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Commitment to Karo is very concerning. With the level of uncertainty regarding the PGM market, I can't fathom this. Even worse, in a jurisdiction as rotten as Zimbabwe. The mind boggles. At the very least, I hope there is an indefinite delay to construction announced when full results are released. I expect further weakness today.
Trading statement – Results for the year ended 30 September 2023
In terms of section 3.4(b) of the JSE Listings Requirements, companies are required to provide guidance
to the market when they are satisfied that a reasonable degree of certainty exists that the financial results
for the current reporting period will differ by at least 20% from the results of the previous corresponding
reporting period.
A production update for the financial year ended 30 September 2023 was released on the JSE Stock
Exchange News Service and LSE Regulatory News Service on 17 October 2023. This highlighted lower PGM
basket prices for the year but higher chrome concentrate prices and stated that the timeline for Karo
Platinum project development had been revised as a direct result of the weak PGM prices and volatile
macro economic conditions in order to provide flexibility and to align with funding availability.
Tharisa's basic earnings per share ('EPS') for the financial year ended 30 September 2023 on a fully diluted
basis is expected to be between US 27 cents and US 28 cents with a tolerance of 10%, a decrease of
between 47.9% and 49.8% relative to the EPS of US 53.8 cents per share for the previous year.
Tharisa's headline earnings per share ('HEPS') for the financial year ended 30 September 2023 on a fully
diluted basis is expected to be between US 27.5 cents and US 28.5 cents with a tolerance of 10%, a
decrease of between 30.7% and 33.1% relative to the HEPS of US 41.1 cents per share for the previous
year.
The Tharisa plc Board and Audit Committee remain committed to the Company's existing capital
allocation strategy, including its dividend policy of distributing at least 15% of consolidated net profit after
tax, and to the Karo Platinum development project.
The financial information on which this trading statement is based has not been reviewed by the
Company's auditors.
The results of the Company will be released on or about 14 December 2023.
Sadly going forward not quite so rosy as Chromium also now on the down escalator albeit more slowly
Very strange -thought we would have an indication of the result date by now -we were told ten days ago the accounts were being consolidated which should not take very long.
We know that the mine in SA has being operating profitably due to the quarterly production figures and the cash balances at 30th September-I still think the delay will be due to debate over the carrying value of Karo and a possible write down in this
Over to you Tharisa
Finals date still showing as tbc?
Tried doing a little top up. Could only get 3000, and now down to 1000 max. Easy to sell though!
Still tbc
No JSE SENS announcement on Friday so the results will not be out on Monday 4th and it could be Tuesday or even later in the week.
They were on 5th December last year, so they are hardly late this year.
Ths site is still saying finals date TBC?
I still think Monday for the results, and take the company's comment at face value, so we can wait a few more days.
Sotolo, I agree the current P/E does look absurd but the year ended 2 months ago and as you have said before ,that is looking in the rear view mirror and the 2024 forward P/E is now what counts.
Yes Sotolo -never a good sign delaying accounts from original date.
Reckon the problem lies with the carrying value of Karo -remember this was revalued upwards and will have to be looked at-however has no effect on operating profit and we know the company was swimming in cash at 30 September -should have had indication of results by now-maybe tomorrow
Apologies got that quite wrong, just woken. Final dici if you are right still lower but of course already had 3c so total would be 5.5-5.75c meaning 4 1/4 pershare or absurdly low PE of 1.5? Mea Culpa
If you are right implies about 12p profit which means PE up to 5 and explains share price that was anticipating? Finals date stil tbc, never greatest sign….
My expected final divi as mentioned on 17th Oct is 2.50-2.75 cents but Moneyman/SeaTank put out a good discussion for more.
Hopefully we will find out by Monday next week.
Any expectations as to the FY dividend?
Results date TBC as per website, just wrapping up consolidation of group accounts, will have preso of course, would not trust any other site for dates most of them use an algorithm to work out y-2-y what dates results will be
Tharisa website calendar had Thurs 30th Nov as the release date a couple of weeks ago which is likely where Alliance News got their date from. Website was then changed to 4th Dec and now changed to TBC sometime this week. Alliance News haven't updated their list and they often do quote wrong dates. Always best to get this info from the company calendar or an RNS rather than a third party news service.
https://www.tharisa.com/investor-calendar.php
Sotolo, I have just looked on the Tharisa website (Investors-Investors Calendar) and it is still says TBC FY 2023 Financials.
Just to show how uncertain it is to calculate the uptake of EV cars and the reduction in PGM demand for catalytic convertors , in March the UK Office for Budgetary Responsibility was using a forecast for EV share of new car sales in 2027 of 67% but yesterday reduced this to just 38%!
When I looked on THS investors website investors section just now said 4th Dec but maybe says something else elsewhere? Chrome coming back a bit, but should at least have given us decent profits this year making up for some of the PGM tumble for now
The Tharisa website had been showing the FY results as out on 4th December but the share news today says Thursday 28th Nov and the Tharisa website says "TBC". Hopefully that means good news!
Karo is becoming a complete disaster and a noose around the company’s neck as PGM prices continue to dive -it seems to have been commenced following the “PGM bubble” post Covid.
What a shame profits are not being used to boast dividends,buyback shares and increase chrome production -(where longterm market indicators are favourable)-unless PGMs recover Karo appears to be no longer worth investing in-(palladium seems a spent item as electric vehicles replace ice vehicles and despite apparent large deficit in platinium supply the price shows no sign of recovering)
Interestingly with falling rh, and SLP greater dependence on it, their basket has actually fallen below ours, I make us just over $1400 SLP just under
Weekly PGM basket on THS website today
Tharisa mine $1355
Karo Mine $1244
Last week $1453 and $1272
The reason Karo moves less is that it is much less exposed to rhodium, which is just 14% of its basket, interestingly gold is also 14% of the Karo basket. However Karo at these prices is really a platinum and palladium mine with a bit of rhodium and gold
Chromium is just a tiny bit down, staying essentially flat