PLS reported good production volume and lower production costs...

PLS reported good production volume and lower production costs but price received for Spod averaged just US$840/t last quarter, even lower than spot price.

I compared PLS FY24 revenues of A$1.254B to Bell Potters A$1.22B which was more or less aligned. Production volume was the difference as PLS production volume came in 725k vs 662k as per Bell Potter.

For FY25, PLS gave a guidance of 800k+ production, Bell Potter used 800k.

Bell Potter used US$1200/t Spod price for FY25 which is significantly higher than where we're at now.

Based on $1200/t price and 800k production, Bell Potter has FY annual revenues at A$1.1B and NPAT at $193mil.

Even assuming a $1200 Spod price for FY25, PLS is currently trading at PE multiple of 46.77x at stock price of $3.

Therefore, PLS is trading still at a large premium.