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Lithium Americas (Argentina) Corp LAAC

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Stock XTSE Rating as of
CAD 6.88 +0.22 (3.30%)
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Company Report

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Lithium Argentina Earnings: Cauchari-Olaroz Production Ramp-Up Remains in Line With Our Forecast

Seth Goldstein, Samuel Siampaus

Our key takeaway from Lithium Argentina's first-quarter earnings was that the company's first project, Cauchari-Olaroz, continues to ramp up as planned. The project produced 4,500 metric tons of lithium carbonate during the first quarter, which is an annual run-rate of 18,000 metric tons, or 45% of the 40,000 total annual capacity. Management reiterated its production guidance for the project to produce 20,000 to 25,000 metric tons of lithium carbonate in 2024, which we think is achievable.

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Price vs Fair Value

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LAAC is trading at a 354% premium.
Price
CAD 6.88
Fair Value
CAD 44.00
Uncertainty
Very High
1-Star Price
CAD 35.80
5-Star Price
CAD 77.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Lithium Argentina will become a low-cost lithium producer generating profitability regardless of lithium prices.

Bears

Lithium prices will fall as new supply comes online faster than demand, which will weigh on profitability. Lithium Argentina’s investment in its two projects will prove value-destructive in the wake of lower prices.

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Trading Information

Previous Close Price
CAD 6.66
Day Range
CAD 6.58–6.90
52-Week Range
CAD 5.18–10.60
Bid/Ask
CAD 6.81 / CAD 6.89
Market Cap
CAD 1.11 Bil
Volume/Avg
161,904 / 268,022

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
—
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Lithium Argentina is a pure-play lithium producer. The company owns two neighboring lithium brine resources in northwest Argentina: Cauchari-Olaroz and Pastos Grandes. Cauchari-Olaroz entered production in 2023, while Pastos Grandes is still in development. Lithium Argentina plans for both resources to be fully integrated with onside downstream processing capabilities and will sell into the lithium chemical market.
Sector
Basic Materials
Industry
Other Industrial Metals & Mining
Stock Style Box
Small Value
Total Number of Employees
850
Website
https://www.lithium-argentina.com

Competitors

Valuation

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Metric
LAAC
ALTM
ALB
Price/Earnings (Normalized)
 —5.9810.77
Price/Book Value
 1.001.201.66
Price/Sales
 —2.651.84
Price/Cash Flow
 0.675.6810.25
Price/Earnings
LAAC
ALTM
ALB

Financial Strength

Metric
LAAC
ALTM
ALB
Quick Ratio
 0.461.901.64
Current Ratio
 0.463.462.84
Interest Coverage
 0.11—−7.94
Quick Ratio
LAAC
ALTM
ALB

Profitability

Metric
LAAC
ALTM
ALB
Return on Assets (Normalized)
 −0.26%18.77%7.72%
Return on Equity (Normalized)
 −0.33%26.41%15.06%
Return on Invested Capital (Normalized)
 −1.86%22.73%10.72%
Return on Assets
LAAC
ALTM
ALB
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