PLS is arguably the best option for a larger suitor with this almost $14bn business having a significant global resource plus its already making a profit and paying a dividend i.e. far less uncertainty. However, we believe any purchase may need to be locally driven in some manner to satisfy the regulators as access to the EV material becomes more sensitive by the month.
- We like PLS for exposure to lithium having previously owned it across 2 of our portfolios but from a risk/reward perspective our ideal entry is currently under $4.
MM is currently neutral toward PLS
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