VULCAN ENERGY RESOURCES LIMITED (VUL)
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VUL

VUL - VULCAN ENERGY RESOURCES LIMITED

FNArena Sector : New Battery Elements
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: -0.89
Index: ASX200 | ASX300 | ALL-ORDS

Vulcan Energy Resources is developing an integrated renewable energy and lithium business in Germany’s Upper Rhine Valley, using geothermal brines to produce lithium and renewable heat and power.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.55

31 Jul
2026

0.070

OPEN

$2.56

2.82%

HIGH

$2.60

1,970,539

LOW

$2.52

TARGET
$4.50 76.5% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
VUL: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) N/A xxx
DPS (cps) N/A xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in EUR.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
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Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-51.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx12.9 M
Book Value Per Share xxxxxxxxxxxxxxx315.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-120.9 M
Net Profit Margin xxxxxxxxxxxxxxx-946.60 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-11.61 %
Return on Invested Capital xxxxxxxxxxxxxxx-11.31 %
Return on Assets xxxxxxxxxxxxxxx-10.49 %
Return on Equity xxxxxxxxxxxxxxx-11.61 %
Return on Total Capital xxxxxxxxxxxxxxx-9.58 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-205.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx21 M
Long Term Debt xxxxxxxxxxxxxxx50 M
Total Debt xxxxxxxxxxxxxxx72 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx912 M
Price To Book Value xxxxxxxxxxxxxxx1.40

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx87.9 M
Capex % of Sales xxxxxxxxxxxxxxx683.37 %
Cost of Goods Sold xxxxxxxxxxxxxxx66 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx51 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx15 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

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Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

31/07/2026

1

Speculative Buy

$4.50

76.47%

Vulcan Energy Resources has commenced the development of its Phase 1 Lionheart project in Germany. Financial close has been achieved on the final components of a EUR2.2bn funding package.

Upstream brine development is underway and the project remains on budget and scheduled for production from 2028. The project is expected to produce 24,000tpa of lithium hydroxide monohydrate, 275GWh/year of electricity and 650GWh/year of heat from a geothermal brine resource.

Bell Potter assesses the project's potential for subsequent staged expansion supports a valuation of $4.50 (target price). Speculative Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -7.30 cents.
Bell Potter forecasts a full year FY27 EPS of 37.81 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

01/08/2026

1

Speculative Buy

$10.75

321.57%

Canaccord Genuity maintains a Speculative Buy rating for Vulcan Energy Resources with a $10.75 target price following execution progress on the Lionheart lithium project in Germany.

Achieving financial close on its EUR2.2bn funding package earlier in the year, the company advanced construction across upstream drilling, pipeline infrastructure, geothermal extraction plants, and central chemical facilities.

Testing at the LSC-2 well recorded reservoir temperatures of 169°C and lithium grades of 190ppm to 200ppm, exceeding model expectations while drilling commenced at LSC-3.

The period concluded with EUR316m in cash and restricted reserves, with debt facility drawdowns expected in the first quarter of 2027 alongside partner equity contributions.

The analyst considers the project fully funded for Phase 1 delivery, maintaining a risked net asset valuation model as construction activities scale up.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.41 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -6.81 cents.
Access Extra Coverage Research History >

VUL STOCK CHART

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