olivLaw · European equity research
Tharisa plc THS.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Tharisa plc is an integrated mining producer with operations in Zimbabwe and South Africa, extracting platinum group metals (PGMs) and chrome. Group revenue reached about 602.9 million USD in the fiscal year ended 30 September 2025, and the company relies on product diversification while remaining exposed to country and price risks.
At the close of 06 Nov 2026, Tharisa plc (THS.L) stock was 1.03 GBP (+0.00% on the day), with beta 0.68, 52-week range 0.90–1.45 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.5
- weak (30–45)
- Bollinger (20, 2)
- 0.95 – 1.30
- in the lower half of the band · %B 0.23 · band width 31.8%
- SMA 50 / 200
- 1.20 / 1.21
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.6% | −0.2% | −15.4 pp | — |
| 3 months | −12.3% | −5.4% | −6.9 pp | — |
| 6 months | −14.2% | +4.4% | −18.5 pp | — |
| Year to date | −12.7% | +6.5% | −19.2 pp | — |
| 1 year | +8.9% | +10.0% | −1.1 pp | +3.7% |
| 3 years | +64.0% | +48.6% | +15.4 pp | +24.5% |
| 5 years | −21.1% | +41.4% | −62.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 649.9 m | 721.4 m | 602.9 m |
| Revenue YoY | unavailable | +11.0% | −16.4% |
| Net income | 82.2 m | 82.9 m | 79.1 m |
| Net income YoY | unavailable | +0.8% | −4.5% |
| Diluted EPS | 27.20 | 27.00 | 26.00 |
| Diluted EPS YoY | unavailable | −0.7% | −3.7% |
| net % | 12.7% | 11.5% | 13.1% |
| Free cash flow | 78.4 m | 9.6 m | -21.4 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 173.0 m USD
- Financial debt
- 31.4 m USD
- Net debt
- -141.7 m USD
- Equity
- 847.8 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- 0.04x
- Current ratio
- 2.03x
- ROE
- 9.7%
- ROA
- 6.5%
- FCF margin
- -3.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 649.9 m | 721.4 m | 602.9 m | esef· 09 Dec 2025verified |
| Cost of revenue | 496.6 m | 536.8 m | 478.9 m | esef· 09 Dec 2025verified |
| Gross profit | 153.3 m | 184.6 m | 191.3 m | esef· 09 Dec 2025verified |
| Operating income | 94.7 m | 119.6 m | 125.6 m | esef· 09 Dec 2025verified |
| Interest expense | 7.1 m | 11.9 m | 9.9 m | esef· 09 Dec 2025verified |
| Pre-tax income | 114.3 m | 117.7 m | 117.6 m | esef· 09 Dec 2025verified |
| Income tax | 27.6 m | 35.0 m | 36.7 m | esef· 09 Dec 2025verified |
| Net income | 82.2 m | 82.9 m | 79.1 m | esef· 09 Dec 2025verified |
| Diluted EPS | 27.20 | 27.00 | 26.00 | esef· 09 Dec 2025verified |
| Dividend per share | 6.99 | 3.50 | 3.00 | esef· 09 Dec 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 255.3 m | 217.7 m | 173.0 m | esef· 09 Dec 2025verified |
| Receivables | 103.7 m | 92.2 m | 127.9 m | esef· 09 Dec 2025verified |
| Inventories | 90.1 m | 82.4 m | 69.9 m | esef· 09 Dec 2025verified |
| Current assets | 455.3 m | 404.0 m | 374.3 m | esef· 09 Dec 2025verified |
| Property, plant & equipment, net | 609.7 m | 784.6 m | 835.7 m | esef· 09 Dec 2025verified |
| Total assets | 1.1 bn | 1.2 bn | 1.2 bn | esef· 09 Dec 2025verified |
| Accounts payable | 93.5 m | 105.7 m | 91.8 m | esef· 09 Dec 2025verified |
| Long-term debt | 76.4 m | 50.4 m | 31.4 m | esef· 09 Dec 2025verified |
| Current liabilities | 207.1 m | 219.8 m | 184.5 m | esef· 09 Dec 2025verified |
| Total liabilities | 412.9 m | 428.2 m | 390.2 m | esef· 09 Dec 2025verified |
| Equity | 675.2 m | 779.6 m | 847.8 m | esef· 09 Dec 2025verified |
| Shares outstanding at year end | 3.0 m | 3.0 m | 3.0 m | esef· 09 Dec 2025derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 148.3 m | 204.5 m | 92.1 m | esef· 09 Dec 2025verified |
| Capex | 69.9 m | 195.0 m | 113.6 m | esef· 09 Dec 2025verified |
| Free cash flow | 78.4 m ≈ | 9.6 m ≈ | -21.4 m ≈ | esef· 09 Dec 2025derived |
| Investing cash flow | -66.1 m | -190.9 m | -112.2 m | esef· 09 Dec 2025verified |
| Financing cash flow | 34.7 m | -55.3 m | -26.1 m | esef· 09 Dec 2025verified |
| Dividends paid | 21.0 m | 10.5 m | 13.4 m | esef· 09 Dec 2025verified |
| Share repurchases | 0 | 5.0 m | 3.7 m | esef· 09 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 287.88 – 446.63 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E287.88 – 446.63 (Mid 368.85)17 companies used · median multiple 14.2x · quartiles 11.1x – 17.2x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)outside the aggregate39.42 – 53.02 (Mid 45.22)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.1% | 50 (vs peers) | 31% |
| Net margin · Quality | 13.1% | 51 (vs peers) | 19% |
| FCF conversion · Quality | -27.1% | 0 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.7x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality37/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THARISA PLC (THS.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 602.9 m USD in 2025; YoY growth -16.4%; net margin 13.1%; ROE 10.5%.
