compared to previous quarters and the same period last year. |
Citations: Wikipedia
QoQ and YoY Trends: Tharisa Plc Major Balance Sheet Items
Overview of Data
The following table presents the key balance sheet items for Tharisa Plc as provided for the quarterly period ending 2023-09-30 and the annual period ending 2023-09-30. The items include cash reserves (represented by cash and cash equivalents), inventory, and receivables (the sum of accounts receivable and other receivables).
Item | Quarterly (2023-09-30) | Annual (2023-09-30) |
Cash Reserves | ||
- Cash | 162,071,000 | 162,071,000 |
- Cash Equivalents | 93,229,000 | 93,229,000 |
- Total Cash & Cash Equivalents | 255,300,000 | 255,300,000 |
Inventory | 90,080,000 | 90,080,000 |
Receivables | ||
- Accounts Receivable | 65,578,000 | 65,578,000 |
- Other Receivables | 30,169,000 | 30,169,000 |
- Total Receivables | 95,747,000 | 95,747,000 |
Trend Analysis
Based on the provided dataset:
Trend Aspect | Observation |
QoQ Trend | The quarterly data for 2023-09-30 is a single snapshot with no preceding quarter provided. The snapshot indicates that cash reserves, inventory, and receivables are at levels of 255,300,000, 90,080,000, and 95,747,000 respectively. Without a prior quarter, the trend is indeterminate. |
YoY Trend | The annual data provided for 2023-09-30 matches the quarterly data as it is the only annual record available. Thus, there is insufficient information to determine a year-over-year change. |
Due to the data limitation with only a single snapshot available for each frequency, no trend (whether upward, downward, or flat) can be accurately assessed or calculated. Additional data points from prior quarters/years are needed for a thorough trend analysis.
Data Source: Financial statements for Tharisa Plc as provided JSE.
Analysis Summary
Summary Point | Details |
Cash Reserves | Static at 255,300,000 across both frequencies. |
Inventory | Static at 90,080,000 across both frequencies. |
Receivables | Static at 95,747,000 across both frequencies. |
Trend | No trend determinable without comparative data. |
This response adheres to the provided balance sheet data and focuses on cash reserves, inventory, and receivables. For a complete trend analysis, additional past quarterly or annual data is required.
Key Drivers Behind Changes in Tharisa plc’s Cash Flow Components
Overview of Cash Flow Component Changes
Component | Key Drivers | Description |
Operating Activities | Revenues, Margins, Working Capital, Operating Costs | Core operational performance, shifts in receivables, inventories, payables, and adjustments to production costs affecting cash flows. |
Investing Activities | Capital Expenditures, Asset Sales, Long-term Investment Decisions | Changes in cash flow due to investments in production capacity, disinvestment from older assets, and strategic investments for long-term growth. |
Financing Activities | Borrowings, Debt Repayments, Dividend Policies, Equity Transactions | Variations in leverage, refinancing decisions, dividend payouts, and share buyback initiatives affecting overall financing cash inflows or outflows. |
Detailed Drivers by Cash Flow Component
Operating Activities
Factor | Impact | Relationship to Cash Flow |
Revenues & Margins | Positive/Negative | Direct effect through production performance and sensitivity to commodity price movements (Wikipedia). |
Working Capital | Cash release or absorption | Adjustments in receivables, inventories, and payables |
Operating Costs | Efficiency improvements or cost pressures | Higher costs can reduce operating cash flow, while operational efficiencies improve cash generation. |
Investing Activities
Factor | Impact | Relationship to Cash Flow |
Capital Expenditures (CapEx) | Cash Outflows | Investments to maintain/expand production and exploration capacity result in cash outflows. |
Asset Sales/Disposals | Cash Inflows | Disposals of assets may offset CapEx outflows by generating cash inflows. |
Long-term Investments | Strategic Impact | Investments aligned with growth strategies impact overall investing profile. |
Financing Activities
Factor | Impact | Relationship to Cash Flow |
Borrowings/Repayments | Cash Inflows/Outflows | Changes in debt levels influence cash flows depending on increases in borrowings or repayments. |
Dividend Policies | Cash Outflows | Dividend payouts reduce the cash but reflect the return of value to shareholders. |
Equity Transactions | Cash Outflows/Inflow | Share buybacks or issuances alter financing cash flow based on strategic shareholder value decisions. |
Synthesis and Summary
Component | Synthesis |
Operating Activities | Revenue growth, margin variations and working capital adjustments drive the cash generated or absorbed from operations. |
Investing Activities | Strategic capital investments and asset disposals directly influence the available cash through expenditures and offsetting inflows. |
Financing Activities | Adjustments in debt levels and dividend policies, combined with equity transactions, shape the net cash flows related to financing decisions. |
The changes in Tharisa plc’s cash flow components are a result of intertwined operational performance, strategic investment choices, and nuanced financing activities. Each category reflects specific financial decisions and market conditions impacting the overall cash flow profile (Wikipedia).
What is the current market capitalization of Tharisa plc, and how has it changed recently?
Key Financial Metrics
Metric | Value | Notes |
Market Capitalization | 3,861,225,728 ZAc | Direct data source JSE |
Shares Outstanding | 295,204,391 | Calculation basis |
Recent Close Price (2025-03-10) | 1355 ZAc | From daily time series |
52-Week Change | +20.69% | Indicates growth over the last year |
Recent Price Movement
Date | Close Price (ZAc) |
2025-03-10 | 1355 |
2025-03-07 | 1300 |
The slight increase observed between March 7, 2025 (close at 1300 ZAc) and March 10, 2025 (close at 1355 ZAc) suggests an upward trend in the stock price. Since market capitalization is derived from the share price multiplied by the number of shares outstanding, this recent price appreciation is likely reflected in the market capitalization as well.
