Morningstar

Lithium Americas Corp LAC

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Stock XTSE Rating as of
CAD 3.48 +0.01 (0.29%)
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As of Delayed Price Closed

Company Report

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Lithium: We Expect a Recovery in 2025

Seth Goldstein

Lithium prices are at multiyear lows due to oversupply. The issue is driven by supply growth. Demand is growing at a mid-teens percentage, due to higher global electric vehicle sales and the buildout of energy storage systems. However, a wave of new supply exceeded demand growth driving prices down.

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Price vs Fair Value

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LAC is trading within a range we consider fairly valued.
Price
CAD 3.48
Fair Value
CAD 53.00
Uncertainty
Very High
1-Star Price
CAD 27.20
5-Star Price
CAD 2.00
Economic Moat
Tcprp
Capital Allocation
Lmmwlrxs

Bulls Say, Bears Say

Bulls

As a lithium pure play, Lithium Americas is well positioned to increase profits from EV growth through lithium batteries.

Bears

Thacker Pass is a new greenfield lithium project that will likely face delays and cost overruns, similar to other greenfield projects in the industry.

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News

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Trading Information

Previous Close Price
CAD 3.47
Day Range
CAD 3.37–3.60
52-Week Range
CAD 2.87–17.00
Bid/Ask
CAD 3.43 / CAD 3.57
Market Cap
CAD 758.64 Mil
Volume/Avg
389,547 / 534,348

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
—
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

Company Profile

Lithium Americas is a pure-play lithium producer. The firm owns one resource, Thacker Pass, that is located in northwest Nevada. Thacker Pass recently began construction and is expected to begin production in the mid- to late 2020s. Thacker Pass is one of the largest known lithium resources in the world. The project would be the first clay-based asset to enter production, and we estimate it will be in bottom half of the global cost curve. Management plans to develop Thacker Pass into a fully integrated lithium production site, with downstream refining capabilities on site, and will sell into the lithium chemical market.
Sector
Basic Materials
Industry
Other Industrial Metals & Mining
Stock Style Box
—
Total Number of Employees
—
Website
https://www.lithiumamericas.com

Competitors

Valuation

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Metric
LAC
LAAC
ALTM
Price/Earnings (Normalized)
 ——7.83
Price/Book Value
 0.830.630.49
Price/Sales
 ——2.59
Price/Cash Flow
 —0.4321.01
Price/Earnings
LAC
LAAC
ALTM

Financial Strength

Metric
LAC
LAAC
ALTM
Quick Ratio
 19.850.511.41
Current Ratio
 20.140.512.26
Interest Coverage
 −1,383.24−1.17—
Quick Ratio
LAC
LAAC
ALTM

Profitability

Metric
LAC
LAAC
ALTM
Return on Assets (Normalized)
 −10.26%−1.22%4.76%
Return on Equity (Normalized)
 −8.94%−1.50%7.45%
Return on Invested Capital (Normalized)
 −13.34%−3.41%6.01%
Return on Assets
LAC
LAAC
ALTM

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