EV/Lithium, page-1078

...Whoa, Spod price continues to make lower lows- you don't think we can go below $700?

#Lithium Minerals Update

Carbonate 99.5% GFEX Futures 75.2k RMB/t -4.7%SMM Spot 74.65k RMB/t +0.1%
Hydroxide 56.5% SMM Spot 71.65k RMB/t -0.3%
Spodumene SMM Conc. Index $748/t -2.9% Platts 6% $720/t 0%


Bell Potter has not updated their SC6 price of $1200/MT in its financial model, but even at $1200, PLS profit is projected to fall to $123m in FY25 from $318m.

...and still trading at $8.5B valuation gives a 2025 PE multiple of 69x, and that's even assuming SC price gets back to $1200!

...at $800/MT, PLS would be operating at a loss!

	Column 1	Column 2
0	BELL POTTER	Updated Aug2024
1	PLS	2025-@$1200
2	SPOD PRICE ASSUMPTION	$    1,200
3	LITHIUM HYDROXIDE	$ 20,000
4	AUD REVENUE (MIL)	$ 1,078.00
5	OPERATING EXPENSES	$    (771.00)
6	DEPN & AMORTISATION	$    (157.00)
7	NET INTEREST EXP	$    27.00
8	NPBT (MIL)	$ 177.00
9	NPAT (MIL)	$    123
10
11
12	NO OF SHARES (MIL_	3,009
13	PRICE	$    2.840
14	MARKET CAP (MIL)	$    8,546
15	PE MULTIPLE	69.48