Just to add my 2 cents, my view is that once stage 2 nameplate is achieved, PLS has many ways to distribute the cash. A catalyst to increase the share price is dividends.
At $500m EBITA, $350m NPAT, the company doesn't need to pay off all its debt at once. It could pay back some debt, say $100m, keep $50m in the kitty, and offer the remaining $200m as a dividend payment in the same year.
$200m / 1.74b shares on issue = 11.5c dividend per share, fully franked.
At current share price of 77.5c and dividend of 11.5c, that is a yield of 14.9% FF, which is unheard of. Funds, Insto's, SMSF's, yield chasers, etc will buy in droves and bid the share price all the way up to 6% FF. (I chose 6% as banks are that now)
At 6% FF dividend, that would mean our share price would be $1.92
PLS Price at posting:
77.5¢ Sentiment: Buy Disclosure: Held
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