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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.


ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

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

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

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earths, James Hardie Industries,...

Ke Yan, CFA, FRM

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

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

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earths, James Hardie Industries,...

Ke Yan, CFA, FRM

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

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