That story on UBS does not forecast any estimate on PLS share...

That story on UBS does not forecast any estimate on PLS share prices Invest41 — just projections on earnings and potential dividend streams.
On the dividends; Morgan Stanley had a story published in the AFR back in April calling much the same story
Again from Fool which picked up the story on April 5, 2024 : https://www. fool .com.au/2024/04/05/when-will-pilbara-minerals-resume-paying-dividends/

“Morgan Stanley estimates….

….. that investors will have to wait until at least 2026 for another dividend.
It is predicting the dividend rivers to remain dry over 2024 and 2025, despite the company's dividend policy of paying out 20-30% of its free cash flow.

This prediction is based upon Pilbara's ongoing and expensive capital expenditure plans, which Morgan Stanley believes Pilbara will prioritise over dividends amid falling lithium revenues.”​

I think it’s a bit naive to think that multiple, brokers and - especially - companies and their bankers are not taking a long view - out to 2027 and beyond.

Of course times may change and there may be unexpected events …. It’s up to individual investors, brokers, the companies and of course the banks to form their own opinions on risk, gains etc etc

cheers