Well, well, well.... this announcement has put paid to Morgan Stanley's flimsy theory that PLS's uncontracted tonnes remains an issue for them!!
Just a few days ago MS put out the following tripe:
"PLS's pursuit of its downstream strategy poses risks, we think the focus should be on long-term offtakes: As PLS pushes on with its strategy to enter conversion via a JV partnership, we see the better strategy being increasing contracted tonnes (~63% uncontracted of total CY25e volumes (Exhibit 1) as opposed to committing capital to the downstream. In our opinion, uncontracted tonnes create pricing and ramp-up risks for the company. For us to be positive on PLS's downstream strategy, (1) location (ex-China), (2) capital intensity, and (3) JV partner quality need to align, which can be a hard mix to achieve."
Morgan Stanley Research. "Spot Sales and Valuation risks remain. Stay UW." March 8, 2024
Based on the announcement from PLS today, MS' assessment hasn't aged well.
Ann: Pilbara Minerals Signs Offtake Agreement with Yahua, page-6
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Last
$2.18 |
Change
0.030(1.40%) |
Mkt cap ! $6.567B | |||
| Open | High | Low | Value | Volume |
| $2.15 | $2.22 | $2.13 | $18.19M | 8.372M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 25000 | $2.17 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.18 | 4000 | 1 |
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| Last trade - 14.10pm 26/12/2024 (20 minute delay) ? |
| PLS (ASX) Chart |
