Tharisa Share Price (THS)

Any explanation for the low valuation, profit is currently quite high and so are future estimates, what are your expectations for forward profits future prospects and current valuation, I have some eps estimates for 2022 - 23-24 of 40-41-36 cents, can anyone confirm or update these?

oufc-thanks for the link. I like the Warren Buffet analogy! Most of this is old information and marketing. On page 8 the concensus long terms prices are interesting -for the PGM basket for 2023-2034 $1630-1666/oz, currently we have just gone below $2400/oz and for chrome $145-150/tonne, today the S African 40-42% concentrate price CIF China has dropped to $285-290/tonne, the first drop for several months.
Interestingly on page 8 the now admits that 75% of chrome is now moved to port by truck rather than train.
Still no new information on Karo but I suppose it is early days yet.

For those that are interested https://www.tharisa.com/pdf/investors/presentation/2022/unlock-the-stock-final.pdf

Hi Sotolo
You are right to be concerned. Prices are falling in pretty much all metals plus the situation in SA seems to be going from bad to worse. I've just read about record power outages due to attacks at power plants. But then what are the alternatives:
- other miners in other jurisdictions. Broadly the same problems although metallic and geographical diversification is good
- physical assets. They are going nowhere price wise in a recession and yield nothing
- fixed assets they are now yield 3% plus for USD denominated assets with a maturity of 1+ years. Maybe but capital losses loom if rates go further
- developed country shares. They are certainly in favour and I do have some shares in these economies but so much is valued not on fundamentals but on a wing and prayer that somehow tech will deliver
- cash. Yes you have optionality but not much else
So I am left with the feeling that stocks like this are worth holding on to. They have very low PE which will protect them to an extent. They throw off cash and will continue to pay dividends. They are low cost producers so will eventually reap the rewards when higher priced mines are knocked out. They are managed by tough resourceful people which is an asset worth investing in in any industry in any jurisdiction.
I'm calling Mr Market wrong on this and we'll see whether votes turn into weights (to paraphrase Benjamin Graham )

No one else here? I have waited over a week to reply. Sorry Visitor I thought I was very clear that I think next year’s PE is very hard to calculate as no one knows next year’s PGM (and chrome) prices. However I have been suggesting they will fall (as they have begun to) and believe if the world enters recession they will continue to. In a bear market people see prices falling and assume PE’s will too, just as the US S&P PE has fallen over 20%, however they forget that earnings will fall too, pushing PEs up again unless prices fall further. I too am holding on but expect THS to a pound at least and even at that price with considerably lower earnings a higher PE next year. Let us all hope I am wrong, but each week shows lower metal prices and thus much lower profits.