AKE reported a strong FY23 result with revenue US$1,208m and NPAT US$525m coming in above consensus. The result included no new updates on major projects or the Livent merger which is still targeting completion this year (CY23). The merge of Allkem and Livent will produce a $15bn global force in lithium that will be traded in New York and on the ASX as CDI’s i.e. in similar fashion to Newcrest and Newmont.
- We prefer PLS to AKE while we wait to see how efficiently the merger unfolds.