olivLaw · European equity research
Pensana PLC PRE.L
United Kingdom · London Stock Exchange · ISIN GB00BKM0ZJ18 · Vertical: Listed companies from United Kingdom
Pensana PLC is developing the Longonjo rare earth project in Angola, focused on NdPr, and plans the Saltend refinery in the United Kingdom to offer an independent and sustainable supply chain for magnets, wind turbines and hybrid vehicles. The strategy matters as demand for energy transition materials grows and the project benefits from new nearby infrastructure. The project remains in the construction and financing phase, and execution depends on the final investment decision.
At the close of 03 Nov 2026, Pensana PLC (PRE.L) stock was 0.49 GBP (+0.20% on the day), with beta 0.66, 52-week range 0.37–1.18 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.9
- neutral
- Bollinger (20, 2)
- 0.34 – 0.53
- in the upper half of the band · %B 0.79 · band width 44.7%
- SMA 50 / 200
- 0.54 / 0.82
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.1% | −1.0% | +11.1 pp | — |
| 3 months | −19.4% | −3.9% | −15.5 pp | — |
| 6 months | −50.3% | +7.2% | −57.4 pp | — |
| Year to date | −44.6% | +6.6% | −51.1 pp | — |
| 1 year | −56.3% | +9.1% | −65.3 pp | +7.7% |
| 3 years | +63.6% | +47.9% | +15.7 pp | +26.3% |
| 5 years | −51.0% | +43.3% | −94.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -9.4 m | -11.7 m | -4.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.05 | -0.05 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -13.6 m | -28.8 m | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 30 Jun 2023
- Cash
- 9.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 56.8 m USD
- Total assets
- 71.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.82x
- ROE
- -9.0%
- ROA
- -7.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -9.6 m | -11.7 m | -4.3 m | esef· 09 Jan 2024verified |
| Interest expense | 255 | 0 | 28 | esef· 09 Jan 2024verified |
| Pre-tax income | -9.6 m | -11.7 m | -4.3 m | esef· 09 Jan 2024verified |
| Income tax | -212.9 k | 0 | 0 | esef· 09 Jan 2024verified |
| Net income | -9.4 m | -11.7 m | -4.3 m | esef· 09 Jan 2024verified |
| Diluted EPS | -0.05 | -0.05 | -0.02 | esef· 09 Jan 2024verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 16.8 m | 2.9 m | 9.7 m | esef· 09 Jan 2024verified |
| Current assets | 22.2 m | 5.3 m | 12.2 m | esef· 09 Jan 2024verified |
| Property, plant & equipment, net | 18.5 m | 31.3 m | 45.6 m | esef· 09 Jan 2024verified |
| Intangibles (excl. goodwill) | 132.0 k | 5.4 m | 13.8 m | esef· 09 Jan 2024verified |
| Total assets | 40.8 m | 42.0 m | 71.6 m | esef· 09 Jan 2024verified |
| Current liabilities | 4.6 m | 3.6 m | 14.9 m | esef· 09 Jan 2024verified |
| Total liabilities | 4.6 m | 3.6 m | 14.9 m | esef· 09 Jan 2024verified |
| Equity | 36.2 m | 38.4 m | 56.8 m | esef· 09 Jan 2024verified |
| Shares outstanding at year end | 199.4 m | 229.2 m | 254.6 m | esef· 09 Jan 2024derived |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.9 m | -7.9 m | -5.8 m | esef· 09 Jan 2024verified |
| Capex | 6.7 m | 20.8 m | — | esef· 17 Nov 2022verified |
| Free cash flow | -13.6 m ≈ | -28.8 m ≈ | — | esef· 17 Nov 2022derived |
| Investing cash flow | -6.7 m | -20.8 m | -11.6 m | esef· 09 Jan 2024verified |
| Financing cash flow | 26.2 m | 16.4 m | 23.9 m | esef· 09 Jan 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -153,671.3x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PENSANA PLC (PRE.L). Latest full fiscal year: 2023; data up to 2023-06-30.
