PLS 2.41% $3.24 pilbara minerals limited

Ann: March 2023 Quarterly Activities Report, page-117

  1. 8 Posts.
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    Current market cap of ~$11.9bn.
    Less cash balance of ~$2.7bn = $9.2bn enterprise value.
    $0.8bn earnings this qtr = $3.2bn pa against an EV of $9.2bn.
    Hypothetically if they paid a special div returning all cash to shareholders, we’d be paid ~$0.90 per share (with a subsequent drop in the share price.)
    Then if they paid 90% of earnings going forward as dividends, it would be a minimum 31% fully franked dividend.

    A good post earlier by GT3loui suggests pricing has bottomed, so $0.8bn/qtr and $3.2bn/pa is likely a floor.
    With growth prospects P680, P1000, Posco, Calix - call me crazy, but I’m glad to not be receiving a 31% div.

    Looking forward to seeing price reflect value soon.
 
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