Added to YB: 2026-08-21
Pitch date: 2026-08-19
TGA.L [neutral]
Thungela Resources Limited
Author Info
No bio for this author
Company Info
Thungela Resources Limited engages in the mining and production of thermal coal in South Africa and Australia.
Market Cap
ZAR 14.6B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.45
P/E
-2.47
EV/Sales
N/A
Sector
Oil, Gas and Consumable Fuels
Category
turnaround
Thungela (TGA) puts in nice 1H26 result but there’s a lot of accounting to unpack
TGA.L (overview): 1H26 adj op FCF R1.894B vs R484M yoy, but boosted by R531M WC timing (reverses) & R1.113B FX hedge gains. Underlying cash gen +R1.569B on R627M EBITDA rise, Ensham recovery (+37% output), better Transnet rail. Dividend covered 1.2x. Leveraged seaborne thermal coal trade w/ 0.65+ correlation to TTF/JKM gas; skeptical as buy-and-hold given rail, geology, rand risks.
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