Summary of Findings
Description | Detail |
Current Market Capitalization | 3,861,225,728 ZAc |
Recent 52-Week Change | +20.69% |
Daily Price Increase (Mar 7 to 10) | From 1300 to 1355 ZAc (~4.23% increase) |
The data indicates that Tharisa plc’s market capitalization is currently 3.86 billion ZAc, and it has experienced notable growth over the past 52 weeks, consistent with the observed daily price increases.
Data retrieved from JSE statistics and time series information JSE.
Tharisa plc Debt Level Evolution: QoQ and YoY Trends
Debt Composition for Q4 2023 (Quarterly Data)
Component | Amount (USD) |
Short-term Debt | 63,271,000 |
Long-term Debt | 76,385,000 |
Total Debt | 139,656,000 |
Debt Composition for 2023 (Annual Data)
Component | Amount (USD) |
Short-term Debt | 63,271,000 |
Long-term Debt | 76,385,000 |
Total Debt | 139,656,000 |
Analysis of Debt Trends (QoQ and YoY)
Trend Comparison | Observation |
QoQ Trend | Not enough periodical data; only Q4 2023 available. |
YoY Trend | Not enough periodical data; annual data for 2023 provided without previous-year contextual data. |
Summary
The current reporting period data for Tharisa plc (Q4 2023 and year-end 2023) shows a total debt of 139,656,000 USD, composed of 63,271,000 in short-term debt and 76,385,000 in long-term debt. Due to the lack of preceding quarterly and annual data in the provided information, no observable QoQ or YoY evolution can be determined.
How Did Tharisa plc’s Stock Price Move Before and After the Earnings Release, and What is the Observed Market Reaction?
Pre-Earnings Period (2025-02-03 to 2025-02-13)
Date | Open | High | Low | Close | Volume |
2025-02-03 | 1385 | 1390 | 1320 | 1387 | 23784 |
2025-02-04 | 1390 | 1390 | 1321 | 1385 | 4922 |
2025-02-05 | 1385 | 1390 | 1326 | 1374 | 69818 |
2025-02-06 | 1390 | 1390 | 1321 | 1378 | 4298 |
2025-02-07 | 1370 | 1388 | 1321 | 1374 | 34631 |
2025-02-10 | 1373 | 1388 | 1245 | 1350 | 110044 |
2025-02-11 | 1350 | 1350 | 1276 | 1330 | 23085 |
2025-02-12 | 1350 | 1370 | 1283 | 1355 | 2623637 |
2025-02-13 | 1355 | 1381 | 1265 | 1339 | 306364 |
Trend Observation: The stock was trading in the mid-1300s with a slight downward drift from an initial high near 1387 on February 3 to 1339 on February 13. This suggests a generally subdued or declining sentiment leading up to the earnings release. JSE
Earnings Release Day & Immediate Post-Earnings Period
Date | Open | High | Low | Close | Volume |
2025-02-14 | 1300 | 1390 | 1300 | 1390 | 11353 |
2025-02-17 | 1360 | 1390 | 1335 | 1386 | 8043 |
2025-02-18 | 1336 | 1369 | 1321 | 1369 | 30199 |
2025-02-19 | 1358 | 1369 | 1321 | 1369 | 51236 |
2025-02-20 | 1369 | 1390 | 1321 | 1390 | 4478 |
2025-02-21 | 1390 | 1390 | 1321 | 1390 | 2205 |
2025-02-24 | 1390 | 1390 | 1321 | 1360 | 30337 |
2025-02-25 | 1390 | 1390 | 1320 | 1320 | 7835 |
2025-02-26 | 1323 | 1365 | 1281 | 1290 | 309900 |
2025-02-27 | 1300 | 1344 | 1280 | 1300 | 531581 |
2025-02-28 | 1300 | 1330 | 1280 | 1300 | 98141 |
2025-03-03 | 1300 | 1355 | 1275 | 1300 | 250628 |
2025-03-04 | 1324 | 1324 | 1290 | 1324 | 6551 |
2025-03-05 | 1324 | 1355 | 1275 | 1300 | 30511 |
2025-03-06 | 1325 | 1355 | 1275 | 1300 | 110178 |
2025-03-07 | 1344 | 1345 | 1275 | 1300 | 32916 |
Trend Observation: The earnings release day (February 14) is captured by a notable upward jump in the closing price to 1390 from 1339 on the previous day. However, the post-release period shows volatility with prices initially sustaining high levels (e.g., repeated closing at 1390 until February 21) but then turning downward from February 24, reaching as low as 1290 by February 26 and stabilizing around 1300 thereafter. Investopedia
Summary of Market Reaction
Phase | Price Movement | Observed Reaction |
Pre-Earnings | Gradual decline from ~1387 to ~1339 | Limited upward momentum; potential underlying caution |
Earnings Release | Sharp increase to 1390 on release day | Positive initial reaction suggesting earnings surprise |
Immediate Post-Earnings | Volatility with recovery then decline | Mixed reaction; short-term rally followed by correction/profit-taking |
The observed trend indicates that while the earnings release elicited an initial positive response with a jump in the closing price, longer-term reaction was less robust as subsequent days saw a reversal with declining prices.
