The Metals Company - Edison Group

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“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”

James Brotherton Financial Director — Tyman
Equity Research
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Overview
Price performance
Financials
Research
Thematics

The Metals Company (TMC) is focused on the collection, processing and refining of polymetallic nodules, containing nickel, copper and cobalt, found on the seafloor in the international waters of the Clarion Clipperton Zone, 1,300 nautical miles off the coast of Southern California.

The decarbonisation of the automotive sector is gathering pace with sales of electric vehicles (EVs) increasing 59% in 2022 to nearly 15% of the global market. This seismic shift will require a significant increase in the availability of nickel, cobalt and manganese for the batteries required to power EVs. We estimate that TMC’s total nickel resources could electrify 230m cars.

Latest Insights

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Metals & Mining |
Update

03.04.24

The Metals Company — Growing up

Metals & Mining |
Flash note

04.12.23

The Metals Company — Entering a pivotal year

Metals & Mining |
Update

16.08.23

The Metals Company — Two steps forward, one step back

Metals & Mining |
Update

29.03.23

The Metals Company — All set for a pivotal year

Nickel Refinery covered in dust_ Metal company

Sector

Metals & Mining

Equity Analyst

David Larkam

Analyst, Industrials

Analyst

Key Management

Craig Shesky

CFO
Gerard Barron

Chairman & CEO

Balance Sheet

Forecast net debt (US$m)

39.2

Forecast gearing ratio (%)

129

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	6.3	16.0	86.6
Relative	10.9	11.7	54.5
52 week high/low	US$2.8/US$0.7

Financials

TMC has been exploring the Clarion Clipperton Zone, a deep seabed off the coast of Western California containing polymetallic nodules rich in nickel, cobalt, manganese and copper. The International Seabed Authority, established by the UN, is mandated to establish deep sea exploitation regulations. This is scheduled to be completed by July 2024, with TMC planning to submit an application shortly afterwards. With a c 12-month application process, management is planning on commencing commercial operations at the end of Q126.

Y/E Dec	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	0.0	(84.4)	(86.0)	(32.0)	N/A	N/A
2023A	0.0	(59.7)	(61.9)	(20.0)	N/A	N/A
2024E	0.0	(50.0)	(50.0)	(16.0)	N/A	N/A
2025E	0.0	(39.6)	(40.0)	(12.0)	N/A	N/A

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