NICKEL INDUSTRIES LIMITED (NIC)
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NIC

NIC - NICKEL INDUSTRIES LIMITED

FNArena Sector : Nickel
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 3.88
Index: ASX200 | ASX300 | ALL-ORDS

Nickel Mines is an Australian producer of nickel pig iron, a key ingredient in the manufacture of stainless steel. Its assets & production facilities are in Indonesia. The company listed in 2018.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.595

05 May
2025

0.010

OPEN

$0.60

1.71%

HIGH

$0.61

9,473,971

LOW

$0.59

TARGET
$1.072 80.1% upside
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . IGO . LEG . QPM . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
NIC: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 6.0 xxx
DPS (cps) 4.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 10.0 xxx
Dividend Yield 6.7% xxx
Div Pay Ratio(%) 67.1% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 3.20%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.72

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 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-6.0
DPS All xxxxxxxxxxxxxxx4.0
Sales/Revenue xxxxxxxxxxxxxxx2,644.7 M
Book Value Per Share xxxxxxxxxxxxxxx79.7
Net Operating Cash Flow xxxxxxxxxxxxxxx298.9 M
Net Profit Margin xxxxxxxxxxxxxxx-9.66 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-7.33 %
Return on Invested Capital xxxxxxxxxxxxxxx-5.49 %
Return on Assets xxxxxxxxxxxxxxx-4.17 %
Return on Equity xxxxxxxxxxxxxxx-7.33 %
Return on Total Capital xxxxxxxxxxxxxxx4.33 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-5.3 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx220 M
Long Term Debt xxxxxxxxxxxxxxx1,483 M
Total Debt xxxxxxxxxxxxxxx1,703 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx359 M
Price To Book Value xxxxxxxxxxxxxxx1.04

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx115.7 M
Capex % of Sales xxxxxxxxxxxxxxx4.37 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,364 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx36 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,987 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

0.8

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

30/04/2025

1

Buy

$0.90

51.26%

Nickel Industries reported 1Q earnings (EBITDA) of US$97m, above the pre-guided US$85-90m range, notes UBS.

RKEF nickel production of 31.8kt was slightly below the broker's estimate due to temporary weather-related shutdowns.

Management deferred two remaining ENC payments (US$253m total) by six months each into 1H of FY26, providing balance sheet relief amid ongoing market challenges, highlight the analysts.

UBS remains constructive on the company's medium-term growth, backed by assets such as ENC, expanded Hengjaya operations, and the future Sampala project.

The broker retains a Buy rating with an unchanged price target of 90 cents.

FORECAST
UBS forecasts a full year FY25 dividend of 6.15 cents and EPS of 4.61 cents.
UBS forecasts a full year FY26 dividend of 3.08 cents and EPS of 12.30 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

1

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

Canaccord Genuity

06/05/2025

3

Hold

$0.55

-7.56%

Canaccord Genuity remains concerned around Nickel Industries' ability to generate cash flows in order to fund debt and project acquisitions.

Nickel Industries reported March quarter earnings (EBITDA) of US$90m, beating the broker's US$82m forecast, driven by stronger mining and HPAL contributions.

However, production from RKEF operations declined -3% quarter-on-quarter and cash conversion was modest at 11.4% after adjusting for dividend payments, highlight the analysts.

Balance sheet risks persist, with delays to US$253m in ENC payments signalling to the broker stretched liquidity. Additional debt or VAT refunds will be necessary to meet obligations, alongside US$121m in debt repayments due by year-end.

Indonesia’s royalty hike from 10% to 14% and delayed permits to expand Hengjaya Mine capacity also add to the cost base, highlight Canaccord.

The broker maintains a Hold rating and 55c target price.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 0.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 4.61 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Australian Broker Call *Extra* Edition – Apr 20, 2025

Apr 22 2025 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 11-04-25

Apr 14 2025 - Weekly Reports
3
Next Week At A Glance – 17-21 Mar 2025

Mar 14 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Mar 03, 2025

Mar 03 2025 - Daily Market Reports
5
FNArena Corporate Results Monitor – 25-02-2025

Feb 25 2025 - Australia

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