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

$4.62

20 Feb
2025

-0.020

OPEN

$4.53

-0.43%

HIGH

$4.67

9,104,353

LOW

$4.30

TARGET
$5.35

-0.11 change from previous day

 15.8% 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 - 4.4 xxx
DPS (cps) xxx 37.0 1.3 xxx
EPS Growth xxx - 99.5% N/A xxx
DPS Growth xxx - 50.0% - 96.6% xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.3% xxx
Div Pay Ratio(%) xxx 10000.0% N/A xxx

Dividend yield today if purchased 3 years ago: 3.35%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 8.26

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

0.0

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

31/01/2025

3

Neutral

$5.45

17.97%

IGO Ltd's Greenbushes mine produced 392kt of spodumene in the December quarter, 7% ahead of UBS forecasts, though sales of 312kt were below expectations due to a delayed shipment.

While lithium prices may have bottomed, the broker remains cautious on the outlook for IGO’s nickel operations, with Nova facing declining grades as it mines the final stopes.

The analyst also expresses concerns about the Kwinana lithium hydroxide refinery, noting the joint venture has halted all works on Train 2 and faces a potential write-down. 

UBS maintains a Neutral rating and a $5.45 target price.

FORECAST
UBS forecasts a full year FY25 EPS of 2.00 cents.
UBS forecasts a full year FY26 EPS of 14.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$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

3

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

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Goldman Sachs

04/02/2025

1

Buy

$5.60

21.21%

IGO Ltd’s 2Q25 spodumene production of 393kt exceeded Goldman Sachs forecast of 333kt but sales of 312kt came in below on timing of shipments.

The company reported net cash of $247m in the quarter, with no debt and undrawn facilities of $720m. The company previously noted it will seek to further optimise existing assets before deploying new capital.

With lithium joint venture FY25 budgets still being set, the company left FY25 guidance unchanged, noting the performance was supportive for 2H FY25.

The broker reiterated its Greenbushes mass balance analysis vs JV partners’ downstreams implies declining net long spodumene positions and limited risk to Greenbushes production.

The analyst doesn't expect a dividend in 1H but expects a return in 2H. From the JV, the broker expects a dividend from FY26 as CGP3 capex spend ends.

Target price lowered to $5.60 from $6.05. Buy rating maintained.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of minus -14.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 7.00 cents and EPS of 11.00 cents.

Canaccord Genuity

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Rudi’s View: Best Ideas & Conviction Calls

Feb 20 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – Feb 19, 2025

Feb 19 2025 - Daily Market Reports
3
Rudi’s View: BHP, Capstone Copper, NextDC, WiseTech & Woodside

Feb 13 2025 - Rudi's View
4
Rudi’s View: AGL Energy, Bega Cheese, BRG, Harvey Norman, Imdex & Superloop

Feb 06 2025 - Rudi's View
5
Australian Broker Call *Extra* Edition – Feb 05, 2025

Feb 05 2025 - Daily Market Reports

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