JSE Information | Investopedia on Earnings
Comparison of Tharisa plc Stock Performance on QoQ and YoY Bases
LSE Listing (UK Market)
Metric | Tharisa plc (LSE) | Industry Benchmark / Notes |
3-Month Change (QoQ) | -19.86% | No direct competitor data; reflects recent price decline Simply Wall St |
1-Year Change (YoY) | 13.00% | Outperformed UK Market index at 9.6% over past year Simply Wall St |
Average Weekly Price Movement | 4.0% | Industry average: 7.8% (lower volatility than industry) Simply Wall St |
JSE Listing (South African Market)
Metric | Tharisa plc (JSE) | Industry Benchmark / Notes |
3-Month Change (QoQ) | -16.92% | No detailed competitor data; reflects recent price decline Simply Wall St |
1-Year Change (YoY) | -2.88% | Underperformed the ZA market which returned 16.6% over the past year Simply Wall St |
Average Weekly Price Movement | 5.2% | Compared to industry average of 6.1% and market average of 4.4% Simply Wall St |
Competitor Comparison
Aspect | Observation |
Peer Firms | Major competitors include entities like North Copper Co Ltd and Xinjiang Baodi Mining Co Ltd (detailed performance data for these competitors was not provided) |
Data Availability | Specific QoQ/YoY performance metrics of competitors are not available in the provided data set; analysis is benchmarked against market indices |
Summary
The LSE-listed Tharisa shows a positive 1-year performance of 13.00% compared to the UK market benchmark of 9.6%, despite a notable QoQ decline of -19.86%. In contrast, the JSE listing indicates a modest YoY decline of -2.88% while witnessing a QoQ fall of -16.92%, underperforming the ZA market return of 16.6%. Detailed competitor-specific performance measures were not available, so the analysis relies on market benchmark comparisons.
Tharisa plc: Analyst Ratings, Price Targets, and Investment Sentiment
Analyst Rating Update
Date | Brokerage | Action | Rating | Price Target | Upside/Downside |
11/28/2024 | Berenberg Bank | Reiterated Rating | Buy (2/5 stars) | GBX 120 | +71.43% |
Consensus Rating & Overall Sentiment
Metric | Value | Description |
Consensus Rating Score | 2.76 | Indicates a Buy rating |
News Sentiment Rating | Positive | Overall optimistic sentiment |
Key Insights
Details | Information |
Latest Analyst Update | The latest available update (dated 11/28/2024) shows that Berenberg Bank reiterated a Buy rating with a price target of GBX 120 and an upside of +71.43% following the earnings report. |
Investment Community Sentiment | The consensus rating remains Buy with a score of 2.76, and the news sentiment is positive, indicating overall optimism from the investment community. |
Sources: MarketBeat Stock Forecast
How Analyst Forecasts Adjusted Based on Latest Earnings Results
Earnings Results Overview
Date | EPS Estimate | EPS Actual | Difference | Surprise (%) |
2023-12-04 | 0.21 | 0.15 | -0.06 | -28.57 |
2022-05-26 | 0.21 | 0.15 | -0.06 | -28.57 |
Source: JSE
Analyst EPS Revisions
Date | Period | Up Revisions (Last Week) | Up Revisions (Last Month) | Down Revisions (Last Week) | Down Revisions (Last Month) |
2025-09-30 | current_year | 1 | 1 | 0 | 0 |
2026-09-30 | next_year | 0 | 0 | 0 | 0 |
Source: JSE
Interpretation of Adjustments
Aspect | Details |
Earnings Miss | Both available results recorded an EPS miss of -28.57%, with actual EPS at 0.15 versus an estimate of 0.21. |
Current Year Forecast Adjustments | Analysts have revised current year EPS estimates upward (recorded 1 up revision in both last week and month), suggesting expectations of a performance rebound despite the recent earnings miss. |
Next Year Forecast Adjustments | No changes were reported for next year, indicating neutrality toward long-term prospects. |
The upward revisions for the current year, despite the negative earnings surprise, suggest that analysts are optimistic about a rebound in performance or possibly expect corrective adjustments in future periods.
Q&A Topics on Tharisa plc’s Earnings Call: Overview
Aspect | Details |
Major Q&A Topics | The detailed topics addressed during the Q&A session were not captured in the available message history. |
Management Clarifications/Guidance | Specific instances of management clarifications or additional guidance during the Q&A were not provided. |
Notes
The available documents and search results contain information on Tharisa plc’s annual results, dividend announcements, and AGM details (e.g., Tharisa Annual Report, Tharisa Presentations). However, no specific transcripts or detailed references regarding the Q&A session topics or management’s responses were found.
This response addresses the query: What were the major topics addressed during the Q&A session on Tharisa plc’s earnings call, and how did management provide clarifications or additional guidance? and confirms that adequate details on this matter are not available in the provided message history.
Inline Citations
Tharisa Annual Results | Tharisa Presentations
Comparison of Tharisa plc’s Performance with Main Competitors
Overview
The available information provides several points of comparison between Tharisa plc and its competitor Baillie Gifford Shin Nippon. However, explicit figures for quarter-on-quarter (QoQ) and year-on-year (YoY) revenue growth as well as margin expansion figures are not provided in the dataset. Instead, the data focuses on overall revenue figures, net income, profitability margins, and several other valuation metrics.
Financial Metrics Comparison
Metric | Tharisa plc | Baillie Gifford Shin Nippon |
Gross Revenue | £842.77M (MarketBeat) | Not explicitly reported* |
Net Income | £96.84M (MarketBeat) | -£54.25M (MarketBeat) |
Net Margin | 11.49% (MarketBeat) | Data on margin expansion not directly provided |
Return on Equity (ROE) | 12.09% (MarketBeat) | -13.81% (MarketBeat) |
*For Baillie Gifford Shin Nippon, some revenue data are indicated by negative earnings figures. Detailed comparative QoQ and YoY revenue changes are unavailable in the data.
Performance Highlights
Aspect | Tharisa plc | Competitors (e.g., Baillie Gifford Shin Nippon) |
Revenue Levels | Higher overall revenue (£842.77M) | Lower revenue or negative figures reported |
Profitability | Positive net income and healthy margins | Negative net income values indicating below breakeven performance |
Valuation & Analyst Ratings | Consensus price target indicates strong potential growth with favorable analyst sentiment | Lower consensus rating and less favorable outlook |
QoQ and YoY Growth Data
Growth Metric | Tharisa plc | Competitor(s) |
Revenue Growth (QoQ) | Data not available | Data not available |
Revenue Growth (YoY) | Data not available | Data not available |
Margin Expansion (QoQ) | Data not available | Data not available |
Margin Expansion (YoY) | Data not available | Data not available |
The absence of specific quarterly and yearly growth figures in revenue and margin expansion prevents an in-depth period-over-period analysis from the provided information.
