Albemarle/Liontown: US lithium producer willing to pay up down under | Lex专栏:雅宝愿支付高价收购澳洲锂矿商 - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Albemarle/Liontown: US lithium producer willing to pay up down under
Lex专栏:雅宝愿支付高价收购澳洲锂矿商

If the chemical group’s bid for the Australian company goes ahead, it will be one of the biggest lithium mining deals to date
如果该化工集团对澳大利亚公司的竞购成功,这将是迄今为止最大的锂矿开采交易之一。
China’s rapid buildout of electric vehicle battery capacity could itself run out of energy. Capacity will be twice this year’s demand, according to commodity research group CRU. That finding suggests demand for lithium will be more muted than anticipated by bulls. These include US chemicals group Albemarle.
中国电动汽车电池产能的快速增长本身就可能导致能源枯竭。大宗商品研究机构CRU称,产能将是今年需求量的两倍。这一结论表明,锂需求将比看涨者预期的更为低迷。其中包括美国化工集团雅宝(Albemarle)。
The world’s leading lithium producer is closing in on an all-cash deal for Australia’s Liontown Resources. This is worth A$3 per share or A$6.6bn ($4.3bn) in total. Despite weak spot lithium prices, down 61 per cent this year, Albemarle still had to pay up. Its previous offer in March was A$2.50.
这家全球领先的锂生产商即将与澳大利亚的Liontown Resources达成一笔全现金交易。该交易每股价值3澳元,总计66亿澳元(合43亿美元)。尽管锂现货价格疲软,今年以来已下跌61%,但雅宝仍不得不支付这笔钱。此前它在3月份的出价为2.50澳元。
Liontown will now open its books. Albemarle wants Kathleen Valley, the fifth largest hard rock lithium resource in Australia with 5.4mn tonnes. Australia matters to the US producer. It already has large stakes in the first and third largest mines there.
Liontown现在将公开它的账目。雅宝想要的是澳大利亚第五大硬岩锂资源——凯瑟琳谷(Kathleen Valley),储量540万吨。澳大利亚对这家美国生产商很重要。该公司已经在当地第一和第三大矿山持有大量股份。
The resource-dependent nation welcomes US lithium investment to balance Chinese interest. In July Australia’s Treasury blocked a takeover by a China-linked shareholder of Alita, a lithium miner in administration.
这个依赖资源的国家欢迎美国的锂投资,以平衡中国的利益。今年7月,澳大利亚财政部阻止了一家与中国有关联的股东收购处于破产管理中的锂矿商Alita。
Albemarle’s shares have done little for two years. Trailing one-year ebitda for its lithium division, which makes 88 per cent of group profits, has decelerated. Profit margins have slipped in recent quarters.
两年来,雅宝的股价几乎没有上涨。该公司锂业务占集团利润的88%,其过去一年滚动ebitda已出现放缓。利润率在最近几个季度有所下滑。
This deal would be the largest lithium mining deal announced to date, according to Dealogic data. But it would not add to cash flow before 2025. That puts the offer price at 16 times consensus ebitda for that year. Larger local rival Pilbara Resources, which is already profitable, trades at a third of that valuation.
Dealogic的数据显示,这笔交易将是迄今为止宣布的最大一笔锂矿交易。但它在2025年之前不会增加现金流。这使得收购价格达到当年ebitda预期的16倍。规模更大的本土竞争对手Pilbara Resources已实现盈利,其交易价值仅为上述估值的三分之一。
Liontown’s shareholders should be pleased. Its own valuation back in late 2021 — when spot lithium prices were similar — put a A$4.2bn value on Kathleen Valley. Albemarle’s downstream lithium conversion plants are some 1,000km away by rail near Perth. A long Australian rail link is preferable to long-distance road links in developing countries such as Mali, as Liberum points out.
Liontown的股东应该感到高兴。早在2021年底,当现货锂价格相近时,其对凯瑟琳谷的估值为42亿澳元。雅宝的下游锂转化厂距离珀斯约1000公里铁路。Liberum指出,与马里等发展中国家的长途公路相比,澳大利亚的长途铁路更为可取。
Albemarle has plenty of form in Australia. But given battery overcapacity in China, the chances of its stock price benefiting from this added production are slim.
雅宝在澳大利亚有很好的表现。但考虑到中国的电池产能过剩,其股价从新增产量中受益的可能性很小。
版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

Lex专栏:投资者厌倦了“画饼式”能源转型公司

无论战略多么高瞻远瞩,股东的耐心都会被消磨殆尽。

在特朗普执政期间,加密货币监管需要经过深思熟虑的重新审视

期待已久的公共政策支持可以提升美国在区块链技术、人工智能和加密货币领域的领导地位。
1天前

特斯拉努力避免取消马斯克薪酬方案的高昂成本

如果这家电动汽车制造商和首席执行官被迫放弃2018年的交易,他们可能会面临超过1000亿美元的会计和税务费用。

企业该如何监督员工使用人工智能

员工采用大型语言模型的速度快于企业发布相关指引的速度。

宗教电影成为好莱坞艰难之年的救命稻草

得益于宗教节目、动漫和老电影,小型电影发行商Fathom Events的收入增长45%。

梅洛尼加紧敲定预算,巩固市场对意大利财政的信心

意大利议会本周将就2025年预算展开辩论。投资者对梅洛尼能够控制国家财政持乐观态度,并以反映这种信心的价格购买意政府债券。
设置字号×
最小
较小
默认
较大
最大
分享×