I agree with asb83 as to their calculation of future earnings...

I agree with asb83 as to their calculation of future earnings for FY23, although I think production could be closer to 580kt. However, share prices of growing companies such as PLS can at times be inflated by optimistic long-term prospects, so I am of the opinion that the future P/E for FY23 could justifiably be at least 8x at the present time. When we get a bull market roaring again, who knows how high the P/E could go.

Have a read of this on the Simply Wall St website:
https://**.st/markets/au/materials/metals-mining
"Current Industry PEInvestors are pessimistic on the Australian Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have been historically.The industry is trading at a PE ratio of 8.4x (as at14 October 2022) which is lower than its 3-year average PE of 14.2x."
(Note: expand the time frame on the graph and read that the 10- year average P/E is 19.5x.)

For PLS Stock Overview.)
Go to https://**.st/stocks/au/materials/asx-pls/pilbara-minerals-shares where you will find
(PLS) "Trading at 42.2% below our estimate of its fair value."

Cantankerous James