ELEVRA LITHIUM LIMITED (ELV)
Share Price Analysis and Chart

27/04/2026

1

Outperform

$11.60

-7.64%

Elevra Lithium's 3QFY26 operational result exceeded Macquarie's expectations, with production, sales and costs all outperforming consensus.

The broker highlights limited diesel exposure and access to renewable hydropower as key cost advantages relative to peers.

While realised prices disappointed due to legacy contracts and the broker's near-term earnings forecast was downgraded, a stronger performance is expected beyond FY26 as legacy contracts roll off.

Macquarie raises its target by 13% to $11.60 and maintains an Outperform rating, citing operating leverage to a recovering lithium market.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.30 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 45.70 cents.

29/04/2026

1

Buy

$16.50

31.37%

Canaccord Genuity expects persistent lithium market deficits to 2035, supported by stronger battery energy storage system (BESS) demand, supply disruptions and an oil-price shock accelerating electric vehicle (EV) adoption.

BESS growth underpins the analysts' positive long-term demand outlook.

The broker cuts its 2026-2028 EV sales forecasts by -4%, but lifts longer-term forecasts by 5%. New long-term lithium price forecasts rise by up to 20%, reflecting higher incentive pricing required amid rising capital intensity.

Near-term lithium price forecasts are tempered, due to expected supply responses into 2027, the broker explains.

On average, Canaccord lifts its producer/developer targets by 15% and 8%, respectively.

The target for producer Elevra Lithium rises by $2.00 to $16.50. Buy rating retained.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.