Conclusion
Based on the available data, Tharisa plc shows stronger overall revenue performance and profitability compared to competitors like Baillie Gifford Shin Nippon. However, details specific to QoQ and YoY revenue growth and margin expansion are not available in the current dataset. For a precise comparison on these growth metrics, additional detailed quarterly and annual financial reports on Tharisa plc and its competitors would be required.
Noteworthy Analyst Questions During Tharisa plc’s Earnings Call
Overview
During Tharisa plc's earnings call, analysts posed several unexpected and noteworthy questions that were addressed by the management. These questions primarily revolved around the company's production challenges, market conditions, and strategic initiatives.
Key Questions and Management Responses
Analyst Question | Management Response |
Production Challenges: Analysts questioned the decline in PGM and chrome production and the impact of equipment availability on operations. | Management acknowledged the tough production performance due to drilling equipment availability and suboptimal mining conditions. They assured improvements in drilling rates and equipment availability to optimize feed grade and recoveries. |
Market Conditions: Concerns were raised about the subdued PGM prices and declining chrome prices. | Management attributed the price weakness to a lack of investor interest despite supply-demand evidence. They noted that chrome prices were affected by stainless steel demand uncertainty and logistical disruptions. |
Cybersecurity Incident: Analysts inquired about the impact of a recent cybersecurity incident on operations. | Management clarified that the incident affected administrative and support services but not physical operations. They implemented work-around solutions and made progress in restoring affected systems. |
Financial Data
Metric | 2024 | 2023 | 2022 |
Revenue (ZAC Millions) | 721.394 | 649.893 | 685.996 |
Gross Profit (ZAC Millions) | 186.536 | 156.539 | 246.973 |
Net Income (ZAC Millions) | 82.895 | 82.235 | 153.881 |
Total Assets (ZAC Millions) | 1207.802 | 1088.044 | 953.321 |
Total Debt (ZAC Millions) | 106.183 | 139.656 | 62.884 |
Total Liabilities (ZAC Millions) | 485.543 | 472.17 | 394.295 |
Strategic Initiatives
Management also discussed ongoing strategic initiatives, including the development of the Karo Platinum Project and efforts to transition to underground mining. They emphasized the importance of innovation and sustainability in their operations.
Tharisa Plc Earnings Performance Trend Analysis
Earnings Reports
Report Date | EPS Estimate | EPS Actual | Difference | Surprise (%) |
2022-05-26 | 0.21 | 0.15 | -0.06 | -28.57 |
2023-12-04 | 0.21 | 0.15 | -0.06 | -28.57 |
2025-05-21 | N/A | N/A | N/A | N/A |
2025-11-26 | N/A | N/A | N/A | N/A |
Data Source: Exchange earnings reports JSE
EPS Trend Estimates
Date | Period | Current Estimate | 7 Days Ago | 30 Days Ago | 60 Days Ago | 90 Days Ago |
2025-09-30 | current_year | 0 | 0 | 0 | 0 | 0 |
2026-09-30 | next_year | 0 | 0 | 0 | 0 | 0 |
Data Source: EPS Trend data provided by JSE information JSE
Analysis of Performance and Historical Patterns
Observation | Detail |
Consistent Underperformance | For both available earnings reports from 2022 and 2023, actual EPS (0.15) consistently fell short of the estimated EPS (0.21), leading to a -28.57% surprise. |
Limited Data for Recent Periods | Earnings data for the 2025 periods show no available figures, which limits analysis of recent trends. |
Cyclical Factors | The available data does not provide detailed cyclical or seasonal indicators. Consistency in the negative performance relative to estimates might hint at underlying cyclical challenges, but insufficient data prevents a conclusive analysis. |
EPS Trend Projections | The EPS trend section reports a 0 estimate for both the current and next year, indicating either a flat scenario or incomplete projection data. |
The trend suggests that historical performance has faced consistent shortfalls when compared to estimates, but further detailed data is required to fully assess cyclical factors.
Derivation and Limitations
Point | Detail |
Data Source | Earnings and EPS trend data were extracted from the JSE reporting records. |
Limitation | Incomplete earnings data in recent periods and lack of comprehensive cyclical information limit in-depth cyclical factor analysis. |
Further Analysis Needed | More detailed quarterly reports and macroeconomic indicators are required for a robust cyclical performance evaluation. |
The response directly synthesizes available historical earnings data and trend estimates to answer the query.
Industry Trends Influencing Tharisa plc’s Earnings Results and Comparison with Competitor Performance
Tharisa plc: Key Industry Trends and Their Impacts
Factor | Impact on Earnings Result | Data/Comments |
Global Commodity Price Fluctuations | Drives revenue volatility for both PGMs and chrome production | As a company active in platinum group metals (PGMs) and chrome, changes in market prices directly affect sales volumes and profitability Tharisa Website |
Demand Cycles in Automotive Catalytic Converters | Influences PGM demand and revenue streams | Automotive industry demand for catalytic converters plays a critical role in PGM pricing and production incentives Wikipedia |
Steel Market Trends | Affects chrome sales and related revenues | Demand in the steel sector is vital for chrome, with economic cycles and construction activity influencing earnings |
Cost Efficiency & Sustainability Focus | Mitigates commodity volatility and supports margin stability | Emphasis on low-cost, sustainable operations aids in managing cost pressures in fluctuating commodity markets Tharisa Website |
Earnings Volatility | Underscored by historical EPS surprises | Reported EPS for 2023 was 0.15 against an estimate of 0.21, marking a -28.57% surprise; such deviations may reflect short-term industry and operational challenges Data |
Comparison with Competitor Performance
Aspect | Tharisa plc | Competitors (Mining Sector) |
Exposure to Commodity Price Movements | Directly affected by fluctuations in PGMs and chrome | Likely similar exposure in PGM and chrome sectors, although individual cost structures and regional operations may yield variations Wikipedia |
Operational Focus (Sustainable & Low-Cost) | Strong focus on cost efficiency and sustainability | Competitors may vary; some may have higher cost bases or less emphasis on integrated sustainable practices |
Earnings Consistency | Exhibits volatility (e.g., EPS shortfall of -28.57%) | Detailed earnings data for peers is not provided in the available information, requiring further analysis for a direct comparison |
Market Valuations and Financial Metrics | Trailing PE of 2.65 and forward PE of 76.41 | Competitor-specific valuation metrics are not available in the messages history. A more comprehensive review of peers would be needed for direct comparison |
Summary
Tharisa plc’s earnings are significantly influenced by global commodity price fluctuations, shifts in demand in the automotive and steel sectors, and its operational focus on cost efficiency and sustainability. While these trends likely impact competitors in similar ways, the available data does not provide detailed competitor-specific earnings or valuation metrics, making a precise comparison challenging.
