IGO LIMITED (IGO)
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IGO

IGO - IGO LIMITED

FNArena Sector : Nickel
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.32
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

$8.30

04 Sep
2026

-0.110

OPEN

$8.35

-1.31%

HIGH

$8.43

3,534,260

LOW

$7.97

TARGET
$8.33 0.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . LEG . NIC . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
IGO: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 19.2 75.1 xxx
DPS (cps) xxx 5.0 22.0 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx N/A 100.0% xxx
PE Ratio xxx N/A 11.0 xxx
Dividend Yield xxx N/A 2.7% xxx
Div Pay Ratio(%) xxx 26.1% 29.3% xxx

Dividend yield today if purchased 3 years ago: 0.35%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.61

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 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx19.2
DPS All xxxxxxxxxxxxxxx5.0
Sales/Revenue xxxxxxxxxxxxxxx442.3 M
Book Value Per Share xxxxxxxxxxxxxxx296.3
Net Operating Cash Flow xxxxxxxxxxxxxxx132.4 M
Net Profit Margin xxxxxxxxxxxxxxx32.85 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx6.71 %
Return on Invested Capital xxxxxxxxxxxxxxx6.69 %
Return on Assets xxxxxxxxxxxxxxx6.05 %
Return on Equity xxxxxxxxxxxxxxx6.71 %
Return on Total Capital xxxxxxxxxxxxxxx-6.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx131.3 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx15 M
Long Term Debt xxxxxxxxxxxxxxx2 M
Total Debt xxxxxxxxxxxxxxx17 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx486 M
Price To Book Value xxxxxxxxxxxxxxx2.49

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx6.1 M
Capex % of Sales xxxxxxxxxxxxxxx1.38 %
Cost of Goods Sold xxxxxxxxxxxxxxx522 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx60 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,803 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

0.3

No. Of Recommendations

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

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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UBS

28/08/2026

3

Neutral

$8.85

6.63%

UBS remains cautious on IGO despite Greenbushes retaining best-in-class margins, with FY27 production guidance implying only 17% y/y growth following operational issues in FY26.

The broker highlights ongoing cash leakage from Kwinana and awaits the Greenbushes life-of-mine plan, due in the September quarter, for greater clarity on how production can be lifted towards its longer-term potential.

UBS has also reduced near-term free cash flow forecasts following cuts of -5%-35% to its lithium price assumptions, although these remain above consensus.

A 5c dividend was announced, representing around 30% of FY26 free cash flow, while UBS retains Neutral with an $8.85 target price.

FORECAST
UBS forecasts a full year FY27 dividend of 27.00 cents and EPS of 87.00 cents.
UBS forecasts a full year FY28 dividend of 28.00 cents and EPS of 101.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

30/08/2026

1

Buy

$8.75

5.42%

Canaccord Genuity retains a Buy rating for IGO Ltd with its target price decreased to $8.75 from $9.00 following an FY26 result featuring EBITDA of $323m and a positive surprise fully franked final dividend of 5.0c.

Revenue declined 12% year-on-year to $463m, while NPAT reached $145m, beating expectations due to an unanticipated tax credit.

The analyst notes the company remains in a similar position to last year with key issues persisting, including uncertainty around the timing of TLEA dividends, a lack of organic growth options, and unresolved matters at Kwinana.

Despite these challenges, the broker highlights the firm's solid foundation via its Greenbushes exposure and a debt-free balance sheet holding $387m in cash.

Anticipating a large receivables build within the TLEA joint venture to unwind and trigger dividends over FY27, Canaccord rolls forward its valuation model, driving the slight target price reduction.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 19.00 cents and EPS of 93.00 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 16.00 cents and EPS of 93.00 cents.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Weekly Ratings, Targets, Forecast Changes – 04-09-26

Sep 07 2026 - Weekly Reports
2
Rudi’s View: Resources, Healthcare & Best Buys

Sep 03 2026 - Rudi's View
3
Australian Broker Call *Extra* Edition – Sep 02, 2026

Sep 02 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Sep 01, 2026

Sep 01 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Aug 31, 2026

Aug 31 2026 - 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