Added to YB: 2026-08-25
Pitch date: 2026-08-21
TGA.L [neutral]
Thungela Resources Limited
Author Info
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Company Info
Thungela Resources Limited engages in the mining and production of thermal coal in South Africa and Australia.
Market Cap
ZAR 15.0B
Pitch Price
N/A
Price Target
N/A
Dividend
4.66%
EV/EBITDA
3.90
P/E
-2.53
EV/Sales
0.26
Sector
Oil, Gas and Consumable Fuels
Category
turnaround
TGA 1H26 Results - Please Mine The Gap
TGA.L (earnings): 1H26 statutory profit +461% to R1.39bn, but ~R1bn was non-cash Kleinkopje provision release. Rev +2% (strong rand); adj EBITDA ~2x, margin only 8.7%. Adj op FCF R1.89bn aided by R1.1bn FX derivatives/WC. Ensham recovered (2.2Mt), Transnet rail improved to 59.9Mt. Net cash R6.1bn (£255m) = 1/3 of £738m mkt cap; EV ~£480m. Interim div R5.50; R23bn returned since 2021. Risks: coal cyclicality, discounts, vanity M&A.
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