Planned Partnerships and Expected Financial Implications for Expansion at Tharisa plc
Partnership Details
Partner | Agreement Type | Duration (Years) | Coverage of Energy Demand | Projected Renewable Contribution | Key Remarks |
Etana Energy Proprietary Limited | Renewable Power Purchase Agreement (PPA) | 15 | Up to 44% of Tharisa Mine’s electricity demand via wheeled energy | Up to 76% of energy needs from 2026 onward | Guarantees predetermined power costs and provides renewable energy certificates, supporting operational cost control and sustainability initiatives Investegate, LinkedIn |
TotalEnergies Renewables South Africa Proprietary Limited / Chariot Limited Transitional Power South Africa Proprietary Limited | Solar Project | - | Complementary to the wheeled energy from Etana Energy | Provides an additional 30% of energy needs | Enhances the integrated renewable energy strategy to meet sustainability targets by reducing reliance on fossil fuels LinkedIn |
Expected Financial Implications
Financial Benefit | Details | Implication |
Improved Cost Forecasting | Pre-determined power costs secured under the PPA | Stabilizes operating costs and enables strategic cost planning |
Renewable Energy Certificates | The partnership delivers renewable energy certificates | Potential revenue streams or cost offsets associated with these certificates |
Sustainability and Reduced Carbon Footprint | Commitment to reducing carbon footprint by 30% by 2030 through renewable integration | Strengthens market positioning and may provide long-term savings from reduced fossil fuel usage |
Summary
Tharisa plc announced a strategic 15-year renewable power purchase agreement with Etana Energy Proprietary Limited to cover up to 44% of its mine’s energy demand via wheeled energy from wind and solar farms. In parallel, a complementary solar project from TotalEnergies Renewables and Chariot further supports the initiative. The expected financial implications include pre-determined power costs, improved cost management, renewable energy certificates, and sustainable cost savings towards achieving a 30% carbon footprint reduction by 2030.
Insights from Tharisa plc QoQ and YoY Performance Trends
Data Availability & Limitations
Data Type | Availability |
Quarterly Income Statement | No historical data points available (empty) |
Annual Income Statement | Single period snapshot available (2023-09-30) |
Quarterly Balance Sheet | Single snapshot provided (2023 Q4) |
Annual Balance Sheet | Single snapshot provided (2023-09-30) |
Observation: Sufficient historical data for a trend analysis (both QoQ and YoY) is not available. JSE Financials
Annual Financial Snapshot (2023-09-30)
Financial Metric | Value |
Sales | 649,893,000 USD |
Cost of Goods Sold | 496,562,000 USD |
Gross Profit | 153,331,000 USD |
Operating Income | 99,259,000 USD |
EBIT | 121,441,000 USD |
EBITDA | 138,950,000 USD |
Pretax Income | 114,340,000 USD |
Income Tax | 27,564,000 USD |
Net Income | 86,776,000 USD |
Basic EPS | 0.274 |
Diluted EPS | 0.272 |
Observation: This snapshot provides a view of the company’s profitability and operational efficiency but does not offer comparative data.
Balance Sheet Snapshot (2023-09-30)
Financial Metric | Value |
Total Current Assets | 455,252,000 USD |
Total Non-Current Assets | 632,792,000 USD |
Total Assets | 1,088,044,000 USD |
Total Current Liabilities | 207,092,000 USD |
Total Non-Current Liabilities | 205,776,000 USD |
Total Liabilities | 412,868,000 USD |
Total Shareholders’ Equity | 675,176,000 USD |
Key Observations
Observation | Insight |
Insufficient Data | Lack of multiple periods prevents robust QoQ and YoY performance comparison. |
Snapshot Analysis | Annual and quarterly snapshots are identical for 2023, precluding trend identification. |
Profitability Metrics | The annual figures (e.g., gross profit and net income) indicate operational performance for the period. |
Note: Additional periodic data is required for thorough QoQ and YoY performance trend analysis. JSE
Conclusion
Due to limited historical period data, meaningful trends in QoQ and YoY performance for Tharisa plc cannot be derived. Future analyses would benefit from multiple data points across different periods to observe revenue growth, margin fluctuations, and changes in profitability indicators.
