B/Potter below after yesterday.
Investment thesis: Buy, TP$18.05/sh (previously $17.51/sh)AKE is a go-to stock for multi-project exposure to lithium markets. AKE will realise significantly higher prices from 2022, driving material operating cash flow growth. Looking ahead, AKE has a portfolio of growth projects to materially lift production over the next three years. Naraha will commence conversion of primary grade lithium carbonate into 10ktpa battery grade lithium hydroxide e by mid-2022. At Olaroz, an additional 25ktpa LCE capacity will be commissioned from 2H 2022, lifting capacity at this asset to over 40ktpa. Construction of Sal de Vida Stage 1 at around 11ktpa LCE has commenced for first production from 2023. In aggregate, we expect AKE’s equity share of production to lift from 33kt LCE in FY21 to over 50ktpa LCE by FY24.
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