VULCAN ENERGY RESOURCES LIMITED (VUL)
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VUL

VUL - VULCAN ENERGY RESOURCES LIMITED

FNArena Sector : New Battery Elements
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: -0.1
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$5.85

02 Oct
2025

0.280

OPEN

$5.57

5.03%

HIGH

$5.95

1,287,601

LOW

$5.57

TARGET
$6.25 6.8% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
VUL: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) N/A xxx
DPS (cps) N/A xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in EUR.
All estimates have been converted into AUD by FNArena at present FX values.

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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-38.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx13.3 M
Book Value Per Share xxxxxxxxxxxxxxx274.1
Net Operating Cash Flow xxxxxxxxxxxxxxx-58.9 M
Net Profit Margin xxxxxxxxxxxxxxx-521.71 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-13.59 %
Return on Invested Capital xxxxxxxxxxxxxxx-13.45 %
Return on Assets xxxxxxxxxxxxxxx-12.43 %
Return on Equity xxxxxxxxxxxxxxx-13.59 %
Return on Total Capital xxxxxxxxxxxxxxx-14.90 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-154.5 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx1 M
Long Term Debt xxxxxxxxxxxxxxx5 M
Total Debt xxxxxxxxxxxxxxx6 M
Goodwill - Gross xxxxxxxxxxxxxxx2 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx162 M
Price To Book Value xxxxxxxxxxxxxxx1.95

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx115.3 M
Capex % of Sales xxxxxxxxxxxxxxx866.04 %
Cost of Goods Sold xxxxxxxxxxxxxxx59 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx31 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2 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

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

24/09/2025

1

Speculative Buy

$6.25

6.84%

Bell Potter attended a popular site visit to Vulcan Energy Resources' Phase 1 Lionheart lithium project in Germany's Upper Rhine Valley last week. The analysts noted the high quality of the executive team and senior management, and the technical de-risking of the project.

First production is underway, both on time and on budget. Brine from Vulcan's wells is being taken and producing lithium chloride solutions as planned.

The company is completing debt funding for the Phase 1 project with conditional commitments of EUR1.4bn from seven commercial banks and the European Investment Bank, as well as EUR100m in grant funding.

Bell Potter expects a project manager partner will help with the EUR2.2bn funding, including the -EUR1.4bn in capex.

Target lifts to $6.25 from $6.10. No change to Speculative Buy rating.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 170.90 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -28.50 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

Canaccord Genuity

25/09/2025

1

Speculative Buy

$9.75

66.67%

A site visit by the analysts at Canaccord Genuity to  Vulcan Energy Resources' Lionheart Lithium Project in Germany confirmed drilling progress. The first well was completed -18% under budget and 40% ahead of schedule.

Vulcan’s in-house drilling division is delivering strong results, according to the broker, with an innovative skid system reducing downtime between wells.

Upstream work continues with the acquisition of the Landau site for a combined geothermal and lithium extraction plant, subject to financing, notes Canaccord.

Management discussed a -EUR2.2bn funding plan to achieve FID, including EUR0.9bn in debt, up to EUR0.5bn from the European Investment Bank (EIB), along with EUR205m in grants and equity. The broker views government support as a key positive.

The Speculative Buy and $9.75 target are maintained for Vulcan Energy Resources. 

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -18.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -10.00 cents.
Access Extra Coverage Research History >

VUL STOCK CHART

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