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

$3.94

02 May
2025

0.070

OPEN

$3.85

1.81%

HIGH

$3.99

4,104,049

LOW

$3.81

TARGET
$4.492 14.0% 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 - 18.0 xxx
DPS (cps) xxx 37.0 1.0 xxx
EPS Growth xxx - 99.5% N/A xxx
DPS Growth xxx - 50.0% - 97.3% 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: 2.95%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 9.30

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

0.3

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

01/05/2025

3

Neutral

$4.30

9.14%

IGO Ltd delivered mixed March quarter results, according to UBS, with Greenbushes spodumene production of 341kt falling short of the broker's 366kt estimate, while Nova outperformed with 4.2kt nickel versus 3.7kt forecast.

FY25 production guidance is unchanged, though capex for both Greenbushes and Kwinana has been reduced, and the FY26 exploration budget cut to -$35–40m.

The analysts model declining revenue and margin pressure into FY26 before potential upside returns from CGP3 ramp-up in 2026 and longer-term spodumene volume growth.

UBS retains a Neutral rating and $4.30 target price.

FORECAST
UBS forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -84.00 cents.
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

05/05/2025

3

Hold

$3.60

-8.63%

IGO Ltd's March quarter update showed earnings (EBITDA) of $34m, in line with internal forecasts but below consensus, according to Canaccord Genuity.

Nova outperformed with 4.2kt of nickel at $5.12/lb, generating $42m free cash flow, though guidance now caps mine life to end-2026. Greenbushes missed production expectations at 341kt but beat on costs, and stockpiles remain elevated, the broker details.

Canaccord Genuity lifts FY25 earnings (EBITDA) to $10m from a loss of –$70m due to improved Kwinana assumptions, while FY26 is lowered on reduced Nova volumes.

Target price lifts to $3.60 from $3.50. No change to Hold rating.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 20.00 cents and EPS of minus -9.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 9.00 cents and EPS of 5.00 cents.

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Australian Broker Call *Extra* Edition – May 05, 2025

10:35 AM - Daily Market Reports
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 24-04-25

Apr 24 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Apr 20, 2025

Apr 22 2025 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Apr 14, 2025

Apr 14 2025 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 11-04-25

Apr 14 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