Stock LYC LYNAS RARE EARTHS LIMITED
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Financials Lynas Rare Earths Limited

Equities

LYC

AU000000LYC6

Non-Gold Precious Metals & Minerals

Market Closed - Australian S.E.
Other stock markets
 02:10:43 2024-04-26 am EDT 		5-day change 1st Jan Change
6.19 AUD -2.98% Intraday chart for Lynas Rare Earths Limited -3.13% -13.55%
Apr. 26 Euroz Hartleys Adjusts Lynas Rare Earths’ Price Target to AU$7.50 From AU$7.60, Keeps at Buy MT
Apr. 25 CLSA Downgrades Lynas Rare Earths to Reduce from Buy, Price Target is AU$6.85 MT

Valuation

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,716 1,353 5,145 7,878 6,397 5,786 - -
Enterprise Value (EV) 1 1,820 1,453 4,735 7,099 5,563 5,473 5,344 5,030
P/E ratio 22.4 x -69.4 x 31.7 x 14.6 x 20.2 x 64.6 x 19.3 x 13.1 x
Yield - - - - - - 0.15% 1.34%
Capitalization / Revenue 4.72 x 4.43 x 10.5 x 8.56 x 8.65 x 11.4 x 5.32 x 3.96 x
EV / Revenue 5 x 4.76 x 9.68 x 7.72 x 7.52 x 10.8 x 4.92 x 3.45 x
EV / EBITDA 18.1 x 24.3 x 20.1 x 11.8 x 14.7 x 40.1 x 12.4 x 7.64 x
EV / FCF 25.3 x 72.7 x 27.1 x 25.9 x -26.6 x -9.87 x 25.4 x 8.02 x
FCF Yield 3.95% 1.38% 3.69% 3.86% -3.75% -10.1% 3.94% 12.5%
Price to Book 3.22 x 2.61 x 4.75 x 4.79 x 2.96 x 2.57 x 2.27 x 1.99 x
Nbr of stocks (in thousands) 667,801 699,209 901,079 902,412 933,815 934,718 - -
Reference price 2 2.570 1.935 5.710 8.730 6.850 6.190 6.190 6.190
Announcement Date 8/28/19 8/16/20 8/26/21 8/25/22 8/28/23 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 363.5 305.1 489 920 739.3 509.1 1,087 1,460
EBITDA 1 100.7 59.72 235.3 601.2 377.7 136.6 431.3 658.1
EBIT 1 56.44 -6.245 169.5 540.6 315.5 76.12 344.7 528.7
Operating Margin 15.52% -2.05% 34.66% 58.76% 42.68% 14.95% 31.72% 36.21%
Earnings before Tax (EBT) 1 80.22 -19.16 157.5 535.8 347.8 88.3 346.4 529.6
Net income 1 80.03 -19.4 157.1 540.8 310.7 82.05 302.3 445.2
Net margin 22.01% -6.36% 32.12% 58.78% 42.02% 16.12% 27.82% 30.49%
EPS 2 0.1147 -0.0279 0.1799 0.5970 0.3392 0.0959 0.3215 0.4729
Free Cash Flow 1 71.83 19.98 174.6 273.8 -208.8 -554.4 210.7 626.9
FCF margin 19.76% 6.55% 35.71% 29.76% -28.24% -108.89% 19.39% 42.94%
FCF Conversion (EBITDA) 71.31% 33.46% 74.22% 45.54% - - 48.86% 95.26%
FCF Conversion (Net income) 89.76% - 111.16% 50.62% - - 69.7% 140.81%
Dividend per Share 2 - - - - - - 0.009110 0.0830
Announcement Date 8/28/19 8/16/20 8/26/21 8/25/22 8/28/23 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Juni 2022 Q2 2022 S1 2022 Q4 2022 S2 2023 S1 2023 S2 2024 S1 2024 Q3 2024 S2 2025 S1 2025 S2 2026 S1 2026 S2
Net sales - 314.8 - 605.2 370 369.3 234.8 - 257.1 437.8 533.9 757.5 -
EBITDA 1 78.64 189.8 187.1 - 189 188.6 62.57 18 100.5 184.6 298.9 - -
EBIT - 161.9 - 378.7 158 157.5 31.79 - 46.29 148.1 220.6 317.8 -
Operating Margin - 51.44% - 62.58% 42.71% 42.64% 13.54% - 18% 33.82% 41.32% 41.95% -
Earnings before Tax (EBT) - 157.2 - - 170.1 177.8 50.25 - 84 150.8 260.3 - -
Net income - 156.9 - - 150.1 160.6 39.54 - 58.8 105.6 182.2 - -
Net margin - 49.83% - - 40.56% 43.49% 16.84% - 22.87% 24.12% 34.13% - -
EPS 2 0.0900 0.1732 0.2100 - 0.1656 0.1736 0.0422 0.0100 0.0630 0.1130 0.1940 0.2203 0.1520
Dividend per Share - - - - - - - - - - - - -
Announcement Date 2/24/22 2/24/22 8/25/22 8/25/22 2/26/23 8/28/23 2/25/24 - - - - - -
1AUD in Million2AUD
Estimates