Figures computed from the financial statements: ROE -9.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -153,671.2x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 100.2 bn | 13.0 | 16.5% | 30.3% | −1.0% | +2% / +80% |
| ABF.LAssociated British Foods PLC | 13.8 bn | 13.4 | 9.2% | 5.3% | −3.1% | −11% / −20% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.3 bn | 25.4 | 34.7% | 4.1% | +7.2% | −8% / +165% |
| AUTO.LAutotrader Group PLC | 4.7 bn | 16.0 | 60.2% | 47.1% | +3.9% | −15% / −25% |
| BBY.LBalfour Beatty PLC | 4.4 bn | 16.8 | 23.2% | 2.8% | +15.2% | +24% / +168% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.0 | 8.8% | 13.4% | −4.2% | −3% / −24% |
| BME.LB&M European Value Retail PLC | 2.7 bn | 16.8 | 21.2% | 2.8% | +3.7% | +62% / −52% |
| AJB.LAj Bell PLC | 2.4 bn | 23.0 | 49.9% | 33.1% | +18.0% | +9% / +130% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.1 | 13.1% | 71.6% | −0.1% | +40% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 22.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 751.1 m | 35.6 | 41.2% | 19.7% | +24.2% | +69% / unavailable |
| BAG.LA.G. Barr P.L.C. | 659.6 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.3 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 355.1 m | — | -93.4% | -39.2% | −20.6% | −43% / −84% |
| APTD.LAptitude Software Group PLC | 111.9 m | 28.6 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 74.9 m | 37.4 | 2.7% | 1.7% | −4.4% | +8% / −15% |
| AMGO.LAmigo Holdings PLC | 10.5 m | — | — | — | −81.9% | +350% / +900% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −15% / +141% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +77% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +52% / +55% |
1- and 3-year price returns: for PRE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pensana PLC is developing the Longonjo rare earth project in Angola, focused on NdPr, and plans the Saltend refinery in the United Kingdom to offer an independent and sustainable supply chain for magnets, wind turbines and hybrid vehicles. The strategy matters as demand for energy transition materials grows and the project benefits from new nearby infrastructure. The project remains in the construction and financing phase, and execution depends on the final investment decision. 1
SWOT
Strengths
- The Longonjo project has a significant orebody with a location close to transport and energy infrastructure.
- The company holds construction and environmental approvals for the extended life of mine, obtained alongside Angolan authorities.
- Its sustainability strategy and independent TCFD and CICERO recognition give it credible positioning with customers concerned about emissions.
Weaknesses
- The company has no commercial production yet and depends on completing financing for construction.
- Recruitment was temporarily paused due to funding constraints, showing vulnerability in the execution plan.
- Reliance on one main project in Angola increases exposure to country-specific risks.
Opportunities
- Demand for magnets in wind turbines and electric vehicles could support long-term contracts with industrial customers.
- Interest in alternative supply chains away from China could open markets for a Western supplier.
- Plans to expand into heavy rare earth oxide separation and magnet recycling could add value in future.
Threats
- Political and regulatory risks in Angola could affect the project timetable and costs.
- Competition from established producers and junior developers could reduce prices or market share.
- Fluctuations in rare earth prices could change the economic fundamentals of the project.
Risks
- Construction financinghigh
The company has not yet completed full financing for the project. If access to capital remains limited, construction could be delayed.
- Country risk in Angolahigh
Operating in a country with developing institutions brings risks related to regulation, taxation and relations with local authorities.
- Relations with local communitiesmedium
The economic displacement of agricultural activities requires fair compensation. If the process meets opposition, the timetable could be affected.
- Refinery technical executionmedium
Pilot tests have confirmed the design, but scaling to industrial level can bring unforeseen difficulties.
- Rare earth price volatilitymedium
NdPr prices are volatile, and project revenue depends on their level. If prices fall, margins could be reduced.
Investment thesis
What would need to be true (bull case)
- If the Longonjo project is completed within its cost and timetable parameters, the company could become an important alternative source of NdPr for Western markets.
- Infrastructure around the project reduces logistics risk and could make the investment cost a comparative advantage.
- Its sustainable positioning and independent certifications could attract customers in the automotive and wind energy industries.
What would break the thesis
- If financing is not completed, the project could remain in development for a long period without revenue.
- Country risk in Angola and the need to compensate communities could add unforeseen costs and delays.
