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The Metals Company (NASDAQ: TMC)

Last close As at 21/11/2024

USD0.90

▲ −0.01 (−1.31%)

Market capitalisation

USD307m

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 | Flash note

The Metals Company — Updated strategy offers commercial upside

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
Nickel Refinery covered in dust_ Metal company
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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 (11.6) (14.1) (14.1)
Relative (12.4) (18.8) (34.0)
52 week high/low US$1.9/US$0.9

Financials

Progress to an exploitation licence and commercialisation of The Metals Company’s (TMC’s) deep-sea assets is unchanged. The development of a strategy to leverage the group’s knowledge and capabilities in the deep sea to provide services to third parties offers the potential of a new and earlier revenue stream.

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

Research

Update

Metals & Mining

The Metals Company — Growing up
Nickel Refinery covered in dust_ Metal company

Flash note

Metals & Mining

The Metals Company — Entering a pivotal year

Metals & Mining

Flash note

The Metals Company — Updated strategy offers commercial upside
Nickel Refinery covered in dust_ Metal company

Update

Metals & Mining

The Metals Company — Two steps forward, one step back

Update

Metals & Mining

The Metals Company — All set for a pivotal year

edison tv

Metals & Mining

The Metals Company – executive interview

Flash note

The Metals Company — Positive on-site field trials of mining equipment

Flash note

Metals & Mining

The Metals Company — Two more positive steps

Initiation

Metals & Mining

The Metals Company — Mining battery metals for electric vehicles

Thematics

thematic

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Shades of the 1970s

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Critical minerals: The investment vacuum
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Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed
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