PLS chart, page-8708

It is disingenuous to suggest a P/E of 6 is a fair way to value this company. Mining P/E's may be depressed in the current environment but that's not surprising given the world growth outlook, uncertainty and fears of recession.

BHP has had an average annual P/E of 12.9 for the last 9 years - the P/E has dropped below 10 just three times in that time (including the last 2 years as we have entered a major sharemarket downturn).
We shouldn't be compared to BHP but also take a look at smaller/mid tier miners such as IGO, OZL, MIN etc - average P/Es over the same period in the teens or higher.

The market attributes higher multitudes to growth stocks and isn't static - check out what happened to mining companies during the last commodities boom - they generally weren't single digits! PLS valued on a future a P/E of 15 is neither outrageous or unlikely (even if only for short periods) and if the lithium price holds up for longer than expected, and market exuberance takes over, we may all be surprised at where prices could spike...