- If NdPr prices fall or competition from China intensifies, the economic case for the project could weaken.
What to watch
- Final investment decision and financial close for Longonjo2024
- Completion of detailed studies for replacement land and progress of the resettlement planQ1 2024
- Engineering and contracting progress for the Saltend refinerynext annual report
- Confirmation of offtake contracts with industrial customers2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Pensana is a London-listed rare earths company aiming to become an independent and sustainable source of magnet metal oxides and carbonates, especially NdPr. The company bases its supply chain on the Longonjo project in Angola, where it plans low-cost extraction from the high-grade surface-weathered zone, followed by on-site concentration and partial refining. The resulting high-purity product would be exported through the Port of Lobito to the planned Saltend refinery, where final separation takes place 1.
Longonjo benefits from proximity to the EN260 national highway, the Benguela railway and the transmission line from the Laúca hydropower scheme. The company says this infrastructure lowers investment and logistics costs. The project is described as low capital expenditure compared with other rare earth developments 1.
Pensana has completed its FEED studies, engaged African-based engineering firms and secured the construction licence for the extended life of mine. The company also mentions plans to expand into heavy rare earth oxide separation and into magnet metal and alloy production and magnet recycling 1.
Segments
Longonjo project (Angola)
Longonjo is the main project, with a large, high-grade surface orebody and a plan for on-site extraction and concentration. The initial capital expenditure envelope was set at around 200 million USD 1.
Saltend refinery (United Kingdom)
Saltend is the planned refinery for NdPr separation, with access to the Humber port, intended to supply industrial and magnet markets. The company has obtained planning consent for the larger Reedmere site at Saltend 1.
Market context
Demand for NdPr is linked to permanent magnets used in wind turbines, electric vehicles and industrial motors, which makes the market sensitive to decarbonisation policy. Western suppliers are looking for alternatives to supply chains dominated by China, a trend that could support projects like Longonjo if it materialises 1.
Rare earth projects are capital-intensive and carry timing risk, and a lack of financing can delay construction. Pensana temporarily paused recruitment in 2023 due to funding constraints, showing that development pace depends on access to capital 1.
Trends
- Energy transition and magnet demandtailwind
Growth in wind turbine and electric vehicle production increases demand for NdPr. If this demand strengthens, newly developed projects could benefit from pricing and contracts with industrial customers 1.
- Regional infrastructure in Angolatailwind
The reconstructed Benguela railway and the upgraded Port of Lobito reduce logistics costs for mineral exports. These investments are an advantage if they operate as planned 1.
- Climate reporting requirementsmixed
Scope 1, 2 and 3 emissions are becoming more significant in the supply chains of major customers. The company is preparing through TCFD-aligned disclosure and a sustainability strategy, which could give it an edge in contracting 1.
- Financing constraintsheadwind
Mining development projects depend on capital available in financial markets. The company acknowledged that recruitment was paused temporarily due to funding constraints, and this factor could slow the execution plan 1.
Competitive position
Pensana competes with other rare earth developers and established producers that already have separation capacity and customer relationships in the magnet industry. The company's advantage lies in the Longonjo location near existing infrastructure and its sustainable supply positioning, but it remains a pre-production developer. This description relies on the official source, which does not name direct competitors.
The company differentiates itself through a low-capex project, a refinery in the United Kingdom and an ESG positioning. An advantage could become real if the final product meets customer specifications and the project is completed on the planned timetable.
- Chinese rare earth producers
Chinese players dominate rare earth separation and refining globally, which makes alternative supply chains a strategic priority for Western customers.
- Australian and Canadian rare earth developers
Several junior companies with NdPr projects compete for financing and offtake contracts, so execution pace matters.
- Integrated refining suppliers
Companies that control both extraction and separation can offer more predictable prices and timelines, which serves as a point of comparison for Pensana.
- Permanent magnet producers
Magnet makers are both customers and potential upstream integrators, and their relationships can shift market dynamics.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202309 Jan 2024
- Annual report 202217 Nov 2022
Sources
- [1] Annual report, fiscal year ended 2023-06-30 (ESEF) · SEC / Pensana PLC · 30 Jun 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.