“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.”
Currency in USD
Last close As at 09/06/2023
USD0.79
▲ 0.09 (12.29%)
Market capitalisation
USD221m
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 TMC’s total nickel resources could electrify 230m cars.
Metals & Mining
Metals & Mining
Metals & Mining
Analyst, Industrials
Craig Shesky
CFO
Gerard Barron
Chairman & CEO
Forecast net cash (US$m)
26.8
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 2.8 | (16.3) | (43.8) |
| Relative | (0.9) | (22.1) | (46.2) |
| 52 week high/low | US$1.5/US$0.6 |
TMC has been exploring the Clarion Clipperton Zone, a deep seabed off the coast of Western California. The region, which contains polymetallic nodules rich in nickel, cobalt, manganese and copper, has been explored since the 1970s but required the establishing of the International Seabed Authority to initiate the requisite regulation, which is due in July 2023. TMC is looking to be awarded the first commercial deep-sea exploitation licence to mine the nodules and commence commercial operations in Q424.
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 0.0 | (115.7) | (107.9) | (46.93) | N/A | N/A |
| 2022A | 0.0 | (157.0) | (153.8) | (58.04) | N/A | N/A |
| 2023E | 0.0 | (50.0) | (50.0) | (13.60) | N/A | N/A |
| 2024E | 71.7 | (59.4) | (59.4) | (11.33) | N/A | N/A |
Get access to the very latest content matched to your personal investment style.
