PLS' fiscal 2026 underlying EBITDA of AUD 1.1 billion is more than nine times higher than the prior year, on considerably stronger lithium prices and sales volumes along with lower unit costs at its Pilgangoora plant. Shares rose 7% on Aug. 24 as its improved earnings saw it reinstate dividends.
As a low-cost spodumene operator, Pilgangoora should earn returns above WACC in most lithium price environments.
Lithium prices may not recover to our midcycle assumption if electric vehicle demand grows more slowly than expected.
|
Metric
|
PLS
|
ALB
|
IGO
|
|---|---|---|---|
Price/Earnings (Normalized) | 20.30 | 17.57 | 54.35 |
Price/Book Value | 2.89 | 1.54 | 2.15 |
Price/Sales | 7.72 | 2.26 | 10.79 |
Price/Cash Flow | 9.01 | 10.10 | 36.58 |
|
Metric
|
PLS
|
ALB
|
IGO
|
|---|---|---|---|
Quick Ratio | 3.01 | 1.25 | 4.77 |
Current Ratio | 3.25 | 2.09 | 5.46 |
Interest Coverage | 7.99 | 1.99 | 15.96 |
|
Metric
|
PLS
|
ALB
|
IGO
|
|---|---|---|---|
Return on Assets (Normalized) | 10.38% | 5.06% | 4.61% |
Return on Equity (Normalized) | 14.50% | 10.70% | 5.12% |
Return on Invested Capital (Normalized) | 12.01% | 7.34% | 4.89% |
|
1-Day Chart
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