Pilbara Minerals Limited

ASX:PLS Stock Report

Market Cap: AU$6.8b

Pilbara Minerals Valuation

Is PLS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PLS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
AU$0.50
Fair Value
318.2% overvalued intrinsic discount
18
Number of Analysts

Below Fair Value: PLS (A$2.08) is trading above our estimate of fair value (A$0.5)

Significantly Below Fair Value: PLS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PLS?

Key metric: As PLS is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PLS. This is calculated by dividing PLS's market cap by their current revenue.
What is PLS's PS Ratio?
PS Ratio7.3x
SalesAU$922.57m
Market CapAU$6.82b

Price to Sales Ratio vs Peers

How does PLS's PS Ratio compare to its peers?

The above table shows the PS ratio for PLS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.4x
LYC Lynas Rare Earths
14x29.4%AU$6.6b
MIN Mineral Resources
1x7.2%AU$5.0b
IGO IGO
4.9x-53.7%AU$3.5b
S32 South32
1.7x7.4%AU$16.7b
PLS Pilbara Minerals
7.3x22.4%AU$6.8b

Price-To-Sales vs Peers: PLS is expensive based on its Price-To-Sales Ratio (7.3x) compared to the peer average (5.4x).

Price to Sales Ratio vs Industry

How does PLS's PS Ratio compare vs other companies in the AU Metals and Mining Industry?

120 CompaniesPrice / SalesEstimated GrowthMarket Cap
BHP BHP Group
2.5x-1.9%US$130.41b
FMG Fortescue
2.2x-3.3%US$35.91b
NCM Newcrest Mining
3x5.2%US$13.37b
NST Northern Star Resources
3.7x8.1%US$13.10b
PLS 7.3xIndustry Avg. 59.7xNo. of Companies120PS020406080100+
120 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PLS is good value based on its Price-To-Sales Ratio (7.3x) compared to the Australian Metals and Mining industry average (59.7x).

Price to Sales Ratio vs Fair Ratio

What is PLS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PLS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.3x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: PLS is expensive based on its Price-To-Sales Ratio (7.3x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PLS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$2.08
AU$2.71
+30.2%
18.7%AU$4.00AU$2.05n/a18
Feb ’26AU$2.30
AU$2.82
+22.4%
16.3%AU$4.00AU$2.40n/a16
Jan ’26AU$2.19
AU$3.03
+38.5%
15.6%AU$4.00AU$2.40n/a15
Dec ’25AU$2.39
AU$3.10
+29.6%
14.0%AU$4.00AU$2.40n/a14
Nov ’25AU$2.89
AU$3.09
+7.0%
14.2%AU$4.00AU$2.35n/a14
Oct ’25AU$3.29
AU$3.15
-4.1%
17.1%AU$4.00AU$2.00n/a14
Sep ’25AU$2.97
AU$3.28
+10.4%
19.3%AU$4.59AU$2.20n/a15
Aug ’25AU$3.06
AU$3.25
+6.3%
18.2%AU$4.59AU$2.40n/a18
Jul ’25AU$3.08
AU$3.46
+12.2%
16.3%AU$4.59AU$2.50n/a18
Jun ’25AU$3.79
AU$3.77
-0.6%
14.5%AU$4.59AU$2.70n/a18
May ’25AU$4.07
AU$3.76
-7.5%
14.5%AU$4.59AU$2.70n/a18
Apr ’25AU$3.83
AU$3.74
-2.3%
14.3%AU$4.59AU$2.60n/a18
Mar ’25AU$4.38
AU$3.72
-15.1%
15.9%AU$4.59AU$2.50n/a18
Feb ’25AU$3.46
AU$3.72
+7.6%
14.6%AU$4.60AU$2.75AU$2.3017
Jan ’25AU$3.95
AU$4.08
+3.3%
19.8%AU$6.12AU$2.85AU$2.1918
Dec ’24AU$3.61
AU$4.42
+22.3%
23.1%AU$7.10AU$3.05AU$2.3917
Nov ’24AU$3.62
AU$4.55
+25.6%
20.7%AU$7.10AU$3.15AU$2.8917
Oct ’24AU$4.30
AU$5.04
+17.3%
18.1%AU$7.10AU$3.45AU$3.2917
Sep ’24AU$4.70
AU$5.09
+8.3%
17.8%AU$7.30AU$3.50AU$2.9717
Aug ’24AU$4.85
AU$5.14
+5.9%
18.7%AU$7.30AU$3.10AU$3.0617
Jul ’24AU$4.89
AU$4.83
-1.3%
20.7%AU$7.30AU$3.00AU$3.0817
Jun ’24AU$4.34
AU$4.55
+4.8%
24.1%AU$7.70AU$3.00AU$3.7916
May ’24AU$4.10
AU$4.54
+10.8%
24.0%AU$7.70AU$3.00AU$4.0716
Apr ’24AU$3.94
AU$4.96
+25.8%
22.3%AU$7.70AU$3.10AU$3.8314
Mar ’24AU$4.21
AU$4.78
+13.6%
24.6%AU$7.70AU$3.01AU$4.3814
Feb ’24AU$4.77
AU$4.80
+0.6%
23.5%AU$7.50AU$3.01AU$3.4614
Analyst Price Target
Consensus Narrative from 18 Analysts
AU$2.71
Fair Value
23.2% undervalued intrinsic discount
18
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/21 07:19
End of Day Share Price 2025/02/21 00:00
Earnings2024/12/31
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pilbara Minerals Limited is covered by 35 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Aryan NoroziBarrenjoey Markets Pty Limited
Glyn LawcockBarrenjoey Markets Pty Limited
Josh KannourakisBarrenjoey Markets Pty Limited