LYNAS RARE EARTHS LIMITED (LYC)
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LYC

LYC - LYNAS RARE EARTHS LIMITED

FNArena Sector : Rare Earth Minerals
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.44
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Lynas is the world's largest independent rare-earths mining company with operations in Western Australia and Malaysia. Founded as a gold company in 1983, it listed in 1986. It sold off its gold division in 2001.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.36

13 May
2025

-0.290

OPEN

$7.43

-3.79%

HIGH

$7.48

5,703,161

LOW

$7.22

TARGET
$7.658 4.1% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ARU . ASM . BRE . HAS . LIN . NTU . PEK . SVM . VHM . VML .
FNARENA'S MARKET CONSENSUS FORECASTS
LYC: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 9.0 4.8 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx - 73.5% - 47.1% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 156.2 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic 11.9-2.818.160.034.19.0
DPS All 0.00.00.00.00.00.0
Sales/Revenue 363.5 M305.1 M489.0 M920.0 M739.3 M463.3 M
Book Value Per Share 78.673.1120.2182.4231.7239.9
Net Operating Cash Flow 96.3 M27.9 M211.1 M457.5 M411.9 M68.7 M
Net Profit Margin 22.01 %-6.36 %32.12 %58.78 %42.02 %18.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed 16.56 %-3.69 %19.61 %39.63 %16.31 %3.84 %
Return on Invested Capital 11.81 %-2.81 %16.36 %35.48 %14.97 %3.57 %
Return on Assets 9.74 %-2.14 %13.02 %30.56 %13.22 %3.11 %
Return on Equity 16.56 %-3.69 %19.61 %39.63 %16.31 %3.84 %
Return on Total Capital 8.08 %-1.85 %15.71 %33.93 %13.36 %2.63 %
Free Cash Flow ex dividends 64.0 M15.8 M170.7 M271.2 M-183.6 M-510.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt 29 M35 M21 M23 M15 M33 M
Long Term Debt 164 M167 M152 M167 M176 M150 M
Total Debt 193 M202 M173 M190 M190 M184 M
Goodwill - Gross ------
Cash & Equivalents - Generic 90 M102 M681 M966 M1,011 M524 M
Price To Book Value 3.222.614.754.792.962.47

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex 32.3 M12.1 M40.4 M186.3 M595.5 M579.3 M
Capex % of Sales 8.88 %3.96 %8.27 %20.25 %80.55 %125.05 %
Cost of Goods Sold 279 M275 M310 M356 M414 M345 M
Selling, General & Admin. Exp & Other 29 M44 M24 M39 M46 M55 M
Research & Development ------
Investments - Total 0 M0 M0 M0 M0 M0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.3

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Ord Minnett

29/04/2025

3

Hold

$8.70

18.21%

Lynas Rare Earths missed consensus March quarter production expectations, although the market focus remained focused on upside from China’s REO ban, explains Ord Minnett, leading to a muted sharemarket reaction.

Management confirmed its intention to restrict production volumes to support higher pricing as ex-China demand rises, while construction commencement for the Seadrift facility has been delayed by six months.

The broker raises its target price to $8.70 from $7.80 based on maintaining a 12x times forward EV/EBITDA multiple and stronger Australian dollar REO pricing. Hold.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.60 cents.
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.90 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Goldman Sachs

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

30/04/2025

1

Buy

$8.80

19.57%

Canaccord Genuity observes Lynas Rare Earths' March quarter production was slightly below expectations, with NdPr output of 1.5kt versus 1.6kt forecast, and total rare earth oxide sales volumes of 2.4kt below the 3kt estimate.

The analyst points to continued market-driven production management, kiln maintenance in Malaysia, and lower realised prices, though this was partially offset by lower production costs.

The outlook remains challenged by Chinese export controls, which affect global supply chains and raise uncertainty over the production ramp-up, though the start of dysprosium and terbium separation in Malaysia is well timed.

The broker lowers near-term earnings forecasts but longer-term estimates improved on reduced cost assumptions.

Buy rating retained with target price raised to $8.80 from $8.20.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.00 cents.
Access Extra Coverage Research History >

LYC STOCK CHART

FNArena News on LYC

1
April In Review: ASX Becomes Tariff Safe Haven

May 06 2025 - Australia
2
Australian Broker Call *Extra* Edition – Apr 30, 2025

Apr 30 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Apr 14, 2025

Apr 14 2025 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 11-04-25

Apr 14 2025 - Weekly Reports
5
Rudi’s View: Share Market Scenarios & Dilemmas

Apr 09 2025 - Rudi's View

Latest Rare Earth Minerals News

1
Lynas Rare Earths: High Chance Of Upside

May 23 2023 - Technicals
2
Rare Earth Elements: A Critical Challenge

May 03 2023 - Commodities
3
Security Blanket For Lynas

Nov 02 2022 - Australia
4
Consolidation Over For Lynas Rare Earths

Nov 16 2021 - Technicals
5
RESEARCH: Greenland Minerals, Major Capital Cost Reductions

Aug 05 2019 - FYI
6
Trade War Will Hasten Bull Market For Rare Earths

May 27 2019 - Commodities
7
CORRECTION: Trade Impasse Threatens US Lithium, Rare Earth Imports

May 24 2019 - Commodities
8
RESEARCH: Greenland Minerals Lowering Costs At Kvanefjeld

Feb 05 2019 - FYI
9
RESEARCH Greenland Minerals: A Rare Opportunity In Rare Earths

Sep 20 2018 - FYI
10
Rudi’s View: Lynas, Noni B And Citadel Group

Sep 13 2018 - Rudi's View