BUZZ-Pilbara Minerals likely M&A target as interest for lithium assets rise - Canaccord - Reuters News
31-Mar-2023 10:27:37 AM
** Australia's Pilbara Minerals Ltd PLS.AX presents an appealing M&A target, given the recent corporate interest in the lithium sector, analysts at Canaccord Genuity say
** The lithium miner said on Wednesday it has approved A$560 mln ($375.87 mln) capital investment at flagship Pilgangoora project in Western Australia
** Canaccord raises company's FY24 and FY25 EBITDA forecasts by 5% and 12%, respectively, on higher output expectations; maintains "buy" rating and A$5.10/share PT
** Brokerage sees healthy cash flow from PLS in 2023, with company ending year with A$2,859 mln in net cash after paying A$149 mln in dividends during full-year results
** Pilbara will send 7 ships in the ongoing quarter from Port Hedland compared with 5 in the December 2022 quarter - brokerage
** Estimates company to have shipped 140-190 kt (148.6 kt in December quarter) of lithium this quarter at achieved price of $5,000/tonne
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