PLS GROUP LIMITED (PLS)
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PLS

PLS - PLS GROUP LIMITED

FNArena Sector : New Battery Elements
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 8.8
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.41

03 Feb
2026

0.020

OPEN

$4.43

0.46%

HIGH

$4.50

31,225,605

LOW

$4.33

TARGET
$4.814 9.2% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 6.3 10.7 xxx
DPS (cps) xxx 0.0 0.8 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 40.4 xxx
Dividend Yield xxx N/A 0.2% xxx
Div Pay Ratio(%) xxx N/A 7.5% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 05/09 - ex-div 14c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-6.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx768.9 M
Book Value Per Share xxxxxxxxxxxxxxx109.7
Net Operating Cash Flow xxxxxxxxxxxxxxx110.6 M
Net Profit Margin xxxxxxxxxxxxxxx-25.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.78 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.99 %
Return on Assets xxxxxxxxxxxxxxx-4.36 %
Return on Equity xxxxxxxxxxxxxxx-5.78 %
Return on Total Capital xxxxxxxxxxxxxxx-3.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-524.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx39 M
Long Term Debt xxxxxxxxxxxxxxx644 M
Total Debt xxxxxxxxxxxxxxx682 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx980 M
Price To Book Value xxxxxxxxxxxxxxx1.22

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx654.3 M
Capex % of Sales xxxxxxxxxxxxxxx85.11 %
Cost of Goods Sold xxxxxxxxxxxxxxx840 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx75 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx80 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

02/02/2026

1

Overweight

$5.25

19.05%

PLS Group retained FY26 guidance, including the restart of Nhungaju remaining under consideration, with a decision expected in the March quarter according to Morgan Stanley.

Production for 2Q26 came in at 208kt, some -2.2% below the analyst's forecast and -2.5% lower than consensus, with recovery around 76% despite constrained ore.

Ore mined was higher than forecast by 26.2% and 18.6% above consensus on more elevated mining rates and fleet, while processed ore missed on waste stripping and wear on the crusher, the analyst explains. Shipments were better than expected, as was average realised price.

Costs were higher and cash rose to $954m, with around $1.6bn in liquidity.

Target $5.25. Overweight. Industry View: Attractive. Morgan Stanley prefers PLS to IGO ((IGO)) which remains Underweight rated.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 13.00 cents.
Morgan Stanley forecasts a full year FY27 EPS of 14.00 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

15/01/2026

1

Buy

$5.40

22.45%

Canaccord Genuity has upgraded its lithium price forecasts, noting recent price increases on strong EV and storage demand and ongoing supply disruptions. Price forecasts for spodumene and chemicals are lifted by an average of 61% and 29% for 2026 and 2027, respectively.

The broker expects PLS Group to report flat production of 224kt in the December quarter, stable cash costs at US$429/t, SC6 pricing of US$1,046/t, and a cash balance steady at $888m.

Sharp increases made to EBITDA forecasts for FY26-28. Target rises to $5.40 on higher lithium price forecasts and a lift in EBITDA multiple to 7.5x from 7x.

Buy maintained.
Access Extra Coverage Research History >

PLS STOCK CHART

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