G'day Glenn - I've done a bit of open source research into the valuation of PLS and came across the attached snippet (you'll need AFR subscription but the snippet says enough: So $79.6 AUD / 4.75 = ~ %1.6 Billion total valuation based on POSCo's acquisition / valuation.
AFR article goes on to say Stage 2 and 3 require ~ $500 million investment, ~$210mill or so for stage 2. What I was getting at last night was based on these numbers (not my creation, based on facts) we only therefore need to sell 30% stake in the business MAX to cover both remaining stages, hence save 19% per the ceiling of minority stake of 49%.
PLS in my opinion should be closer to 80c, hence my personal belief that the current stock valuation presents an opportunity.
I'm looking forward to the POSCO JV and partnership. I suspect there will be parties who may have missed out on the MIN transaction and want a very solid alternative lithium miner, hence keen to hear further on that front too.
GL to all. But as they say, you got to be in it to win it.
(20min delay)