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

$1.85

21 Mar
2025

-0.100

OPEN

$1.92

-5.13%

HIGH

$1.93

64,880,482

LOW

$1.85

TARGET
$2.557 38.2% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
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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 - 0.3 xxx
DPS (cps) xxx N/A 0.2 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 0.1% 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

0.3

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

21/02/2025

1

Buy

$3.00

62.16%

Pilbara Minerals' 1H25 result fell within the pre-reported ranges. In January, P1000 achieved first ore, which should signal the top of the current capex cycle for the large-scale approved development pipeline. 

On Bell Potter's current operational and lithium price outlook, the broker expects the company to return to positive free cash flow in FY26. Pilbara Minerals will continue to assess the Colina (Brazil) development and P2000 (Pilgangoora) expansion through further exploration and project studies.

The company operates a low-cost asset in a tier one jurisdiction, is diversifying through the lithium value chain, and provides a clean exposure to global lithium fundamentals and sentiment, Bell Potter notes, while believing higher prices are required to incentivise new sources of supply.

Buy and $3.00 target retained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.70 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.20 cents.

Morgan Stanley

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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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
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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Goldman Sachs

26/02/2025

3

Neutral

$2.05

10.81%

Goldman Sachs notes Pilbara Mineral 1H25 underlying EBITDA was in line with expectations and FY25 guidance was unchanged.

The broker sees the Colina acquisition as marginally accretive to NAV, and forecasts the Colina development and Pilgangoora expansion to push the company's production to 2.1Mtpa spodumene at a group combined unit cost of US$600/t SC6.

The company expects 2H expenses of -$45-60m related to Colina, consisting of -$15m one-off transaction costs, -$20-25m  exploration/studies, and -$10m on holding costs/overheads.

The analyst cut FY25/26/27 EPS forecasts by -93%/-6%/-2% respectively reflecting the result and including 2H Colina expenses guidance, along with D&A changes. Target price drops marginally to $2.05 from $2.10. Neutral maintained.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.00 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

PLS STOCK CHART

FNArena News on PLS

1
Australian Broker Call *Extra* Edition – Mar 03, 2025

Mar 03 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Feb 26, 2025

Feb 26 2025 - Daily Market Reports
3
FNArena Corporate Results Monitor – 22-02-2025

Feb 22 2025 - Australia
4
Rudi’s View: Best Ideas & Conviction Calls

Feb 20 2025 - Rudi's View
5
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Feb 13 2025 - Rudi's View

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1
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Mar 20 2025 - Commodities
2
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Jan 17 2025 - Commodities
3
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Jan 13 2025 - Commodities
4
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Oct 18 2024 - Weekly Reports
5
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6
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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
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Feb 01 2024 - Australia
10
ESG Focus: The Little Big Things – 31-10-2023

Nov 01 2023 - ESG Focus