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: 1.11
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

PLS Group is a global lithium producer with mining, processing and battery-materials interests and strategic partnerships.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.61

02 Nov
2026

-0.030

OPEN

$2.60

-1.14%

HIGH

$2.64

41,248,770

LOW

$2.50

TARGET
$4.407 68.9% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 16.3 23.3 xxx
DPS (cps) xxx 5.0 2.1 xxx
EPS Growth xxx N/A 42.6% xxx
DPS Growth xxx N/A - 57.7% xxx
PE Ratio xxx N/A 11.3 xxx
Dividend Yield xxx N/A 0.8% xxx
Div Pay Ratio(%) xxx 30.6% 9.1% xxx

Dividend yield today if purchased 3 years ago: 1.33%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.90

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: 02/09 - ex-div 5.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic -2.019.079.98.5-6.316.3
DPS All 0.00.025.00.00.05.0
Sales/Revenue 175.8 M1,189.6 M4,064.0 M1,254.1 M768.9 M1,938.6 M
Book Value Per Share 19.843.4113.1107.8109.7126.5
Net Operating Cash Flow 0.1 M634.7 M3,425.8 M-481.0 M110.6 M1,320.1 M
Net Profit Margin -29.26 %47.23 %58.84 %20.48 %-25.46 %27.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed -10.70 %60.21 %102.14 %7.74 %-5.78 %13.82 %
Return on Invested Capital -8.31 %49.81 %90.82 %6.94 %-4.99 %11.27 %
Return on Assets -6.63 %38.37 %66.63 %5.40 %-4.36 %9.62 %
Return on Equity -10.70 %60.21 %102.14 %7.74 %-5.78 %13.82 %
Return on Total Capital -0.87 %66.01 %117.92 %10.34 %-3.65 %17.52 %
Free Cash Flow ex dividends -20.4 M506.4 M2,710.4 M-1,712.1 M-524.2 M990.7 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 202120222023202420252026
Short-Term Debt 13 M56 M124 M136 M39 M153 M
Long Term Debt 154 M236 M348 M420 M644 M1,079 M
Total Debt 167 M292 M472 M556 M682 M1,232 M
Goodwill - Gross ------
Cash & Equivalents - Generic 100 M592 M3,339 M1,626 M980 M2,290 M
Price To Book Value 7.325.284.322.851.223.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex 20.5 M128.3 M385.5 M810.0 M654.3 M344.3 M
Capex % of Sales 11.65 %10.79 %9.49 %64.59 %85.11 %17.76 %
Cost of Goods Sold 163 M396 M799 M776 M840 M1,026 M
Selling, General & Admin. Exp & Other 18 M27 M54 M82 M75 M77 M
Research & Development ------
Investments - Total 0 M80 M217 M128 M80 M125 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

0.8

No. Of Recommendations

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

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

29/10/2026

1

Outperform

$4.50

72.41%

PLS Group's 1Q27 production of 267.6kt beat consensus by 6%, while unit costs were -11% below expectations, Macquarie highlights.

The Ngungaju restart reached full capacity by the end of October. Improved ore quality and sorting are assisting Pilgan production.

The Fortescue ((FMG)) power purchase agreement is viewed positively, reducing P2000's forecast average operating costs by -$15/t–$20/t over ten years, although the agreement requires additional capital expenditure.

Spodumene price forecasts are downgraded by -31%–36% over the four quarters to September 2027, averaging US$1,255/t.

The broker also flags a potential -$88m negative provisional pricing adjustment on September-quarter sales following the recent lithium price decline.

FY27–FY29 EPS forecasts are cut by -29%–69%, reflecting weaker lithium price assumptions. Outperform retained with a lower target of $4.50 from $5.25.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.60 cents.
Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of 7.10 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

02/11/2026

4

Underweight

$2.90

11.11%

Jarden maintains an Underweight rating for PLS Group with its target price reduced to $2.90 from $3.00 following a September quarter update featuring record production of 268kt alongside shipments impacted by port congestion.

Jarden lowers its FY27 SC6 forecast to US$1,750/t from US$2,000/t, which drives a -20% reduction in FY27 EBITDA estimates.

The analyst highlights that while a new 20-year power purchase agreement from FMG cuts unit costs, the stock trades in line with net present value alongside elevated execution risk and minimal free cash flow across FY27-FY29.
Access Extra Coverage Research History >

PLS STOCK CHART

FNArena News on PLS

1
Sold Off PLS Shares Ready To Rally

Nov 03 2026 - Technicals
2
Australian Broker Call *Extra* Edition – Nov 02, 2026

Nov 02 2026 - Daily Market Reports
3
Rudi’s View: High Conviction ASX Opportunities

Oct 29 2026 - Rudi's View
4
Next Week At A Glance – 26-30 Oct 2026

Oct 23 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Oct 23, 2026

Oct 23 2026 - Daily Market Reports

Latest New Battery Elements News

1
Sold Off PLS Shares Ready To Rally

Nov 03 2026 - Technicals
2
Solid Support Underpins Core Lithium’s Rally

Sep 15 2026 - Technicals
3
Material Matters: Deep Dive Into Lithium Pullback

Jul 21 2026 - Commodities
4
Elevra Lithium Building Platform For Growth

Jul 20 2026 - Commodities
5
Lithium Enthusiasts Discover Wildcat Resources

Jun 17 2026 - Commodities
6
Why Is PLS Still Heavily Shorted?

Apr 30 2026 - Commodities
7
Liontown Ramps Up As Lithium Price Recovers

Mar 17 2026 - Commodities
8
Australia’s Renewable Energy Supply Chain: Who’s Really Making Money?

Jan 15 2026 - ESG Focus
9
Are Markets Ready For Today’s Model-T Moment?

Nov 24 2025 - Australia
10
Valuation vs Sentiment For Pilbara Minerals

Oct 28 2025 - Commodities