Company Valuation: Thungela Resources Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,524 39,430 21,055 17,884 12,170 16,252 - -
Change - 242.16% -46.6% -15.06% -31.95% 33.54% - -
Enterprise Value (EV) 1 2,820 24,191 10,162 7,781 6,185 9,386 8,288 8,330
Change - 757.89% -57.99% -23.42% -20.51% 51.74% -11.69% 0.51%
P/E 1.39x 2.26x 4.17x 5.06x -1.76x 4.99x 3.56x 12.5x
PBR - 1.54x 0.86x - - 0.9x 0.89x 0.85x
PEG - 0x -0.1x -0.2x 0x -0x 0.1x -0.2x
Capitalization / Revenue 0.44x 0.78x 0.69x 0.5x 0.41x 0.5x 0.49x 0.54x
EV / Revenue 0.11x 0.48x 0.33x 0.22x 0.21x 0.29x 0.25x 0.28x
EV / EBITDA 0.28x 0.82x 1.2x 1.24x 5.09x 2.08x 1.62x 2.9x
EV / EBIT 0.31x 0.85x 1.47x 2.05x -3.64x 2.62x 1.95x 6.06x
EV / FCF 0.74x 1.35x 1.89x 3.98x -9.06x 4.46x 4.97x 6.27x
FCF Yield 135% 73.8% 53% 25.1% -11% 22.4% 20.1% 15.9%
Dividend per Share 2 18 100 20 13 4 8.467 6.758 5.167
Rate of return 21.3% 34.9% 13% 9.72% 4.17% 6.62% 5.28% 4.04%
EPS 2 60.87 127.1 36.92 26.42 -54.64 25.64 35.92 10.22
Distribution rate 29.6% 78.7% 54.2% 49.2% -7.32% 33% 18.8% 50.6%
Net sales 1 26,282 50,753 30,634 35,554 29,599 32,744 33,044 30,060
EBITDA 1 9,978 29,530 8,454 6,255 1,216 4,503 5,118 2,876
EBIT 1 9,016 28,333 6,897 3,803 -1,698 3,583 4,248 1,375
Net income 1 6,429 18,205 5,162 3,592 -7,085 3,284 4,609 1,309
Net Debt 1 -8,704 -15,239 -10,893 -10,103 -5,985 -6,866 -7,964 -7,922
Reference price 2 84.54 286.66 153.80 133.69 96.00 127.87 127.87 127.87
Nbr of stocks (in thousands) 136,312 137,549 136,897 133,775 126,774 127,097 - -
Announcement Date 3/22/22 3/27/23 3/18/24 3/17/25 3/23/26 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.99x2.08x6.94x5.76% 146B
11.21x1.26x4.39x4.87% 36.75B
7.62x1.18x4.6x6.64% 26.9B
6.94x0.95x3.97x4.95% 24.7B
7.06x1.51x5.18x7.62% 24.32B
13.81x1.2x4.62x - 6.82B
Average 9.94x 1.37x 4.95x 5.97% 44.28B
Weighted average by Cap. 11.12x 1.70x 5.86x 5.82%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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