Analysts lifted target for Thungela stock from ZAR 110.91 to ZAR 120.51

Published on 10/13/2026 at 06:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted EBITDA rose 91 percent to ZAR 1.3 billion in first half 2026. For Thungela stock this means a ZAR 5.50 interim dividend.

Key points in brief

AnalystConsensusTarget lifted Thungela's fair value from ZAR 110.91 to ZAR 120.51 on October 9, 2026.
First-half adjusted EBITDA rose 91 percent to ZAR 1.3 billion, while revenue reached ZAR 15.2 billion.
Thungela reported ZAR 6.1 billion in net cash and a ZAR 5.50 interim dividend for the first half of 2026.
The next reported results date is March 22, 2027.

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AnalystConsensusTarget lifted its fair value estimate for Thungela from ZAR 110.91 to ZAR 120.51 on October 9, 2026. According to Simply Wall St, the revision reflected updated revenue, margin and future valuation assumptions.

First-half earnings reset the picture

Thungela's first-half 2026 adjusted EBITDA rose 91 percent to ZAR 1.3 billion, while net profit reached ZAR 1.4 billion. The company reported revenue of ZAR 15.2 billion for the period, despite the closure of Goedehoop and Isibonelo at the end of 2025, according to Yahoo Finance.

Operating free cash flow increased to ZAR 1.9 billion from ZAR 484 million in the first half of 2025. Headline earnings per share reached ZAR 4.80 after excluding the ZAR 1 billion non-cash profit from the disposal of the Kleinkopje mining right, giving investors a clearer view of recurring operating performance.

What does the cash result mean?

The balance sheet held ZAR 6.1 billion in net cash at the end of June 2026, and the board declared a ZAR 5.50 interim dividend per share. The same earnings-call transcript said the distribution totaled ZAR 773 million, equal to 41 percent of adjusted operating free cash flow.

Three dated signals for Thungela

On August 17, 2026, the company presented first-half results showing export sellable production up 6 percent to 8.5 million tons, according to Yahoo Finance. On October 5, 2026, Thungela disclosed 13,255,858 treasury shares and 129,050,178 voting shares through Sharenet. On October 9, 2026, the fair value estimate rose from ZAR 110.91 to ZAR 120.51, the latest dated valuation signal.

Next reporting date

TradingView lists March 22, 2027 as Thungela's next earnings date. The date gives the market a defined checkpoint for testing whether stronger production and cash generation continue beyond the first-half 2026 figures.

Cash remains the central market question

Thungela's first-half figures combine higher coal-linked earnings with a substantial cash return, while the ZAR 110.91 to ZAR 120.51 fair value revision points to a more constructive valuation framework. The key operating counterweight is execution: the company said Zibulo was transitioning toward its North Shaft and maintained full-year export saleable production guidance of 13.0 million to 13.6 million tons.

The further course of trading is shown by the continuously updated real-time quote of Thungela stock.