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

$3.89

03 Feb
2026

-0.010

OPEN

$3.95

-0.26%

HIGH

$4.00

2,162,020

LOW

$3.86

TARGET
$6.10 56.8% 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 © 2026 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-31.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx13.3 M
Book Value Per Share xxxxxxxxxxxxxxx229.3
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

14/01/2026

1

Speculative Buy

$6.10

56.81%

Bell Potter notes lithium prices rebounded strongly in the December quarter, with SC6 price up 35% q/q and lithium carbonate up 18%. Spot prices have surged further due to improving demand and normalising inventories.

Pricing strength reflects continued EV growth, rising ESS demand and policy support, particularly in China, with spodumene responding faster than contract lithium chemicals.

The broker upgraded its outlook, estimating lithium carbonate at US$16,000/t in 2026-27, a material uplift from prior assumptions and US$18,000 in 2028 from US$16,750/t. The long-term estimate is unchanged at US$19,000/t from 2030.

Target for Vulcan Energy Resources $6.10, and it assumes an upside-case long-term LC price of US$20,900/t, 10% above the base case. Speculative Buy is unchanged.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -11.30 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -29.10 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

21/01/2026

1

Speculative Buy

$10.75

176.35%

Vulcan Energy Resources reported successful production testing from its first new Lionheart development well in Germany, with flow rates of 105–125l/s exceeding study expectations and materially de-risking Phase 1 of the Lionheart Field Development Plan.

Canaccord Genuity believes the result reduces subsurface risk and could point to upside on both flow rates and capital efficiency, noting the first well was drilled 40% ahead of schedule and 18% under budget, with the potential for fewer wells to be required if performance is replicated.

The broker lifted its target price to $10.75 from $10.50 after increasing the Phase 1 risking to 85%, retaining its Speculative Buy rating on valuation grounds and citing further drilling results as a key catalyst as a second rig mobilises in 2H26 

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -28.12 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.
Access Extra Coverage Research History >

VUL STOCK CHART

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