Goodman Group, Pilbara Minerals below long-term valuation averages

Pilbara Minerals, which owns 100% of the Pilgangoora hard-rock lithium operation in Western Australia, trades at a price-sales ratio of 13.08 times. Its five-year average is 20.35 times, the analysis noted. The company sells spodumene concentrate through offtake agreements with Great Wall Motor and POSCO, and via spot sales on the Battery Material Exchange platform.

The lower multiples suggest both stocks are pricing in headwinds. For Goodman, the falling dividend yield–driven by a declining payout rather than a rising share price–points to pressure on earnings from the property group's operations. For Pilbara, the discount to its historical price-sales ratio reflects the volatility of lithium prices, which have come off their 2022 highs as EV demand growth slowed.

Neither metric alone determines value. The Rask analysis noted that investors should use multiple valuation methods, including discounted cash flow models, before making a decision. The current readings offer a starting point for those tracking ASX property and lithium exposure.