IGO LIMITED (IGO)
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IGO

IGO - IGO LIMITED

FNArena Sector : Nickel
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: -1.25
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

IGO is an Australian resources company focused on metals for clean energy, with the Nova nickel-copper-cobalt operation and lithium interests through its Tianqi Lithium Energy Australia joint venture.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.77

24 Aug
2026

0.410

OPEN

$8.68

4.90%

HIGH

$8.79

2,997,830

LOW

$8.52

TARGET
$8.26

-0.16 change from previous day

 -5.8% downside
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 FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 126.1 13.5 xxx
DPS (cps) xxx 0.0 1.5 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 61.6 xxx
Dividend Yield xxx N/A 0.2% xxx
Div Pay Ratio(%) xxx N/A 11.1% xxx

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

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

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-126.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx499.9 M
Book Value Per Share xxxxxxxxxxxxxxx276.8
Net Operating Cash Flow xxxxxxxxxxxxxxx37.9 M
Net Profit Margin xxxxxxxxxxxxxxx-190.96 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-36.01 %
Return on Invested Capital xxxxxxxxxxxxxxx-35.76 %
Return on Assets xxxxxxxxxxxxxxx-32.23 %
Return on Equity xxxxxxxxxxxxxxx-36.01 %
Return on Total Capital xxxxxxxxxxxxxxx-9.50 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-164.2 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 xxxxxxxxxxxxxxx11 M
Total Debt xxxxxxxxxxxxxxx31 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx344 M
Price To Book Value xxxxxxxxxxxxxxx1.51

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx5.3 M
Capex % of Sales xxxxxxxxxxxxxxx1.06 %
Cost of Goods Sold xxxxxxxxxxxxxxx676 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx79 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,599 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

0.4

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Macquarie

29/07/2026

1

Outperform

$9.50

(19/08/2026)

8.32%

Greenbushes led the way to a strong outcome for IGO Ltd in the fourth quarter, Macquarie observes, with the outage at CGP3 shorter than feared.

The TLEA cash balance is estimated to have increased to $425m by the end of FY26; yet, given ongoing funding requirements at Kwinana and volatility in the lithium market, a near-term dividend appears unlikely.

There is scope for higher IGO dividends when liquidity exceeds $500m, under the company's capital management plan, and Macquarie estimates liquidity reached $700m by June.

Outperform. Target is $10.50.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.40 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 60.10 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$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

1

xxx

$xx.xx

xx.xx%

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Jarden

30/07/2026

3

Neutral

$6.00

-31.58%

Jarden maintains a Neutral rating for IGO Ltd with its target price lowered to $6.00 from $6.20 following the release of a quarterly production update.

The resumption of the Windfield dividend, delivering a $390m payout with 97m attributable to the company, served as the primary highlight of the period.

Operations at Greenbushes concluded FY26 at the upper end of revised guidance, generating an 80% EBITDA margin despite lithium oxide grades tracking below historical averages at 1.73%.

The joint venture structure continues restricting visibility on mining and processing physicals, prompting the analyst to await the upcoming life-of-mine optimisation disclosure.

The broker considers the stock the preferred lithium exposure, noting the current share price implies a long-term spodumene concentrate price of US$1,400/t.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Australian Broker Call *Extra* Edition – Aug 06, 2026

Aug 06 2026 - Daily Market Reports
2
The Surge of Chinese EVs in Australia

Aug 03 2026 - Australia
3
Australian Broker Call *Extra* Edition – Aug 03, 2026

Aug 03 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Jul 30, 2026

Jul 30 2026 - Daily Market Reports
5
Material Matters: Deep Dive Into Lithium Pullback

Jul 21 2026 - Commodities

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