Financial Review today:
Macquarie says buy Pilbara Minerals, Mineral ResourcesTom RichardsonShare postBroker Macquarie has stuck to overweight ratings on Pilbara Minerals and Mineral Resources in the lithium production space and still rates Patriot Battery Metals, Global Lithium Resources, and Liontown Resources as buys among the speculative explorers.“Australian-based producers are generating solid cash flow despite the recent correction of lithium prices. On our forecast, PLS5 [Pilbara Minerals] is trading on a free cash flow yield of 24 per cent for FY24, followed by IGO and AKE [Allkem] at 17 per cent and 14 per cent, respectively. MIN’s [Mineral Resources] FY24 FCF yield is also solid at 12 per cent given the company is in a capex phase,” the broker said.
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