Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Overview#39 – Uranium’s Surge, Gold’s Lull, and Some Geopolitics in Between

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

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