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Tharisa plc (TIHRF) fair value: what the stock is really worth

We calculate from audited financials what Tharisa plc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Basic Materials · US · ISIN CY0103562118

TP Tharisa plc logo Some data Sep 13, 2026

Tharisa plc

TIHRF · US

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value $2.46 · Strongly undervalued (+55%)
!Quality 51/100
!Expensive Growth (revenue 5y +11.1 %/yr)
✓Solidly profitable · 17.4% net margin (TTM)
!Low debt · negative free cash flow
·2.52% dividend yield
!Moderate moat 56/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$2.01 $0.5927 Fair Value $2.46 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range $0.5927 – $2.01 · fair‑value band $2.25 – $3.30 · the $1.59 price screens below the $2.46 fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Tharisa plc, an investment holding company, engages in the mining, processing, sale, and logistics of platinum group metals (PGMs) and chrome concentrates in South Africa, China, Singapore, Hong Kong, the United Arab Emirates, and internationally. It operates through four segments: PGM, Chrome, Agency and Trading, and Manufacturing.

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Tharisa plc, an investment holding company, engages in the mining, processing, sale, and logistics of platinum group metals (PGMs) and chrome concentrates in South Africa, China, Singapore, Hong Kong, the United Arab Emirates, and internationally. It operates through four segments: PGM, Chrome, Agency and Trading, and Manufacturing. The company sells PGM concentrates, including platinum, palladium, rhodium, gold, ruthenium, iridium, nickel, and copper. It also produces metallurgical chrome concentrate and specialty chrome concentrates; operates a third-party chrome plant, as well as markets and sells the chrome concentrate produced at the plant; and manufactures and sells mining and mineral processing equipment. In addition, the company owns and operates the Tharisa mine, a PGM and chrome mine located on the Bushveld Complex of South Africa. Further, it engages in the research, development, and beneficiation chrome and PGM output, as well as trading of chrome concentrate. Tharisa plc was incorporated in 2008 and is based in Paphos, Cyprus.

Stock analysis

Tharisa plc (TIHRF) currently trades at $1.59, while our model-based Fair Value estimate is $2.46, implying the stock looks roughly 35.4% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $4.61 per share, and 15 of the 17 models we run sit above the $1.59 price.

Bear case: the Dividend Discount group reads lowest at $0.5800, and 2 of the 17 models stay below the price. Evidence for this calculation is medium.

Scenario range: $2.25 (bear) to $3.30 (bull), the price of $1.59 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 51/100 (solid quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Tharisa plc reported revenue of $670M in FY2025 versus $596M in FY2021, a compound +3.0%/yr. Reported net income was $79.1M in FY2025, compounding −5.8%/yr from FY2021.

Key figures

Market cap $485M · P/E ratio 4.1 · P/S ratio 0.48 · EPS (TTM) $0.3900 · Dividend yield 2.5% · Net margin 11.8% · Return on equity 14.5% · Return on assets (EBIT) 14.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 21% below its 52-week high and 98% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −18% fair-value upside, at 55%, TIHRF screens cheaper than that median.

Fair Value models

Bear $2.25 Fair Value $2.46 Bull $3.30
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 11 months old). Earnings retained since then ($0.3347 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings $1.32 $1.90 $2.78 76
Residual Income $2.20 $2.38 $2.92 76
EPV $2.88 $3.21 $3.48 74
All 17 models by family
DCF Models
Owner Earnings $1.32 $1.90 $2.78 76
Earnings-Based
Graham-Dodd $1.82 $8.59 $11.82 64
Lynch FV $2.28 $3.26 $4.24 61
PEG = 1.0 $2.28 $3.26 $4.24 57
EPV $2.88 $3.21 $3.48 74
Dividend Discount
Gordon GGM $0.3500 $0.6300 $0.8700 68
DDM Multi-Stage $0.3500 $0.5800 $0.6800 67
Multiples
P/E Multiple $3.41 $4.54 $5.68 63
P/S Multiple $2.54 $3.39 $4.24 58
P/B Multiple $3.41 $4.54 $5.68 55
EV/EBIT $4.93 $6.42 $7.90 66
EV/EBITDA $5.31 $6.92 $8.52 67
EV/Revenue $2.86 $3.88 $4.89 54
Asset-Based
NCAV (Graham) $1.34 $1.79 $2.67 54
Economic Profit
Residual Income $2.20 $2.38 $2.92 76
ROIC Compounder $2.97 $3.64 $4.51 72
Growth Earnings
Growth-Adj P/E $3.22 $4.61 $5.99 67

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Quality Score breakdown

Overall quality 51/100

Of which business quality 51 · Market factors (momentum, volatility) 62

Profitability 42
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 26
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 75
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−7.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.9%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10% vs 22%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.24% → 19%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Precious Metals & Mining · 106 stocks

Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 51 · Above median
Fair Value upside +113% · Top 25%
Profitability
Return on equity (TTM) 15% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 17% · Above median
Operating margin (TTM) 20% · Above median
Growth and dividend
Revenue growth 28% · Above median
Dividend yield (TTM) 2.5% · Above median
Balance sheet
Debt / equity 0.04× · Above median

