Tharisa
Website:
Tharisa
Index:
Main Market
EPIC: THS
Supersector:
Basic Resources
Sector:
Industrial Metals and Mining
Subsector:
General Mining
Market Cap:
£299.4M
Payout Frequency: Semi-Annual
Tharisa Dividend Analysis and Summary
Declared Dividend and Key Dates
- Final dividend: US 1.5 cents per share (FY25), subject to shareholder approval
- Total FY25 dividend: US 3.0 cents (down 33% YoY from 4.5c)
- Ex-dividend date (LSE): 26/02/2026
- Ex-dividend date (JSE): 25/02/2026
- Record date: 27/02/2026
- Payment date: 11/03/2026
- Eligible shares: 293,701,622 (of 302,596,743 issued); estimated cash outflow for the final dividend ˜ US$4.4m; FY25 total ˜ US$8.8m
- Currencies: USD (Cyprus register), ZAR (JSE), GBP (LSE); FX set using SARB rates as of 27/11/2025; rates to be announced 19/02/2026
- Tax: Paid from income reserves; SA individuals subject to 20% withholding on this foreign dividend; SA companies exempt; UK/Cyprus residents treated as foreign/local dividends respectively (investors should seek tax advice)
Coverage and Financial Context
- EPS: US 26.7c; HEPS: US 27.5c
- Payout ratio (FY25 total): ~11% of EPS (~11% of HEPS)
- EBITDA: US$187.3m (+5.5% YoY); PBT: US$117.6m (flat YoY)
- Revenue: US$602.9m (-16.4% YoY); ROIC: 9.7% (from 11.1%)
- Notable item: Mining royalty credit of US$67.3m benefited results
Analysis: Sustainability and Growth Trajectory
- Sustainability: The dividend is conservatively covered (˜9x by EPS on a full-year basis). However, underlying trading softened (revenue -16%, PGM and chrome volumes down), and reported profitability was supported by a sizeable royalty credit that may not recur. On a through-cycle view, the final dividend appears serviceable, but repeatability at higher levels depends on commodity pricing and normalised earnings.
- Growth trajectory: The total FY25 dividend was cut by 33% YoY, signaling a reset to a lower base. With ROIC down and ongoing project development (Karo Platinum) likely absorbing capital, dividend growth is likely to be cautious near term, pending recovery in PGM/chrome prices and delivery of new cash flows.
- Capital allocation: Management is prioritising balance sheet resilience and growth capex (Karo, downstream beneficiation). The low payout (~11%) aligns with a reinvestment bias while maintaining a modest distribution.
Structural Changes and Policy Signals
- No structural changes (no M&A, demerger, or share consolidation) announced.
- Dividend paid from income reserves; policy appears flexible and responsive to market conditions and funding needs for Karo and downstream initiatives.
Risks and Flags to Dividend Stability
- Commodity price volatility (PGMs and chrome) and production declines YoY could pressure cash generation.
- Earnings quality: Significant royalty credit in FY25 inflates comparatives; underlying earnings may be lower without such credits.
- Execution and capex risk on Karo Platinum and beneficiation projects may constrain free cash flow available for dividends.
- Jurisdictional and operational risk in South Africa and Zimbabwe; potential regulatory and power/logistics constraints.
- FX and tax considerations for ZAR/GBP recipients; dividend remains subject to shareholder approval.
Read more
Tharisa Annual Dividend Yield - 3.21%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 27/02/2025 |
12/03/2025 |
Final |
3.00¢ |
USX |
| 12/06/2025 |
25/06/2025 |
Interim |
1.50¢ |
USX |
Total (Annual Dividends Per Share):
3.37p
(Using exchange rate on 19/03/2026
$ = £0.74856)
Dividend Yield =
Annual Dividends Per Share (3.37p)
÷ Share Price (105p)
= 3.21%
Tharisa Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 26/02/2026 |
11/03/2026 |
Final |
1.50¢ |
USX |
| 12/06/2025 |
25/06/2025 |
Interim |
1.50¢ |
USX |
| 27/02/2025 |
12/03/2025 |
Final |
3.00¢ |
USX |
| 13/06/2024 |
26/06/2024 |
Interim |
1.50¢ |
USX |
| 29/02/2024 |
13/03/2024 |
Final |
2.00¢ |
USX |
| 08/06/2023 |
21/06/2023 |
Interim |
3.00¢ |
USX |
| 02/03/2023 |
15/03/2023 |
Final |
4.00¢ |
USX |
| 16/06/2022 |
29/06/2022 |
Interim |
3.00¢ |
USX |
| 03/03/2022 |
16/03/2022 |
Final |
5.00¢ |
USX |
| 17/06/2021 |
30/06/2021 |
Interim |
4.00¢ |
USX |
| 25/02/2021 |
10/03/2021 |
Final |
3.50¢ |
USX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
1.500 |
3.000 |
USX |
4.500 |
-10.000 |
| 2023 |
3.000 |
2.000 |
USX |
5.000 |
-28.570 |
| 2022 |
3.000 |
4.000 |
USX |
7.000 |
-22.220 |
| 2021 |
4.000 |
5.000 |
USX |
9.000 |
157.140 |
| 2020 |
|
3.500 |
USX |
3.500 |
|
Tharisa Dividend Calculator
Tharisa Dividend Growth
| Dividend Growth (1Y) |
-36.51%
|
| Dividend CAGR (5Y) |
-2.96%
|
| Years of Growth |
1
|
| Payout Ratio |
16.9%
|
| Buyback Yield |
0.86%
|
| Shareholder Yield |
2.86%
|
| P/E Ratio (TTM) | 5.09 |
|---|
| Forward P/E | 14.56 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 19.66% |
|---|
| FCF Yield | -4.87% |
|---|
| ROE | 9.94% |
|---|
| ROCE | 11.9% |
|---|
| Profit Margin | 13.13% |
|---|
| Operating Margin | 20.8% |
|---|
| Gross Margin | 31.79% |
|---|