Expansion Plans for New Geographic Markets & New Segments
Geographic Expansion Plans
Project/Initiative | Location | Description | Source URL |
Karo Platinum Project | Zimbabwe | A low-cost, open-pit platinum group metals (PGM) asset located on the Great Dyke; represents an expansion outside South Africa. |
Expansion into New Segments
Segment | Initiative/Plan | Description | Source URL |
Value-Added Processing | Beneficiation of chrome and PGM alloys | Focus on adding value via beneficiation processes in chrome and PGM alloys to enhance product portfolio. | |
Renewable Energy & Storage | Renewable Energy & Battery Technology Development | A 15-year PPA with Etana for renewable energy; a 40 MW solar project under construction and development of a proprietary iron chromium redox flow long-duration battery. |
Additional Details
Key Point | Explanation | Source URL |
Energy Transition Focus | Tharisa is positioning itself as a resource group critical to decarbonisation and the energy transition. | |
Current Geographic Distribution | Sales currently span multiple regions (South Africa, China, Singapore, Hong Kong, UAE, Australia). This indicates a broad market reach while the Karo project marks a strategic geographic expansion. |
Tharisa plc Investment and Production Capacity Plans
Planned Investments and Infrastructure Developments
Investment Area | Description | Source URL |
Renewable Energy Infrastructure | 15-year Power Purchase Agreement with Etana and a 40 MW solar project under construction, aimed at reducing carbon footprint by 30% by 2030 and supporting a roadmap to net carbon neutrality by 2050. | |
Advanced Energy Storage | Development of a proprietary iron chromium redox flow long-duration battery (Redox One) to leverage mined commodities. | |
Underground Mine Development | Progress on an underground DFS expected to extend mine life by at least 40 years, reduce costs associated with waste rock deposition, and lower third-party ore purchases. | |
Karo Platinum Project Enhancements | Ongoing value engineering work packages progressing in line with funding; timeline adjustments noted due to the pricing environment. |
Impact on Operations and Financials (QoQ and YoY Basis)
Impact Area | Description | Data Availability |
Production Capacity | Guidance for FY2025 remains at 140-160 koz 6E PGMs and 1.65-1.8 Mt chrome concentrates. Planned underground development is expected to bolster production capabilities and extend mine life. | Qualitative; detailed QoQ/YoY quantitative impacts not provided |
Operational Efficiency | Investments in renewable energy and battery technology are intended to reduce operational costs (e.g. by lowering energy costs and reducing haul distances) and increase efficiency. | Qualitative; no specific end-of-quarter or year-over-year figures provided |
Financials | While recent financial data indicates a strong net cash position (US$89.0 million as of 30 September 2024), explicit projections on QoQ or YoY financial impact from these investments have not been disclosed. | No direct QoQ/YoY financial impact metrics reported |
Summary
Tharisa plc is actively investing in renewable energy, advanced energy storage, and underground mine development projects, including enhancements to its Karo Platinum Project. These strategic initiatives aim to increase production capacity and operational efficiency, although explicit QoQ and YoY financial impacts from these investments are not detailed in the available communications.
Citations:
Markets FT: https://markets.ft.com/data/announce/detail?dockey=1323-16848266-22UFFV5VANBMA9URRH1B2TKANR Investegate: https://www.investegate.co.uk/announcement/rns/tharisa-di---ths/tharisa-production-report-q1-fy2025-/8684194 Proactive Investors: https://www.proactiveinvestors.co.uk/companies/news/1064159/tharisa-maintains-guidance-despite-first-quarter-challenges-broker-notes-1064159.html
Expected Timelines and Potential Financial Impacts from Tharisa plc’s Expansion Plans
Project Timelines
Aspect | Details |
Karo Platinum Project | Development timeline extended by 12 months, now expected to complete by June 2025 ProactiveInvestors. |
Underground Mining Transition | Concurrent development with phasing out of open-pit mining. No exact timeline provided; ongoing feasibility studies are in progress Tharisa Annual Report. |
Potential Financial Impacts
Financial Impact | Comments |
Increased Capital Expenditure | Expansion projects lead to higher capital allocation. Current projects, including underground mining and the Karo Platinum Project, demand additional funding Tharisa Annual Report. |
Elevated Leverage | Competing demands for capital and funding challenges in a low PGM pricing environment could increase leverage and affect balance sheet dynamics Tharisa Annual Report. |
Revenue and Profit Volatility | Weak platinum prices have already affected earnings; while expansion might improve long-term supply, short-term results remain vulnerable to market volatility ProactiveInvestors. |
Flexibility in Project Acceleration | Improved conditions could allow for accelerated development, offering potential upside if commodity prices recover, though this is contingent on market factors ProactiveInvestors. |
Summary
Tharisa’s expansion plans, particularly for the Karo Platinum Project, are set with an extended timeline to June 2025, while underground mining developments are progressing concurrently. The expansion is expected to increase capital expenditure and leverage due to competing funding requirements in a context of low PGM prices, leading to potential short-term financial volatility with opportunities for accelerated growth if market conditions improve.
