PLS GROUP LIMITED (PLS)
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PLS

PLS - PLS GROUP LIMITED

FNArena Sector : New Battery Elements
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 8.8
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.74

04 Mar
2026

-0.060

OPEN

$4.63

-1.25%

HIGH

$4.84

21,504,220

LOW

$4.61

TARGET
$4.85 2.3% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 6.3 12.8 xxx
DPS (cps) xxx 0.0 1.2 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 37.7 xxx
Dividend Yield xxx N/A 0.2% xxx
Div Pay Ratio(%) xxx N/A 9.4% 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 © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-6.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx768.9 M
Book Value Per Share xxxxxxxxxxxxxxx109.7
Net Operating Cash Flow xxxxxxxxxxxxxxx110.6 M
Net Profit Margin xxxxxxxxxxxxxxx-25.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.78 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.99 %
Return on Assets xxxxxxxxxxxxxxx-4.36 %
Return on Equity xxxxxxxxxxxxxxx-5.78 %
Return on Total Capital xxxxxxxxxxxxxxx-3.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-524.2 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx39 M
Long Term Debt xxxxxxxxxxxxxxx644 M
Total Debt xxxxxxxxxxxxxxx682 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx980 M
Price To Book Value xxxxxxxxxxxxxxx1.22

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx654.3 M
Capex % of Sales xxxxxxxxxxxxxxx85.11 %
Cost of Goods Sold xxxxxxxxxxxxxxx840 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx75 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx80 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

0.4

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

20/02/2026

3

Hold

$4.60

-2.95%

PLS Group announced 1H26 underlying EBITDA of $253m, slightly below Bell Potter's expectations, with NPAT of $33m impacted by non-recurring costs linked to the mid-stream demonstration plant and the P-PLS joint venture.

The broker highlights operating cash flow of $180m, period-end cash of $924m and net cash of $234m, with no dividend declared to preserve balance sheet strength.

The Board has approved the restart of the circa 200ktpa Ngungaju plant from July 2026 following a two-year offtake agreement with Canmax, while FY26 operating costs are now expected toward the upper end of guidance.

 Progress on P2000 and Colina feasibility studies and the restructuring of the mid-stream arrangement with Calix are all in place, commentary notes.

Bell Potter retains Hold and keeps its target price at $4.60, while EPS estimates are cut by -10% in FY26 and -2% in FY27.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 2.00 cents and EPS of 11.90 cents.
Bell Potter forecasts a full year FY27 dividend of 5.00 cents and EPS of 19.00 cents.

Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$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

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

25/02/2026

1

Buy

$5.20

9.70%

Canaccord Genuity retains a Buy rating on PLS Group and lowers its price target by -2% to $5.20 following 1H FY26 earnings (EBITDA) of $253m, in line with the consensus forecast. 

Profit of $33m missed the analysts' expectation, though it's felt the result marked a significant turnaround year-on-year. The analysts explain earnings rose by 241%, while free cash flow (FCF) of $18m compares to -$402m in the prior year.

Net cash eased to $494m from $514m at the FY25 result.

A final investment decision (FID) has been taken to restart the Ngungaju plant, targeting 200ktpa from July 2026.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 23.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 2.00 cents and EPS of 66.00 cents.
Access Extra Coverage Research History >

PLS STOCK CHART

FNArena News on PLS

1
Australian Broker Call *Extra* Edition – Mar 03, 2026

Mar 03 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Feb 25, 2026

Feb 25 2026 - Daily Market Reports
3
FNArena Corporate Results Monitor – 20-02-2026

Feb 20 2026 - Australia
4
Australian Broker Call *Extra* Edition – Feb 17, 2026

Feb 17 2026 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 13-02-26

Feb 16 2026 - Weekly Reports

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