Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>FY2025 results marked Paladin’s return to production with solid revenues but a net loss driven by ramp‑up costs and one‑offs.</li>
<li>Forecasts were revised lower to reflect a slower ramp and stickier costs, though profitability is expected from FY2026.</li>
<li>Valuation looks stretched on earnings multiples but increasingly attractive on an EV/EBITDA basis as uranium prices rise.</li>
</ul>


FY2025 results marked Paladin’s return to production with solid revenues but a net loss driven by ramp‑up costs and one‑offs.
Forecasts were revised lower to reflect a slower ramp and stickier costs, though profitability is expected from FY2026.
Valuation looks stretched on earnings multiples but increasingly attractive on an EV/EBITDA basis as uranium prices rise.


Paladin Energy (ASX: PDN, TSX: PDN) – FY2025 Reset Year Positions for Growth

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Ian Purdy departing Paladin Energy, with Paul Hamburrow stepping up as new CEO</li><li>Paladin Energy facing challenges and controversies during Purdy's tenure</li><li>Potential implications and scrutiny surrounding Purdy's departure and the future of the company under new leadership</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Ian Purdy departing Paladin Energy, with Paul Hamburrow stepping up as new CEOPaladin Energy facing challenges and controversies during Purdy's tenurePotential implications and scrutiny surrounding Purdy's departure and the future of the company under new leadershipThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul>
<li>Paladin reported a Q3 FY25 net loss of US$38M, impacted by non-cash impairments and ramp-up costs, though production at Langer Heinrich hit post-restart highs.</li>
<li>Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply driven by new reactor builds and SMR adoption.</li>
<li>At core EV/EBITDA of ~2.8x on US$70/lb uranium, valuations appear undemanding relative to long-life assets and sector-leading leverage to uranium prices.</li>
</ul>


Paladin reported a Q3 FY25 net loss of US$38M, impacted by non-cash impairments and ramp-up costs, though production at Langer Heinrich hit post-restart highs.
Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply driven by new reactor builds and SMR adoption.
At core EV/EBITDA of ~2.8x on US$70/lb uranium, valuations appear undemanding relative to long-life assets and sector-leading leverage to uranium prices.


Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

Thematic (Sector/Industry)

<ul>
<li>Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.</li>
<li>Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.</li>
<li>• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.</li>
</ul>


Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.


Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

Australia

Paladin Energy Ltd operates as a mining company. The Company explores and mines uranium. Paladin Energy serves customers worldwide.

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Paladin Energy (PDN AU)

Paladin Energy (ASX: PDN, TSX: PDN) – FY2025 Reset Year Positions for Growth

Paladin Energy sees return to production in FY2025 with solid revenues but net loss, forecasts revised lower for slower ramp-up and stickier...

Rahul Jain

Paladin’s CEO Exit: Cause for Concern?

The speaker discusses the departure of Ian Purdy and the impact on the mining company, prompting a discussion on leadership changes and the...

Money of Mine

Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality

Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply. Valuations appear undemanding with core EV...

Rahul Jain

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Paladin Energy (ASX: PDN, TSX: PDN) – FY2025 Reset Year Positions for Growth

​Paladin Energy sees return to production in FY2025 with solid revenues but net loss, forecasts revised lower for slower ramp-up and stickier...

Rahul Jain

Paladin’s CEO Exit: Cause for Concern?

The speaker discusses the departure of Ian Purdy and the impact on the mining company, prompting a discussion on leadership changes and the...

Money of Mine

Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality

Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply. Valuations appear undemanding with core EV...

Rahul Jain

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

​AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

Paladin Energy sees return to production in FY2025 with solid revenues but net loss, forecasts revised lower for slower ramp-up and stickier...

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...