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 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

$4.63

15 Sep
2025

0.290

OPEN

$4.35

6.68%

HIGH

$4.65

3,795,262

LOW

$4.28

TARGET
$4.93

-0.02 change from previous day

 6.5% 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 FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 126.1 1.2 xxx
DPS (cps) xxx 0.0 0.5 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 400.0 xxx
Dividend Yield xxx N/A 0.1% xxx
Div Pay Ratio(%) xxx N/A 42.6% 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 © 2025 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

0.2

No. Of Recommendations

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

Citi

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

29/08/2025

3

Neutral

$5.65

22.03%

UBS trims its price target for IGO Ltd to $5.65 from $5.75 and maintains Neutral after a FY25 headline loss dominated by large non-cash impairments; underlying net loss was -$173m with $280m cash and no drawn debt.

Commentary suggests the focus shifts to maximising Greenbushes: ramping CGP3 through 2026, optimising installed capacity, refitting TRP and assessing CGP4.

FY26 guidance holds at 1.5–1.65mt with "sector-leading cash costs" of $310–360/t and capex of -$575–$675m.

The broker observes Kwinana remains a cash drain despite full write-downs, while the nickel portfolio is being wound down.

Forecasts have seen small amendments and currently a modest DPS resumption from 2027 is implied.

FORECAST
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.00 cents.
UBS forecasts a full year FY27 dividend of 4.00 cents and EPS of 32.00 cents.

Bell Potter

xx/xx/xxxx

-1

xx xxxxxx

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

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

03/09/2025

3

Hold

$5.00

7.99%

IGO Ltd's FY25 EBITDA came in at -$43m vs pre-reported $14m, and unsurprisingly, missed both Canaccord Genuity and the consensus forecasts. The driver was a $58m increase in nickel rehabilitation provisions.

That flowed to the net profit line and missed expectations. The broker notes the share of loss from TLEA was -$642m, a sharp reversal from $553m profit received in FY24.

Net debt is now $75m after excluding $280m cash from the $355m debt position. While the result was heavily impacted by impairments and provisions, the broker reckons the near-term earnings profile is clouded too.

On the bright side, the lithium market is buoyant. No change to forecasts.

Hold. Target rises to $5.00 from $4.60.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 10.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 26.00 cents.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Australian Broker Call *Extra* Edition – Sep 08, 2025

Sep 08 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Sep 03, 2025

Sep 03 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 29-08-25

Sep 01 2025 - Weekly Reports
4
FNArena Corporate Results Monitor – 29-08-2025

Aug 29 2025 - Australia
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 22-08-25

Aug 22 2025 - Weekly 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