The efficient-market hypothesis does not seem to be working on the JSE with regard to Tharisa. This low-cost producer of palladium, platinum and chrome earned 69.4c per share in 2016 and the forecast for 2017 is 430c. The prices of the relevant commodities are buoyant, especially palladium, which recently broke through $1,000 an ounce and is now comfortably outpacing platinum. The other variable is the rand, which must surely have more downside risk than upside potential. Yet the share price languishes at 1890c, against a consensus forecast of 2710c. Also, the CEO recently mentioned the possibility of a generous dividend in 2017 after announcing impressive production throughput, about 6% higher than the previous year. David RosenbergMuizenberg
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