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PLS Group
(Sydney:PLS)
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Rating:61Neutral
Price Target:
AU$3.00
â–Ľ(-43.29% Downside)
Action:Reiterated
Date:10/14/26
AU:PLS scores 61 mainly due to a solid but highly cyclical financial profile (earnings and free cash flow rebounded in 2026, supported by a generally healthy balance sheet). The score is held back by very weak technicals (below key moving averages with negative MACD and deeply oversold momentum). Valuation is neutral-to-fair with a moderate P/E and a modest dividend yield.
Positive Factors
2026 earnings and revenue rebound
The sharp 2026 revenue and earnings recovery shows the business can regain profitability when operating conditions improve. This renewed earnings base may support reinvestment and strengthen financial resilience, although the recovery remains tied to the cycle.
Negative Factors
Highly cyclical profitability
The swing from exceptionally high margins to a 2025 loss and then a 2026 recovery demonstrates substantial earnings sensitivity to pricing and volume conditions. Such cyclicality makes results less predictable and can complicate durable planning and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
2026 earnings and revenue rebound
The sharp 2026 revenue and earnings recovery shows the business can regain profitability when operating conditions improve. This renewed earnings base may support reinvestment and strengthen financial resilience, although the recovery remains tied to the cycle.
Read all positive factors
PLS Group (PLS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$9.39B
Dividend Yield1.72%
Average Volume (3M)31.08M
Price to Earnings (P/E)17.9
Beta (1Y)2.20
Revenue Growth151.97%
EPS GrowthN/A
CountryAU
Employees1,175
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.16
Shares Outstanding3,225,946,800
10 Day Avg. Volume43,965,006
30 Day Avg. Volume31,083,360
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)3.96
Price to Sales (P/S)8.34
P/FCF Ratio16.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.65Price Target Upside-12.10% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)0.27
Revenue Forecast (FY)AU$2.59B
PLS Group Business Overview & Revenue Model
Company Description
Based in West Perth, Australia, Pilbara Minerals Limited is an Australian enterprise focused on the exploration, development, and operation of mineral resources. Its key asset is the Pilgangoora lithium-tantalum project, located in Western Austral...
PLS Group Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call emphasized a strong quarter driven by a marked recovery in pricing, substantial improvement in cash margins and reinforced balance sheet strength, enabling optionality on growth and capital returns. Operational performance largely tracked plan with robust ore sorting and recovery, while management acknowledged near-term operational issues (crusher wear), safety setbacks, and the idling of the POSCO JV due to external policy impacts. Timing and sequencing of larger greenfield/expansion projects remain under review and contingent on sustained market conditions.Positive Updates
Material Pricing Recovery
Realized pricing increased substantially quarter-on-quarter (management cited a ~57% increase; Slide 4 referenced ~50%), and spodumene spot pricing (SC6) rose ~80% through the quarter, reflecting a meaningful market rebound from prior troughs.
Negative Updates
Safety Deterioration
Two injuries recorded in the quarter and TRIFR increased from 3.08% to 3.79%. Management described the outcome as unacceptable and initiated targeted safety campaigns and stronger frontline leadership engagement.
Read all updates
Q2-2026 Updates
Positive
Negative
Material Pricing Recovery
Realized pricing increased substantially quarter-on-quarter (management cited a ~57% increase; Slide 4 referenced ~50%), and spodumene spot pricing (SC6) rose ~80% through the quarter, reflecting a meaningful market rebound from prior troughs.