The estimated value range is 287.88–446.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 12.7x
- Current ratio: 2.0x
What contradicts it
- FCF conversion: -27.1%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +4% / +111% |
1- and 3-year price returns: for THS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tharisa plc is an integrated mining producer with operations in Zimbabwe and South Africa, extracting platinum group metals (PGMs) and chrome. Group revenue reached about 602.9 million USD in the fiscal year ended 30 September 2025, and the company relies on product diversification while remaining exposed to country and price risks.
SWOT
Strengths
- Diversified metal portfolio, which according to management helps absorb price shocks.
- Position in the lowest cost quartile, according to statements in the report.
- Investments in technology and downstream beneficiation projects that could raise product value.
Weaknesses
- High concentration of exports in a single geographic market, China and Indonesia.
- Dependence on two important customers for PGMs, with risk of revenue loss.
- Ageing equipment and vulnerable supply chains, affecting operational continuity.
Opportunities
- Development of downstream beneficiation and new ore bodies could diversify markets.
- Alternative markets for chrome could reduce dependence on China if developed.
- Investment in technology and optimised mining could improve processing recoveries.
Threats
- Country risk in Zimbabwe, including a possible return of high inflation and difficulty repatriating profits.
- Political and regulatory uncertainty in South Africa and Zimbabwe could delay projects.
- Cyberattacks and operational safety risks can affect operations and reputation.
Risks
- Safety of employeeshigh
Failure to achieve the zero-harm objective could lead to operational stoppages ordered by regulators.
- Country risk in Zimbabwehigh
Fiscal instability and a possible return of inflation could raise costs and reduce profitability.
- Volatility of commodity pricesmedium
Declines in PGM and chrome prices could limit revenue and investment capacity.
- Customer and market concentrationmedium
Loss of a key customer or a slowdown in Chinese demand could significantly affect revenue.
- Cyberattackslow
An attack in 2024 affected controls; lessons learned on data protection remain relevant.
Investment thesis
What would need to be true (bull case)
- If PGM and chrome prices hold up, product diversification could support revenue and operational flexibility.
- A position in the lowest cost quartile could provide resilience in periods of low prices.
- Downstream beneficiation and new ore body projects could create additional long-term value.
What would break the thesis
- Country risk in Zimbabwe could erode profitability if inflation returns.
- Concentration of exports and customers could make the company vulnerable to a slowdown in Chinese demand.
- Regulatory uncertainty and authorisation delays could postpone investment projects.
What to watch
- Evolution of PGM and chrome prices compared with the annual report2027
- Stability of the fiscal and monetary framework in Zimbabwe2027
- Safety indicators and incidents reported in operationsnext 10-K
- Developments in relations with the two PGM customers and supply agreementsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the fiscal year ended 30 September 2025, the Tharisa group operates in mining and metals, with a combination of metals including PGMs, metallurgical chrome, foundry chrome and chemical chrome 1. Consolidated revenue was 602 911 thousand USD 1. The company summarises its main risks around safety, commodity prices, financing, country risk in Zimbabwe and customer concentration, which define its operating profile 1.
Segments
Market context
The report describes an environment in which commodity prices are volatile, and management considers that macroeconomic uncertainty could affect the prices of the products mined and marketed 1. Demand from China for stainless steel and for platinum products is a central factor, and an economic slowdown could reduce demand 1.
Trends
- Volatility of metal pricesmixed
Fluctuations in PGM and chrome prices can influence revenue and investment capacity, especially in periods of low prices 1.
- Chinese demand for stainless steelmixed
The Chinese stainless-steel market is an important driver of chrome demand, but also a source of geographic concentration of risk 1.
- Political uncertainty in Zimbabweheadwind
The fiscal regulatory framework and the move toward a single currency could revive inflationary pressures, which could complicate fixed-price contracts 1.
- Environmental and mining regulationheadwind
Changes in regulation and societal expectations of mining may delay authorisations and increase compliance costs 1.
Competitive position
The annual report does not explicitly name competitors, but it describes competition implicitly through production costs and position in the chrome and PGM markets 1. The company states that it sits in the lowest cost quartile, which could give it an advantage over higher-cost producers 1.
The diversity of metals produced offers a more flexible position than single-product producers, and this structure is presented as an advantage against market fluctuations 1. The lack of direct comparative data in the source limits a precise assessment of its competitive position.
- Chrome producers in South Africa and Zimbabwe
Not named in the source; regional competitors in chrome exports to China and Indonesia.
- PGM producers in South Africa
Not named in the source; competitors in the platinum group metals market.
- Chinese stainless-steel suppliers
Not named in the source; they can influence chrome demand and prices.
- Other platinum group metal miners
Not named in the source; they compete for the same customers and market segments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Dec 2025
- Annual report 202403 Dec 2024
- Annual report 202409 Dec 2025
- Annual report 202303 Dec 2024
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Tharisa plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.