IGO LIMITED (IGO)
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IGO

IGO - IGO LIMITED

FNArena Sector : Nickel
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.15
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

IGO Ltd, formerly known as Independence Group, is an Australian exploration and mining company operating in Western Australia and the Northern Territory. It has been a listed company since 2002.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.34

05 Jun
2025

0.380

OPEN

$3.99

9.60%

HIGH

$4.34

6,453,033

LOW

$3.99

TARGET
$4.375 0.8% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . LEG . NIC . QPM . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
IGO: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 0.4 - 18.2 xxx
DPS (cps) xxx 37.0 1.0 xxx
EPS Growth xxx - 99.5% N/A xxx
DPS Growth xxx - 50.0% - 97.3% xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.2% xxx
Div Pay Ratio(%) xxx 10000.0% N/A xxx

Dividend yield today if purchased 3 years ago: 3.13%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 8.83

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

Last ex-div: 11/09 - ex-div 26c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx0.4
DPS All xxxxxxxxxxxxxxx37.0
Sales/Revenue xxxxxxxxxxxxxxx796.4 M
Book Value Per Share xxxxxxxxxxxxxxx424.4
Net Operating Cash Flow xxxxxxxxxxxxxxx889.7 M
Net Profit Margin xxxxxxxxxxxxxxx0.35 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx0.08 %
Return on Invested Capital xxxxxxxxxxxxxxx0.08 %
Return on Assets xxxxxxxxxxxxxxx0.07 %
Return on Equity xxxxxxxxxxxxxxx0.08 %
Return on Total Capital xxxxxxxxxxxxxxx-4.91 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx156.7 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx23 M
Long Term Debt xxxxxxxxxxxxxxx26 M
Total Debt xxxxxxxxxxxxxxx49 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx530 M
Price To Book Value xxxxxxxxxxxxxxx1.33

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx198.9 M
Capex % of Sales xxxxxxxxxxxxxxx24.97 %
Cost of Goods Sold xxxxxxxxxxxxxxx931 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx49 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2,202 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

01/05/2025

1

Outperform

$5.50

26.73%

IGO reported a mixed third quarter, in Macquarie's view, with spodumene production from Greenbushes of 341kt missing the broker's estimates by -6%, while costs were a positive surprise, beating forecasts by 5%.

Group earnings (EBITDA) of $34m proved -20% below consensus, but the $284m closing cash balance beat expectations by $21m, highlights the analyst.

Capex guidance at Greenbushes was cut by -$150m, and production guidance of 1,350-1,550kt was retained, suggesting to the analysts the company remains on track to meet FY25 targets despite milling and sales disruptions.

Kwinana’s lithium hydroxide production of 1.6kt was flat quarter-on-quarter and missed Macquarie's expectation by -12%, though no change was made to guidance.

Nova’s nickel and copper production were ahead of Macquarie's expectations, and costs at Nova also beat, driven by better fixed-cost absorption.

The broker retains an Outperform rating, pointing to asset quality at Greenbushes and value creation potential from CGP3 (the third chemical grade processing plant under construction at Greenbushes), and leaves its $5.50 target unchanged.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 36.00 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 40.90 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Jarden

05/05/2025

1

Buy

$5.34

23.04%

The highlight of IGO Ltd's 3Q25 update was news the end of life for Nova mine was targeted for the end of 2026, 18 months ahead of Jarden's forecast.

The broker revised forecasts to incorporate -$20m closure liability plus other write-downs, resulting in a cut to FY25-26 EBITDA forecasts. 

Additional downward impact to the EBITDA forecast came from a reduction of around -US$100/t in SC6 price forecast in the short to medium term.

Apart from these adjustments, the 3Q25 was considered positive in terms of costs and capex outlook, though production was -6% lower than the broker's estimate.

Buy. Target price $5.34.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -9.80 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -35.40 cents.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Rudi’s View: NextDC, QBE, Superloop & Woodside

Jun 05 2025 - Rudi's View
2
Rudi’s View: The Contrarians’ View

May 29 2025 - Rudi's View
3
Rudi’s View: Rate Cut Winners & AI Beneficiaries

May 22 2025 - Rudi's View
4
Australian Broker Call *Extra* Edition – May 22, 2025

May 22 2025 - Daily Market Reports
5
Rudi’s View: 30 For ’30 & Best Buy Convictions

May 15 2025 - Rudi's View

Latest Nickel News

1
Nickel Industries: Potential & Risks

May 18 2023 - Small Caps
2
Investors Remain Attached To IGO’s Lithium Story

Nov 03 2022 - Australia
3
You Go Where IGO

Mar 08 2022 - Technicals
4
Nickel Mines’ Bumper Quarter Well Received

Jan 27 2021 - Australia
5
Odysseus Holds The Key To Western Areas

Nov 02 2020 - Australia
6
Nickel Mines An Emerging Force

Oct 21 2020 - Small Caps
7
Nickel Mines Poised For Price Recovery

Jul 10 2020 - Small Caps
8
SPONSORED: Galileo, Next Fraser Range Nickel Success Story?

Mar 04 2020 - FYI
9
IGO Dependent On Exploration Success

Feb 03 2020 - Australia
10
Independence Day?

Oct 29 2019 - Technicals