Read all positive updates
Company Guidance
Management reaffirmed FY‑26 guidance across all metrics and emphasized sequencing growth with capital discipline: the Board will consider a possible Ngungaju restart (~200,000 tpa) in the March quarter, P2000 and Colina study timing is under review with updates expected in the March quarter, the midstream demonstration plant was completed in December with commissioning plans to be announced in coming months, and no further FY‑26 equity contributions to the P‑PLS JV are expected after the $38m made this quarter. Financially, closing cash rose $102m to $954m (total liquidity ~$1.6bn), cash capex was $45m, and ~$85m of provisional pricing adjustments are expected in the March quarter. The December quarter that underpins this guidance delivered sales of 232,000t, production of 208,000t, realized pricing up ~50–57% QoQ, revenue $373m (+49% QoQ), cash margin from operations $166m (from $8m prior quarter) and FOB unit operating costs of $585/t (H1 FOB $563/t, down 8% YoY); dividend decisions remain gated by the capital management framework and could be considered next month if pricing persists.PLS Group Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.94B | 890.21M | 1.25B | 4.06B | 1.19B |
| Gross Profit | 912.07M | 331.56M | 477.81M | 3.27B | 794.07M |
| EBITDA | 1.11B | 77.95M | 593.86M | 3.51B | 783.52M |
| Net Income | 525.76M | -195.77M | 256.88M | 2.39B | 561.83M |
Balance Sheet | |||||
| Total Assets | 6.26B | 4.67B | 4.31B | 5.20B | 1.98B |
| Cash, Cash Equivalents and Short-Term Investments | 2.29B | 974.54M | 1.63B | 3.34B | 591.74M |
| Total Debt | 1.23B | 682.21M | 555.74M | 471.95M | 291.96M |
| Total Liabilities | 2.18B | 1.14B | 1.07B | 1.81B | 686.36M |
| Stockholders Equity | 4.08B | 3.53B | 3.24B | 3.39B | 1.29B |
Cash Flow | |||||
| Free Cash Flow | 990.68M | -508.13M | -1.25B | 3.04B | 506.40M |
| Operating Cash Flow | 1.32B | 146.22M | -440.22M | 3.43B | 634.72M |
| Investing Cash Flow | -436.63M | -698.11M | -827.51M | -407.96M | -204.53M |
| Financing Cash Flow | 397.58M | -98.06M | -392.74M | -284.19M | 58.42M |
PLS Group Technical Analysis
Negative
5.29
Price Trends
4.28
Negative
4.62
Negative
4.90
Negative
Market Momentum
-0.39
Positive
22.76
Positive
11.77
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PLS, the sentiment is Negative. The current price of 5.29 is above the 20-day moving average (MA) of 3.48, above the 50-day MA of 4.28, and above the 200-day MA of 4.90, indicating a bearish trend. The MACD of -0.39 indicates Positive momentum. The RSI at 22.76 is Positive, neither overbought nor oversold. The STOCH value of 11.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:PLS.
PLS Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$9.39B | 17.85 | 13.75% | 1.72% | 151.97% | ― | |
61 Neutral | AU$4.02B | 26.94 | 6.76% | 0.95% | -11.58% | ― | |
58 Neutral | AU$8.94B | 8.25 | 26.29% | 1.83% | 44.48% | ― | |
55 Neutral | AU$2.93B | -119.52 | -0.86% | 5.44% | -3.18% | 88.11% | |
52 Neutral | AU$2.22B | 32.38 | 8.28% | 0.59% | 114.79% | ― | |
44 Neutral | AU$679.73M | -20.61 | -8.08% | 2.98% | ― | 10.09% |
* Basic Materials Sector Average
AU:PLS
PLS Group
2.85
-0.08
-2.80%
AU:CXO
Core Lithium Ltd
0.21
0.11
100.00%
AU:IGO
IGO
5.15
-0.21
-3.86%
AU:LTR
Liontown Resources Limited
0.69
-0.42
-37.56%
AU:MIN
Mineral Resources Limited
44.25
2.61
6.26%
AU:NIC
Nickel Mines Ltd.
0.67
-0.05
-7.59%
PLS Group Corporate Events
PLS Group reports lapse of performance and matching rights
Oct 14, 2026
PLS Group Limited has notified the market of the cessation of a series of performance rights and matching rights that were on issue to participants in its equity incentive arrangements. The affected securities, carrying various expiry dates throug...