Valuation Multiplesvs Other Precious Metals & Mining median · lower = cheaper

P/E (TTM) 4.1× · Cheapest 25%
P/B 0.56× · Cheapest 25%
P/S (TTM) 0.65× · Cheapest 25%
EV/EBITDA 1.2× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Other Precious Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
PT Amman Mineral Internasional Tbk AMMN 4,860 IDR 775.38 IDR −84%
Hecla Mining Company HL $19.78 $16.28 −18%
Compañía de Minas Buenaventura S.A. BVN $34.04 $28.79 −15%
Sibanye Stillwater Limited SBSW $12.54 $15.45 +23%
China Gold International Resources Corp CGG C$47.80 C$52.58 +10%
Artemis Gold Inc ARTG C$40.20 C$14.61 −64%
Triple Flag Precious Metals Corp TFPM $33.78 $32.06 −5%
PT Merdeka Battery Materials Tbk. MBMA 520.00 IDR 81.88 IDR −84%
Perpetua Resources Corp PPTA C$32.79 C$5.80 −82%
Sino-Platinum Metals Co 600459 ¥18.94 ¥13.23 −30%

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Cite: Fair Value Calculator (2026). "Tharisa plc Fair Value". https://www.fairvalue-calculator.com/stock/TIHRF

Frequently asked questions

Is Tharisa plc (TIHRF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $2.46 versus a price of $1.59, about +55% upside (undervalued).
What is the fair value of TIHRF?
Our model-based fair value for Tharisa plc is $2.46 (as of Sep 13, 2026), built from audited fundamentals. The current price: $1.59.
What is the quality score of TIHRF?
Tharisa plc has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tharisa plc (TIHRF)?
Our model-based price target is the fair value of $2.46 (as of Sep 13, 2026) from 17 valuation models. Cautious scenario $2.25, optimistic scenario $3.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Tharisa plc stock forecast for 2026?
Our models put fair value at $2.46, about +55% upside versus a price of $1.59 (undervalued). Cautious scenario $2.25, optimistic scenario $3.30. The calculation is refreshed regularly with new filings.
What is the revenue of Tharisa plc (TIHRF)?
Tharisa plc reported trailing-twelve-month revenue of about $681M (latest available figure, as of Sep 13, 2026).
Does Tharisa plc pay a dividend?
Tharisa plc currently shows a dividend yield of about 2.52% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of Tharisa plc (TIHRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tharisa plc it is $2.46 per share (as of Sep 13, 2026), against a price of $1.59. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Tharisa plc stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TIHRF trades below its calculated fair value: price $1.59, fair value $2.46, a gap of about +55% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TIHRF?
No. The price is what the market pays today ($1.59); the fair value is what the company's own numbers justify ($2.46). For Tharisa plc the two are $0.8700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tharisa plc worth?
The market values Tharisa plc at about $485M (market capitalisation, as of Sep 13, 2026). Per share that is $1.59; our models calculate a fair value of $2.46 per share.
What do the bullish and bearish scenarios say about TIHRF?
Our models span a range for Tharisa plc: cautious scenario $2.25, base $2.46, optimistic $3.30 per share (as of Sep 13, 2026, price $1.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TIHRF?
Tharisa plc trades at a price-to-earnings ratio of 4.1 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $2.46 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.6, EV/EBITDA 1.2.
How solid is the balance sheet of Tharisa plc (TIHRF)?
Balance-sheet figures for Tharisa plc (as of Sep 13, 2026): return on equity 14.5%, debt of 0.04 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is TIHRF from its 52-week high?
Tharisa plc trades at $1.59, about 21% below its 52-week high of $2.01 and 98% above the low of $0.8030 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $2.46 is for.
Which stocks are comparable to Tharisa plc?
From the same area (Basic Materials) we also value PT Amman Mineral Internasional Tbk, Hecla Mining Company, Compañía de Minas Buenaventura S.A., Sibanye Stillwater Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tharisa plc stock attractive at the current price?
The data as of Sep 13, 2026: price $1.59, calculated fair value $2.46 (+55%), Quality Score 51/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TIHRF calculated?
We run Tharisa plc through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.46, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Tharisa plc currently trades 55 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Tharisa plc right now?
The price is below even our cautious bear case ($2.25). The market is more pessimistic than our downside scenario. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Tharisa plc (TIHRF) come from?
Earnings per share at Tharisa plc grew +26.6 % a year from 2015 to 2025. Broken into its drivers: revenue per share +10.5 %, EBIT margin +5.0 %, tax rate +1.2 %, residual (interest, one-offs) +7.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Tharisa plc

How large is the market capitalisation of Tharisa plc (TIHRF)?
The market capitalisation of Tharisa plc is $485M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tharisa plc (TIHRF)?
The price-to-sales ratio of Tharisa plc is 0.48 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tharisa plc (TIHRF)?
Earnings per share at Tharisa plc are $0.3900 (price ÷ EPS = P/E 4.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tharisa plc (TIHRF)?
The dividend yield of Tharisa plc is 2.5% (payout 10.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tharisa plc (TIHRF)?
The net margin of Tharisa plc is 11.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tharisa plc (TIHRF)?
The return on equity (ROE) of Tharisa plc is 14.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tharisa plc (TIHRF)?
On an EBIT basis the return on assets of Tharisa plc is 14.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tharisa plc (TIHRF)?
The operating margin of Tharisa plc is 20.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tharisa plc (TIHRF)?
Revenue at Tharisa plc is growing +28.0% versus a year earlier (3y avg −0.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tharisa plc (TIHRF)?
Earnings per share at Tharisa plc are growing +554% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tharisa plc (TIHRF) generate?
The free cash flow of Tharisa plc is −$26.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Tharisa plc (TIHRF) hold?
Tharisa plc holds more cash than debt, $67.7M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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