PILBARA MINERALS LIMITED (PLS)
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PLS

PLS - PILBARA MINERALS LIMITED

FNArena Sector : New Battery Elements
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.01
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.545

12 May
2025

0.075

OPEN

$1.48

5.10%

HIGH

$1.55

33,208,193

LOW

$1.47

TARGET
$1.893 22.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A11 . A4N . AGY . ASN . AZL . BKT . BSX . CXO . DLI . EMN . GL1 . GLN . GT1 . INR . JRV . LEL . LKE . LLL . LPD . LTR . MNS . NMT . NVX . PLL . PSC . RNU . SRL . SYA . SYR . TLG . VR8 . VUL . WC8 . WIN . WR1 .
FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 8.5 - 0.3 xxx
DPS (cps) xxx N/A 0.0 xxx
EPS Growth xxx - 89.3% N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A 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

Last ex-div: 05/09 - ex-div 14c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx8.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,254.1 M
Book Value Per Share xxxxxxxxxxxxxxx107.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-481.0 M
Net Profit Margin xxxxxxxxxxxxxxx20.48 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.74 %
Return on Invested Capital xxxxxxxxxxxxxxx6.94 %
Return on Assets xxxxxxxxxxxxxxx5.40 %
Return on Equity xxxxxxxxxxxxxxx7.74 %
Return on Total Capital xxxxxxxxxxxxxxx10.34 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-1,712.1 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 xxxxxxxxxxxxxxx136 M
Long Term Debt xxxxxxxxxxxxxxx420 M
Total Debt xxxxxxxxxxxxxxx556 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,626 M
Price To Book Value xxxxxxxxxxxxxxx2.85

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx810.0 M
Capex % of Sales xxxxxxxxxxxxxxx64.59 %
Cost of Goods Sold xxxxxxxxxxxxxxx776 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx82 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx128 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

0.7

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

22/04/2025

1

Outperform

$2.40

55.34%

According to Macquarie, Pilbara Minerals reported 3Q25 production and sales of 125kt each, which were below consensus expectations by -12% on both counts. Production fell on the previous quarter by -34% due to Ngungaju transitioning to care and maintenance.

Over the period, the company completed the acquisition of Latin Resources and has started a specific exploration program, including the target to infill the existing resource, expand it, and test new targets, the broker explains.

Outperform rating is retained due to potential for capital management and possible cost-outs. Target price $2.40. FY25 EPS forecast by the broker is lowered by -7%.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.30 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.00 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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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Jarden

30/04/2025

1

Buy

$2.40

55.34%

Pilbara Minerals remains a high-conviction preference for Jarden in the Lithium sector, suggesting the balance sheet is a 'fortress' given the cash balance has not dipped below $1bn since the September quarter 2023.

Since that time, there has been a prolonged period of depressed lithium prices coinciding with elevated investment in growth, highlights the broker.

As per the March quarter activities report, the company generated $39m of cash (pre-capex) or $12m (post sustaining capex).

The target slips to $2.40 from $2.50. Buy.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -2.80 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.80 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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PLS STOCK CHART

FNArena News on PLS

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
Rudi’s View: Awaiting The Real World Ramifications

Apr 30 2025 - Rudi's View
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 24-04-25

Apr 24 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Apr 22, 2025

Apr 23 2025 - Daily Market Reports

Latest New Battery Elements News

1
Liontown Resources: Going Underground

Mar 20 2025 - Commodities
2
Material Matters: Lithium’s Debate Continues

Jan 17 2025 - Commodities
3
The Lithium Transition – A Recap Of 2024 & Thoughts On 2025

Jan 13 2025 - Commodities
4
In Brief: Lithium, Brazilian Rare Earths & Fineos

Oct 18 2024 - Weekly Reports
5
Patriot Battery Minerals: The Long Game

Jul 22 2024 - Commodities
6
Awaiting The Next Lithium Upswing

Jul 17 2024 - Feature Stories
7
Australian Broker Call *Extra* Edition – Jul 01, 2024

Jul 01 2024 - Daily Market Reports
8
Treasure Chest: A Bottom For Lithium?

Feb 05 2024 - Treasure Chest
9
Tough Times For IGO

Feb 01 2024 - Australia
10
ESG Focus: The Little Big Things – 31-10-2023

Nov 01 2023 - ESG Focus