While Citi has reduced its FY 2022 earnings estimate to reflect the company’s recent update, it has given its FY 2023 and FY 2024 estimates a major boost to reflect higher spodumene price assumptions.
"We update our model for the JunQ result and Citi’s higher spodumene deck. JunQ nos were pre-released –see: Cash flows in JunQ. Capex for expansion gets front-end loaded — with new info definitive cash costs of US$462/t CIF ex royalties. FY23 guidance to come with the financial result in August. Key interest at the result will be on capital management; PLS ended JunQ with A$874.2m including letters of credit.Our EBITDA reduces by 9% in FY22e to A$840m after updating for the result. However, EBITDA lifts materially in FY23e and FY24e given higher spodumene prices. NAV lifts ~16% to A$2.70/sh and our TP lifts 40cps toA$3.60/sh. We stay Buy rated here with expectations of +15% FCF in FY23e."
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$2.99 |
Change
0.010(0.34%) |
Mkt cap ! $9.000B |
Open | High | Low | Value | Volume |
$2.93 | $3.01 | $2.89 | $104.7M | 35.12M |
Buyers (Bids)
No. | Vol. | Price($) |
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3 | 11874 | $2.98 |
Sellers (Offers)
Price($) | Vol. | No. |
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$2.99 | 65336 | 3 |
View Market Depth
No. | Vol. | Price($) |
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2 | 5944 | 2.980 |
4 | 23697 | 2.970 |
4 | 2326 | 2.960 |
4 | 16176 | 2.950 |
4 | 26405 | 2.940 |
Price($) | Vol. | No. |
---|---|---|
3.000 | 33244 | 8 |
3.010 | 24535 | 9 |
3.020 | 32584 | 9 |
3.030 | 72673 | 8 |
3.040 | 80177 | 10 |
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