Ubs
RESULT HIGHLIGHTS
1. Updated capital management policy to include target leverage ratio <1.5x (net senior debt/EBITDA) through cycle. Dividend payout 20-30% of FCF subject to market conditions and board discretion.
2. Proposed new A$1bn debt facility for refinancing existing debt and to add flexibility and liquidity. Closing cash A$1.6bn.
3. PLS reiterate flexibility in staging growth (P2000 and Latin Resources) when market conditions are supportive.
4. Cost and capital investment review continue with focus on unit costs and capex during P1000 ramp up.
5. No new news on Latin Resources acquisition.
GUIDANCE No changes. FY25 guidance pre-released at Q4-FY24 production update. 800-840kt spodumene production (UBSe 868kt and consensus 830kt), A$650-700/t FOB opex (UBSe A$658/t and consensus A$660/t) and A$615-685m total capex (UBSe A$678m and consensus A$664m).
Valuation
Unchanged $2.30/sh
Ann: FY24 Full Year Results, page-54
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Last
$2.95 |
Change
0.060(2.08%) |
Mkt cap ! $8.883B | |||
| Open | High | Low | Value | Volume |
| $2.91 | $2.95 | $2.80 | $37.16M | 12.90M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 145182 | $2.93 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.95 | 119681 | 14 |
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| Last trade - 16.10pm 04/11/2024 (20 minute delay) ? |
| PLS (ASX) Chart |