Key takeaways:

Revenue: $757 M (down 65% on PCP)

Profit: $213 M (down 82% on PCP)

EPS: 7.25 cents (down 82% on PCP)

Trading on forward PER of around 25......................

Current share price includes a premium for a recovery in Spodumene prices........

Production relatively flat @ 144.2 kT

Sales up 6%

Revenue down 42% on prior quarter, as Lithium Hydroxide prices collapse.

Realised price per Tonne down 31% on prior quarter.

Looks to be trading on a forward PER of 15, assuming they maintain current realised price. The problem is Spodumene prices have fallen a further 20% over the past month.

IMO, there appears to be more downside than upside at present.