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.
Metals & Mining |
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Metals & Mining |
Flash note
Metals & Mining |
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Metals & Mining |
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Craig Shesky
CFO
Gerard Barron
Chairman & CEO
Forecast net debt (US$m)
39.2
Forecast gearing ratio (%)
129
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 0.6 | 25.2 | 82.2 |
Relative | 5.1 | 21.2 | 50.3 |
52 week high/low | US$2.8/US$0.7 |
The Metals Company (TMC) is approaching a critical phase in its development. As key milestones are achieved, so the project will be de-risked and the valuation expand. Of particular note are the anticipated award of an exploitation licence and physical nodule collection, which management expects to commence in Q126.
Y/E Dec | Revenue (US$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 |
thematic
Metals & Mining