ILUKA RESOURCES LIMITED (ILU)
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ILU

ILU - ILUKA RESOURCES LIMITED

FNArena Sector : Mineral Sands
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 0.58
Index: ASX200 | ASX300 | ALL-ORDS

Iluka Resources is an Australian mining company specialising in mineral sands exploration and production. It is the world's largest producer of zircon, titanium dioxide, rutile and synthetic rutile. The company has been listed in some form since 1962.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.17

24 Mar
2025

0.030

OPEN

$4.13

0.72%

HIGH

$4.17

1,247,285

LOW

$4.08

TARGET
$5.48

-0.10 change from previous day

 31.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ADN . IMA . SFX . STA . VHM .
FNARENA'S MARKET CONSENSUS FORECASTS
ILU: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 54.1 36.8 xxx
DPS (cps) xxx 8.0 7.0 xxx
EPS Growth xxx - 32.7% - 32.1% xxx
DPS Growth xxx 14.3% - 12.0% xxx
PE Ratio xxx N/A 11.5 xxx
Dividend Yield xxx N/A 1.7% xxx
Div Pay Ratio(%) xxx 14.8% 19.1% xxx

Dividend yield today if purchased 3 years ago: 0.72%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.89

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: 03/09 - ex-div 4c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx54.1
DPS All xxxxxxxxxxxxxxx8.0
Sales/Revenue xxxxxxxxxxxxxxx1,170.3 M
Book Value Per Share xxxxxxxxxxxxxxx551.7
Net Operating Cash Flow xxxxxxxxxxxxxxx154.1 M
Net Profit Margin xxxxxxxxxxxxxxx19.76 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx10.24 %
Return on Invested Capital xxxxxxxxxxxxxxx9.34 %
Return on Assets xxxxxxxxxxxxxxx6.21 %
Return on Equity xxxxxxxxxxxxxxx10.24 %
Return on Total Capital xxxxxxxxxxxxxxx11.46 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-313.4 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 xxxxxxxxxxxxxxx13 M
Long Term Debt xxxxxxxxxxxxxxx279 M
Total Debt xxxxxxxxxxxxxxx291 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx136 M
Price To Book Value xxxxxxxxxxxxxxx0.92

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx433.9 M
Capex % of Sales xxxxxxxxxxxxxxx37.08 %
Cost of Goods Sold xxxxxxxxxxxxxxx692 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx193 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx454 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

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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UBS

21/02/2025

3

Neutral

$5.30

27.10%

Iluka Resources has reaffirmed plans for Balranald commissioning in 2H25 and Eneabba production from 2028, though UBS sees risks in both projects, particularly around mineral sands demand and feedstock supply.

Capital expenditure for 2025 has been increased to -$1.08bn, with Balranald costs coming in higher than expected due to deferred spending and inflation.

The broker believes Iluka remains undervalued but needs to rebuild confidence in its mineral sands business and de-risk its growth projects.

UBS analysts have maintained a Neutral rating on Iluka Resources, lowering the price target to $5.30 from $6.70.

Financial forecasts have been revised, with FY25, FY26, and FY27 EPS estimates cut by -33%, -41%, and -29%, respectively, due to lower mineral sands production guidance and weaker pricing assumptions.

FORECAST
UBS forecasts a full year FY25 dividend of 10.00 cents and EPS of 37.00 cents.
UBS forecasts a full year FY26 dividend of 12.00 cents and EPS of 40.00 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

20/02/2025

3

Hold

$5.00

19.90%

Iluka's underlying EBITDA of $499m was ahead of Canaccord Genuity's $480m forecast but the beat was largely driven by a larger-than-expected positive inventory movement, the broker explains.

The company guided to FY25 total capex of -$1.08bn, broadly in line with the broker's -$1.12bn estimate but above consensus of -$930m.

The broker notes the Eneabba project build is progressing but key risks such as offtake and utilisation remain. The analyst also sees risks around the company's flagged feedstock options to fill the refinery.

Hold maintained and target price is $5.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 63.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 75.00 cents.
Access Extra Coverage Research History >

ILU STOCK CHART

FNArena News on ILU

1
Rudi’s View: To Sell Or Not To Sell

Mar 06 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – Feb 24, 2025

Feb 24 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 21-02-25

Feb 24 2025 - Weekly Reports
4
FNArena Corporate Results Monitor – 22-02-2025

Feb 22 2025 - Australia
5
FNArena Corporate Results Monitor – 20-02-2025

Feb 20 2025 - Australia

Latest Mineral Sands News

1
Heightened Prospects For Iluka Resources

Apr 26 2021 - Australia
2
Brokers Tick Iluka’s Review But Doubt Outlook

Nov 06 2019 - Australia
3
Strong Outlook For Iluka Despite Soft Start

Apr 17 2019 - Australia
4
Iluka Enjoying Strong Pricing Trend In 2018

Jul 25 2018 - Australia
5
2018 Looks Bright For Iluka Resources

Jan 30 2018 - Australia
6
Iluka Beats All Forecasts

Jul 25 2017 - Australia
7
Weekly Ratings, Targets, Forecast Changes

Jan 23 2017 - Weekly Reports
8
Iluka Raises Rutile Profile, But Will It Pay?

Dec 14 2016 - Australia
9
More Favourable Outlook For Mineral Deposits

Aug 01 2016 - Small Caps
10
Material Matters: 2016 Outlook, Precious & Base Metals, Iron Ore And Steel

Apr 11 2016 - Commodities