PLS Group Reschedules September Quarterly Report and Expands Investor Briefing
Oct 13, 2026
PLS Group Limited has rescheduled the release of its September 2026 Quarterly Activities Report to 28 October 2026, adjusting its investor communications timetable. The company will use this revised date to brief stakeholders on its operational an...
PLS Group Converts Unquoted Securities Into Ordinary Shares
Oct 12, 2026
PLS Group Limited has notified the market of the conversion and exercise of a series of unquoted options and other convertible securities into ordinary fully paid shares. The newly issued shares, totaling several hundred thousand across multiple A...
PLS Group Issues New Unquoted Matching Rights Under Employee Incentive Plan
Oct 7, 2026
PLS Group Limited has notified the market of the issue of 265,773 unquoted matching rights under its employee incentive scheme, with these rights expiring on June 30, 2027 and being issued on July 1, 2026. The new securities, which are not intende...
PLS Group Schedules Investor Briefing on September Quarter as Lithium Operations Expand
Sep 23, 2026
PLS Group Limited, a major supplier of lithium materials to the battery industry, operates large-scale assets in Australia and Brazil and is integrated into the lithium value chain through a lithium hydroxide joint venture in South Korea. Its stra...
PLS Group Sets 2026 AGM Date as It Expands Global Lithium Footprint
Sep 14, 2026
PLS Group Limited has scheduled its 2026 Annual General Meeting for 24 November 2026 and set a 21 September 2026 deadline for director nomination submissions, signaling the start of its annual governance and board renewal process. The timing under...
PLS Group Updates Dividend Notice With Currency Exchange Details
Sep 11, 2026
PLS Group Limited, listed on the ASX under ticker PLS with ordinary fully paid shares, operates on a semi‑annual reporting cycle and maintains a practice of distributing dividends tied to six‑month financial periods. Its communication ...
Morgan Stanley Exits Substantial Holder Position in PLS Group
Sep 10, 2026
Morgan Stanley and certain subsidiaries have lodged a notice that they have ceased to be a substantial holder in PLS Group Limited as at 7 September 2026. The disclosure details extensive on-market trading activity in PLS Group ordinary shares, in...
First Sentier Group Ceases to Be Substantial Holder in PLS Group
Sep 9, 2026
First Sentier Group Limited and a broad network of its related bodies corporate and associates, including various international First Sentier and Mitsubishi UFJ entities, have filed a notice stating they have ceased to be substantial holders in PL...
PLS Group Issues New Shares Following Convertible Securities Exercise
Sep 8, 2026
PLS Group Limited, listed on the ASX under the ticker PLS, maintains a capital structure comprising ordinary fully paid shares and various unquoted options or convertible securities. As an Australian corporate entity, it is required to notify the ...
Mitsubishi UFJ Exits Substantial Holder Position in PLS Group
Sep 3, 2026
Mitsubishi UFJ Financial Group, Inc. has notified PLS Group Limited that it has ceased to be a substantial holder in the company as of late August 2026, in accordance with Australian Corporations Act disclosure rules. The change follows a series o...
PLS Group Seeks ASX Quotation for Additional Incentive Scheme Shares
Sep 3, 2026
PLS Group Limited has applied for the quotation of 1,167,826 additional ordinary fully paid shares on the ASX, comprising 1,003,795 shares issued on January 29, 2026 and 164,031 shares issued on June 11, 2026. The new securities, issued under an e...
First Sentier Group Ceases Substantial Holding in PLS Group Ltd
Sep 2, 2026
PLS Group Ltd has disclosed that First Sentier Group Limited and a wide network of its related bodies corporate have ceased to be substantial holders in the company as of 31 August 2026, in line with statutory reporting under Section 671B of the C...
PLS Group Updates Director Dale Henderson’s Equity Holdings After LTI Vesting
Aug 31, 2026
PLS Group has disclosed a change in director Dale Henderson’s interests following the exercise of performance rights under the company’s long-term incentive schemes. Henderson’s direct holding of ordinary shares increased to 2,88...