Potential Future Challenges for Tharisa plc’s Future Earnings and Operations
Summary Table of Key Challenges
Future Challenge | Area of Impact | Supporting Details and Citations |
Economic Downturns | Declining commodity prices, reduced investor interest | Subdued PGM pricing and falling chrome prices, which could lead to lower recoveries and reduced margins MarketScreener, Investegate. |
Supply Chain Disruptions | Logistics delays, suboptimal raw material feed grades | Reported disruptions at the Mozambique border affecting chrome delivery and challenges with drilling equipment availability which led to mining suboptimal oxidised reef horizons Investegate, Alliance News. |
Operational and Technological | Reduced mining efficiency and potential administrative delays | Equipment availability issues impacted mining quality and a cybersecurity incident affected administrative functions, highlighting operational vulnerabilities Investegate, Alliance News. |
Macroeconomic Exposure | Currency fluctuations, global market uncertainties | Exposure to international markets (South Africa, China, Singapore, etc.) can bring additional risks from global economic shifts MarketScreener. |
Financial & Operational Context
Metric | Q1 FY2025 Value | Q4 FY2024 Value | Notes |
PGM Production | 29.9 koz | 37.1 koz | A decline impacted by suboptimal ore grades and equipment availability |
Chrome Production | 374.4 kt | 426.8 kt | Lower production due to equipment availability issues and border disruptions affecting delivery |
Average PGM Price | US$1,381/oz | US$1,370/oz | Minor fluctuation but reflecting subdued pricing environment |
Average Chrome Price | US$271/t | US$314/t | Significant drop due to uncertainty over stainless steel demand |
Insights
Category | Impact | Mitigation Considerations |
Economic Downturn | Lower revenues from commodity price declines | Adjust production costs; diversify risk exposure and reassess pricing strategy |
Supply Chain Disruptions | Delayed deliveries and operational bottlenecks | Strengthen logistics partnerships and improve supply chain resilience |
Operational Technology Risks | Non-productive time and administrative disruptions | Invest in upgrading cybersecurity and ensure equipment maintenance schedules |
Global Market Exposure | Vulnerability to external economic shocks | Explore hedging strategies and diversify product markets |
Wikipedia style citation for further reading on economic downturn effects
Wikipedia style citation for supply chain management challenges
Preparedness of Tharisa plc for Upcoming Headwinds
Overview of Identified Headwinds and Management Strategies
Aspect | Headwinds/Challenges | Strategic Response/Initiatives | Source Citation |
Operational Challenges | Global economic uncertainty; complex operating environment in the mining sector, environmental issues | Focus on operational resilience, production targets, and long-term sustainable growth. | |
Energy & Sustainability | Rising energy costs, load-shedding, and increasing carbon footprint concerns | Accelerated decarbonization with long-term Power Purchase Agreements (15-year PPA and a 40MW solar project) to secure up to 76% renewable energy usage by 2026; aim for a 30% carbon reduction by 2030. | |
Commodity Price Volatility | Declining platinum group metals (PGMs) prices, funding challenges impacting projects like the Karo Platinum project | Delay in the commissioning of the Karo Platinum project to optimize capital allocation; continuous progression in plant construction to capture a rebound in market demand. | |
ESG and Social Responsibility | Need for enhanced social responsibility, environmental stewardship, and governance amid rising operational and ESG challenges | Implementation of a comprehensive Sustainability Framework that prioritizes ESG factors, including safety, environmental stewardship, social initiatives, and just transition to clean energy. |
Financial and Operational Data Highlights
Financial/Operational Metric | Value/Detail |
Renewable Energy Contribution | Up to 76% of the Tharisa Mine’s energy needs from renewable sources by 2026. |
Carbon Reduction Target | 30% reduction by 2030. |
Energy Projects Initiatives | 15-year PPA for up to 44% renewable energy (wind and solar); 40MW solar power project for 30% energy needs. |
Karo Platinum Project | Delayed commissioning to June 2025 as a response to declining PGM prices and funding challenges. |
Preparedness Summary
Summary Element | Description |
Operational Resilience | Tharisa has instituted strong operational measures and production targeting to weather market volatility. |
Sustainable Energy Transition | The company is actively securing renewable energy supplies to reduce environmental impact and operational costs. |
Capital Management | A measured approach to capital deployment, as exemplified by the delay in the Karo Platinum project, ensures financial stability during turbulent times. |
ESG Integration | A robust sustainability framework underpins Tharisa’s commitment to improved governance and social responsibility. |
Conclusion
The available data indicates that Tharisa plc is well-prepared to handle upcoming headwinds. The management’s multi-faceted strategy—centered on boosting operational efficiency, securing renewable energy supply, managing capital expenditures prudently, and strengthening the ESG framework—demonstrates a comprehensive approach to mitigating both environmental and market risks while ensuring long-term growth.
Tharisa plc New Products and Services Launch Timeline Information
Overview
The current information indicates that Tharisa plc is actively testing new product solutions as part of its strategy to support the energy transition and decarbonisation efforts, particularly around enhancing its technology offerings. The details provided focus on testing of a proprietary technology and a complete battery solution, while the exact commercial launch dates have not been explicitly provided.
New Products & Services
Product / Service | Description | Current Stage | Planned Timeline |
Upscaled Proprietary Electrolyte | Advanced units based on a proprietary electrolyte aimed at improving battery performance. | Being tested in controlled environments. | No specific date provided; testing phase during early 2025 MarketScreener |
Complete Battery Solution with Rebalancing | A comprehensive system including battery rebalancing, undergoing live operational tests. | Undergoing live operational environment tests. | Launch pending further testing outcomes; timeline not explicitly stated MarketScreener |
Additional Initiatives
Initiative | Description | Current Status | Planned Timeline |
Onsite Solar Power Generation Project PPA | Project progressing aimed at onsite solar power generation to support sustainability targets. | Progressing as per the ongoing projects. | No specific launch date provided MarketScreener |
Skills and Enterprise Development Program | Initiative including learnerships, bursaries, study assistance, internships, and overall development training to accelerate commercialization efforts. | In implementation phase. | No specific timeline provided MarketScreener |
Summary
The available data confirms Tharisa plc is testing new battery-related technologies including an upscaled proprietary electrolyte and a complete battery solution with rebalancing intended for live operational environments, along with additional initiatives to support sustainability and workforce development. However, the specific commercial launch dates for these products and services have not been provided and remain pending based on the results of the ongoing testing phases.
