Bell Potter's financial model indicates a NPAT of $227mil in...

Bell Potter's financial model indicates a NPAT of $227mil in 2025 based on SC6 price of $1400/ton and lithium hydroxide price of $24,375/ton.

But today's SC6 only fetch circa $1100-1200/ton and lithium hydroxide @ $14k

Even assuming lithium price rises to those levels in 2025, at current price, PLS is trading at a 2025 PE multiple of 49.65x!

So you can see how elevated PLS current price is at, if Piper Sandlers view is that ALB deserves a PE of 14-17x only.

PLS is only down -18% the past year while ALB has been down -43%.