Ubs
Pilbara Minerals
Still downside to price
Strong production (again) with FY25 guidance in-line but price outlook weak PLS reported Jun-Q spodumene production of 226kt beating expectations and the topend of FY24 guidance (725kt vs 660-690kt). Sales of 236kt were even stronger with March ships slipping into April. However, a realised price of US$840/t was ~14% below our expectations on sales timing and reflecting the weak market conditions. We have trimmed earnings on slightly higher costs and D&A which sees EPS -10%/-4%/-7% over FY25/26/27E and, after including more development capital, our NPV based price target is down 4% to A$2.50/sh. Unlike PLS, we are concerned about the lack of cost support for prices and retain a Sell rating.
Ubs Pilbara MineralsStill downside to priceStrong production...
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Last
$3.05 |
Change
-0.100(3.17%) |
Mkt cap ! $9.185B | |||
| Open | High | Low | Value | Volume |
| $3.13 | $3.15 | $3.02 | $74.55M | 24.33M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 89482 | $3.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.05 | 37502 | 3 |
View Market Depth
| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| PLS (ASX) Chart |