PILBARA MINERALS LIMITED (PLS)
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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

$2.19

16 Dec
2024

-0.070

OPEN

$2.25

-3.10%

HIGH

$2.26

16,735,621

LOW

$2.18

TARGET
$2.81 28.3% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 8.5 1.3 xxx
DPS (cps) xxx N/A 0.2 xxx
EPS Growth xxx - 89.3% - 84.6% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 166.3 xxx
Dividend Yield xxx N/A 0.1% xxx
Div Pay Ratio(%) xxx N/A 15.2% 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 © 2024 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

0.4

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxx-xxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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UBS

03/12/2024

5

Sell

$2.40

9.59%

UBS raises its 2025 and 2026 spodumene price forecasts by 7% and 17%, respectively, to US$800/t and US$850/t, supporting improved earnings and cash flow projections for lithium stocks under its coverage.

While lithium equities are no longer expensive, the broker observes they have yet to fully reflect potential adjustments to growth plans in the current lower-price environment. Despite these revisions, free cash flow generation after capex remains limited.

For Pilbara Minerals, the price target rises to $2.40 from $2.35 on the higher lithium price forecast and the inclusion of Latin Resources ((LRS)) in forecasts following the takeover.

This summary is based on research released yesterday by UBS.

FORECAST
UBS forecasts a full year FY25 EPS of 3.00 cents.
UBS forecasts a full year FY26 EPS of 3.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$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

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

04/11/2024

1

Buy

$3.90

78.08%

In its September quarter update, Pilbara Minerals reported production of 220kt, with realised spodumene prices falling -19% to US$682/t.

Canaccord Genuity highlights unit costs rose by 3% to $606/t, while cash decreased -17% to $1.35bn.

To preserve its balance sheet, management paused its Calix ((CXL)) joint venture and will place the higher-cost Ngungaju plant into care and maintenance.

Management lowered FY25 production guidance to 700-740kt, with expected cash flow benefits of $200m from these cost-saving measures

No change to Buy rating and $3.90 target price.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 5.00 cents and EPS of 3.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 9.00 cents.

Goldman Sachs

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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PLS STOCK CHART

FNArena News on PLS

1
Weekly Ratings, Targets, Forecast Changes – 13-12-24

Dec 16 2024 - Weekly Reports
2
Material Matters: Base/Bulk Metals & Stock Picks

Dec 10 2024 - Commodities
3
Material Matters: Gold, Silver & Lithium

Nov 27 2024 - Commodities
4
Australian Broker Call *Extra* Edition – Nov 06, 2024

Nov 06 2024 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Nov 04, 2024

Nov 04 2024 - Daily Market Reports

Latest New Battery Elements News

1
In Brief: Lithium, Brazilian Rare Earths & Fineos

Oct 18 2024 - Weekly Reports
2
Patriot Battery Minerals: The Long Game

Jul 22 2024 - Commodities
3
Awaiting The Next Lithium Upswing

Jul 17 2024 - Feature Stories
4
Australian Broker Call *Extra* Edition – Jul 01, 2024

Jul 01 2024 - Daily Market Reports
5
Treasure Chest: A Bottom For Lithium?

Feb 05 2024 - Treasure Chest
6
Tough Times For IGO

Feb 01 2024 - Australia
7
ESG Focus: The Little Big Things – 31-10-2023

Nov 01 2023 - ESG Focus
8
Lithium: Short Term Pain, Long Term Gain?

Oct 13 2023 - Feature Stories
9
ESG Focus: Grid Battery Innovation Barrelling Down

Sep 07 2023 - ESG Focus
10
Allkem: On The Move

Sep 05 2023 - Technicals