PLS Group issues 659,275 new ordinary shares after option conversion
Aug 31, 2026
PLS Group Limited has notified the market of the issue of 659,275 ordinary fully paid shares following the conversion or exercise of previously unquoted options or other convertible securities. The new shares, dated August 27, 2026, represent an a...
PLS Group Posts Record FY26 Output and Accelerates Lithium Growth Pipeline
Aug 23, 2026
PLS Group reported a strong FY26, with record annual production and sales up 17% and lithia recoveries reaching 76.5%, underlining improved operational efficiency and scale. The company met its guidance, prepared to restart the Ngungaju plant and ...
PLS Group Delivers Record Profit and Cash, Pivoting to Lithium Growth
Aug 23, 2026
PLS Group reported a record FY26, with revenue surging 152% to $1.93 billion, driven by a 17% lift in sales volumes and a 121% jump in realised lithium prices. Underlying EBITDA rose to $1.14 billion at a 59% margin, net profit after tax reached $...
PLS Group Declares Interim Dividend for Half‑Year to June 2026
Aug 23, 2026
PLS Group Limited has announced a new cash dividend of AUD 0.05 per ordinary fully paid share for the six‑month period ended 30 June 2026. The distribution underscores the company’s ongoing commitment to shareholder returns and signals...
PLS Group boosts share capital through conversion of unquoted securities
Aug 17, 2026
PLS Group Limited has notified the market of the issue of new ordinary fully paid shares following the exercise or conversion of unquoted securities. The company will issue a total of 1,985,166 shares across three tranches on July 6, 7 and 9, 2026...
PLS Group corrects director shareholding disclosure in updated ASX notice
Aug 10, 2026
PLS Group Limited has issued a corrected Appendix 3Y to the ASX to amend an administrative error in a previous Change of Director’s Interest Notice for non-executive director Robert Nicholson. The company clarified that Nicholson’s ind...
PLS Group Sets Date for FY26 Results and Investor Briefings
Aug 6, 2026
PLS Group, a major player in the lithium and battery materials industry, controls large-scale assets including the Pilgangoora operation in Australia and the Colina Lithium Project in Brazil. Through its strategic partnerships, notably a lithium h...
Morgan Stanley Drops Below Substantial Holder Threshold in PLS Group
Aug 5, 2026
Morgan Stanley and its subsidiaries have notified PLS Group Limited that they have ceased to be a substantial shareholder in the company as of July 31, 2026. The notice details a series of trades in PLS Group ordinary shares executed on July 29, 2...
PLS Group outlines lithium growth ambitions with extensive risk caveats
Aug 4, 2026
PLS Group has released an informational presentation dated 5 August 2026 outlining its position for the next phase of lithium growth, presented at the Diggers and Dealers 2026 forum. The document stresses that it is not an offer of securities, doe...
PLS Group Leans on Strong Balance Sheet and Global Lithium Assets for FY26 Growth
Jul 29, 2026
PLS Group highlights its position as a diversified lithium producer with full ownership of major assets in Australia and Brazil, led by the long-life Pilgangoora mine and supported by downstream processing capacity in South Korea. The company̵...
PLS Group Delivers Record Lithium Output and Sales as Prices and Cash Surge
Jul 29, 2026
PLS Group reported record annual production of 879.5kt and sales of 891.6kt of spodumene concentrate in FY26, both up 17% year-on-year, with FY26 operating cost and capex guidance met and production exceeding guidance. The Pilgangoora Operation de...
PLS Group Reports Lapse of 2026 Performance Rights on ASX
Jul 14, 2026
PLS Group Limited has notified the Australian Securities Exchange of the cessation of a series of performance rights expiring on 31 July 2026, after the conditions attached to these rights were not met or became incapable of being satisfied. The l...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.