Impact of New Product and Service Offerings on Tharisa plc
New Offerings Overview
Offering | Description | Source Citation |
Redox One Energy Storage | Long-duration, proprietary iron chromium redox flow battery using mined commodities to support energy transition. | |
Renewable Energy Initiatives | 15-year Power Purchase Agreement with Etana and a 40 MW solar project under construction driving a 30% carbon footprint reduction by 2030, as part of a roadmap to net carbon neutrality by 2050. |
Expected Impact on Revenue
Impact Factor | Expected Impact | Notes |
Revenue Diversification | Introduction of long-duration energy storage and renewable energy projects diversifies revenue streams beyond traditional mining operations. | Reduces exposure to volatile commodity pricing Tharisa Annual 2024 |
Value-Added Offerings | Beneficiation through chrome and PGM alloys alongside tech-enabled energy solutions add higher margin segments. | Facilitates premium pricing and integration into energy transition sectors. |
Capital Investment Flexibility | Strong balance sheet and low gearing support the funding of these growth initiatives, positioning the company to capture emerging market opportunities. | Enhances future revenue potential despite challenges in current PGM pricing environments. |
Expected Impact on Market Position
Market Factor | Expected Change | Notes |
Competitive Innovation | Redox One positions Tharisa as a technology innovator in energy storage, boosting its profile in the energy transition market. | Aids in capturing market share in the burgeoning renewable energy market Investegate Q1 FY2025 |
Strengthened Sustainability | Renewable energy projects enhance the company's sustainability credentials, supporting global decarbonisation trends. | Aligns with broader ESG and net zero initiatives improving stakeholder perception. |
Diversification of Business Model | The expansion from primarily mining operations to integrating energy solutions and beneficiation boosts its positioning as an integrated resource group. | Provides resilience against cyclical commodity market challenges. |
Summary of Financial Preparedness
Financial Metric | 2024 Data | 2023 Data | Notes |
Net Cash Position | US$117.5 million | US$129.3 million | Indicates flexibility to invest in new growth projects Tharisa Annual 2024 |
Debt Position | US$106.2 million | US$139.7 million | Lower gearing supports expansion in growth initiatives |
The new product and service offerings are expected to drive revenue growth through diversification and the integration of high-margin, technology-enabled energy solutions. Simultaneously, these initiatives bolster Tharisa plc’s market position, fostering innovation and sustainability, and aligning the company with global energy transition trends.
Summary
New offerings such as the Redox One energy storage system and renewable energy projects are expected to diversify revenue streams, enhance margin potential, and strengthen Tharisa plc’s competitive positioning in sustainability and the energy transition.
Suggested Follow Ups
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Future revenue outlook
Market positioning analysis
Primary Current Risks and Mitigation Strategies for Tharisa plc
Current Risks
Risk Category | Description | Impact | Source |
Operational Risks | Equipment availability issues leading to sub-optimal drilling and lower recoveries; mining of oxidised reef horizons. | Reduced ROM grades, lower recoveries, and production shortfalls. | |
Market Risk & Competitive Pressure | Weak PGM pricing environment and falling chrome prices due to demand uncertainty and competitive pressures. | Lower revenue margins and diminished investor interest. | |
Supply Chain Disruptions | Border lockdowns and transport delays (e.g., at the Mozambique border) disrupting cargo deliveries. | Delivery delays that could affect revenue generation and customer fulfilment. | |
Cybersecurity Risk | A cybersecurity incident affecting administrative, accounting, and support services. | Temporary operational disruptions with rapid work-around solutions implemented. | |
Regulatory & Sustainability Risks | Potential for stricter environmental, operational, or ESG-related regulatory changes, though not explicitly detailed. | Exposure to new compliance requirements and possibly increased costs. |
Mitigation Strategies
Strategy Category | Approach | Expected Outcome | Source |
Operational Improvements | Enhancing drilling rates, optimising feed grade and equipment availability. | Recovery of ROM grades and improved production efficiencies. | |
Cybersecurity Enhancement | Rapid deployment of workaround solutions and systematic restoration of affected IT systems. | Minimisation of disruptions in non-core operations. | |
Market Price Positioning & Cost Recovery | Maintaining the view that current price weakness is temporary with eventual market correction; ongoing cost management. | Stabilisation of revenue margins and restored investor confidence. | |
Renewable Energy Adoption | Implementation of a 15-year Power Purchase Agreement with Etana and construction of a 40 MW solar project. | Lower carbon footprint, reduced energy costs, and alignment with ESG standards. | |
Strategic Expansion & Innovation | Undertaking underground Definitive Feasibility Study (DFS) and innovating with projects like Redox One's proprietary battery technology; continuing value engineering at the Karo project in Zimbabwe. | Extended mine life, reduced capital costs, and enhanced competitive positioning. |
Summary
Tharisa plc faces risks primarily related to operational challenges (equipment availability, sub-optimal recoveries), market competition manifested through weak PGM and chrome prices, supply chain disruptions, cybersecurity incidents, and potential regulatory uncertainties linked to ESG and sustainability standards. The firm's mitigation measures include improving operational efficiencies, reinforcing cybersecurity, adopting renewable energy solutions, managing cost and price risks, and strategically investing in expansion and innovation projects.
Followup Suggestions
Financial Analysis
ESG Impact
Competitor Comparison
What Investments in Research and Development (R&D) is Tharisa plc Making for New Products or Services, and How Does the Company Prioritize Its R&D Efforts?
R&D Investments Overview
R&D Initiative | Description | Investment / Funding | Source |
Emissions Reduction Technology | Investment in technology startup Methanox for developing catalytic converters aimed at reducing methane emissions from natural gas-powered ships. | £1.5 million | |
Energy Storage Solutions | Development of a proprietary iron chromium redox flow long-duration battery. Activities include testing upscaled units with proprietary electrolyte and complete battery solutions in live operational environments. | Not specified monetarily; part of broader R&D resource allocation |
R&D Prioritization Approach
Prioritization Aspect | Details |
Sustainability Alignment | Projects are aligned with the company’s goals to reduce its carbon footprint by 30% by 2030 and achieve net carbon neutrality by 2050. |
Commercialization Acceleration | Use of a dedicated skilled resource base to accelerate the commercialization of new products and services, with live testing of solutions. |
Development & Training | Emphasis on building future talent through learnerships, bursaries, study assistance, internships, and skills/enterprise development training. |
Technology & Innovation | Focus on leveraging core commodities by integrating innovative solutions such as advanced battery technologies and catalytic converter systems. |
Summary
Tharisa plc is channeling its R&D investments into emissions reduction technologies and energy storage solutions. Initiatives include a £1.5 million investment in Methanox for catalytic converter development and accelerating the development of a proprietary long-duration battery solution. The company prioritizes these R&D efforts through clear sustainability targets, a dedicated resource base for rapid commercialization, and talent development programs.
