The Metals Company (NASDAQ: TMC)

Last close As at 19/04/2024

USD1.69

0.03 (1.81%)

Market capitalisation

USD539m

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

The Metals Company — Growing up

Metals & Mining | Flash note

The Metals Company — Entering a pivotal year

Metals & Mining | Update

The Metals Company — Two steps forward, one step back

Metals & Mining | Update

The Metals Company — All set for a pivotal year

Nickel Refinery covered in dust_ Metal company

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Harry Kilby

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 (2.9) 39.7 94.2
Relative (0.2) 33.3 61.0
52 week high/low US$2.8/US$0.7

Financials

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

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