Balance Sheet Analysis

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 103 100 - - - - - -
Net Cash position 1 - - 410 779 834 313 442 756
Leverage (Debt/EBITDA) 1.025 x 1.678 x - - - - - -
Free Cash Flow 1 71.8 20 175 274 -209 -554 211 627
ROE (net income / shareholders' equity) 7.59% -3.68% 13% 39.6% 16.3% 4.13% 10.7% 13.5%
ROA (Net income/ Total Assets) - -2.14% 13% 30.6% 13.2% 2.74% 8.47% 12.2%
Assets 1 - 907.6 1,207 1,770 2,350 2,992 3,569 3,663
Book Value Per Share 2 0.8000 0.7400 1.200 1.820 2.320 2.410 2.730 3.120
Cash Flow per Share 2 0.1500 0.0400 0.2500 0.5100 0.4200 0.1300 0.3900 0.6500
Capex 1 32.3 12.1 40.4 186 596 640 311 175
Capex / Sales 8.88% 3.96% 8.27% 20.25% 80.55% 125.74% 28.62% 11.99%
Announcement Date 8/28/19 8/16/20 8/26/21 8/25/22 8/28/23 - - -
1AUD in Million2AUD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lynas Rare Earths Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
6.19 AUD
Average target price
7.215 AUD
Spread / Average Target
+16.55%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Rare Earth Minerals

1st Jan change Capi.
LYNAS RARE EARTHS LIMITED Stock Lynas Rare Earths Limited
-13.55% 3.77B
CHINA KINGS RESOURCES GROUP CO.,LTD. Stock China Kings Resources Group Co.,Ltd.
+17.86% 2.66B
MP MATERIALS CORP. Stock MP Materials Corp.
-19.40% 2.65B
SHENGHE RESOURCES HOLDING CO., LTD Stock Shenghe Resources Holding Co., Ltd
-0.49% 2.45B
BRAZILIAN RARE EARTHS LIMITED Stock Brazilian Rare Earths Limited
+48.17% 395M
ARAFURA RARE EARTHS LIMITED Stock Arafura Rare Earths Limited
+12.12% 279M
NORDIC MINING ASA Stock Nordic Mining ASA
+18.78% 197M
AUSTRALIAN STRATEGIC MATERIALS LTD Stock Australian Strategic Materials Ltd
-19.69% 120M
CHINA RARE EARTH HOLDINGS LIMITED Stock China Rare Earth Holdings Limited
+7.58% 106M
AMERICAN RARE EARTHS LIMITED Stock American Rare Earths Limited
+93.94% 103M
Rare Earth Minerals
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