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

$0.51

15 Apr
2025

0.015

OPEN

$0.50

3.03%

HIGH

$0.53

15,169,676

LOW

$0.50

TARGET
$1.062 108.2% 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) 5.8 xxx
DPS (cps) 4.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 8.6 xxx
Dividend Yield 8.0% xxx
Div Pay Ratio(%) 68.5% 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 :

 8.00

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: 03/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic 4.88.27.38.65.4-6.0
DPS All 0.03.04.04.04.54.0
Sales/Revenue 679.4 M760.4 M860.6 M1,755.6 M2,832.5 M2,644.7 M
Book Value Per Share 35.048.456.270.182.979.7
Net Operating Cash Flow 55.0 M210.2 M243.4 M52.4 M269.3 M298.9 M
Net Profit Margin 23.94 %21.13 %21.35 %13.06 %6.47 %-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 45.99 %17.59 %13.96 %13.78 %6.70 %-7.33 %
Return on Invested Capital 40.99 %16.44 %11.81 %10.01 %5.13 %-5.49 %
Return on Assets 23.50 %11.17 %9.01 %7.14 %3.70 %-4.17 %
Return on Equity 45.99 %17.59 %13.96 %13.78 %6.70 %-7.33 %
Return on Total Capital 37.47 %18.03 %14.63 %13.81 %10.58 %4.33 %
Free Cash Flow ex dividends 12.4 M177.0 M134.7 M-225.3 M-159.4 M-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 6 M17 M13 M11 M377 M220 M
Long Term Debt 86 M42 M438 M813 M861 M1,483 M
Total Debt 92 M58 M451 M825 M1,238 M1,703 M
Goodwill - Gross 79 M72 M107 M---
Cash & Equivalents - Generic 71 M455 M190 M213 M1,141 M359 M
Price To Book Value 1.792.282.541.380.841.04

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex 42.6 M10.7 M8.7 M172.8 M359.9 M115.7 M
Capex % of Sales 6.27 %1.41 %1.01 %9.84 %12.71 %4.37 %
Cost of Goods Sold 439 M521 M572 M1,337 M2,328 M2,364 M
Selling, General & Admin. Exp & Other 11 M7 M15 M20 M28 M36 M
Research & Development ------
Investments - Total 0 M0 M5 M0 M773 M1,987 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

UBS

xx/xx/xxxx

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xx/xx/xxxx

3

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$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

26/03/2025

1

Outperform

$0.85

66.67%

Macquarie explains unseasonally wet weather has affected Nickel Industries' pig iron nickel facility ONI in Indonesia, with a three-day operational suspension.

Management announced 1Q25 earnings (EBITDA) will come in the range of US$89m–US$90m versus the broker's estimate of US$92m and consensus at US$80m.

The broker lowers earnings estimates to the midpoint of the guidance range to US$87.5m. Nickel Industries also highlighted the Hengjaya mine delivered 2.6m wet metric tons (wmt) for the quarter to date versus Macquarie's forecast of 3m wmt.

The analyst lowers the EPS estimate for 2025 by -2% on the update. No change to Outperform rating and 85c target price.

FORECAST
Macquarie forecasts a full year FY25 dividend of 2.46 cents and EPS of 6.91 cents.
Macquarie forecasts a full year FY26 dividend of 3.23 cents and EPS of 10.60 cents.

Citi

xx/xx/xxxx

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xx/xx/xxxx

1

xxx

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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

03/03/2025

3

Hold

$0.80

56.86%

Nickel Industries' 2024 adjusted earnings missed consensus on higher expenses, Canaccord Genuity notes. Earnings exclude a -US $236.6m impairment expense attributed to the write-down of carrying value of Hengjaya and Ranger operations. 

The company has recently been in an investment phase, which appears to be coming towards its end, the commentary suggests.

Canaccord continues to watch the company's cash balance as payments approach and have cut its assumed dividend payments to 3c from 5c in 2025 to preserve cash.

Nickel Industries continues to work through a capital intensive period. This drain on cash puts its balance sheet at risk, however, by the end of the year the miner potentially moves to a free cash flow position, which Canaccord believes may be a potential re-rating catalyst.

Target falls to 80c from 85c, Hold retained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 3.07 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 3.00 cents and EPS of 6.14 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Weekly Ratings, Targets, Forecast Changes – 11-04-25

Apr 14 2025 - Weekly Reports
2
Next Week At A Glance – 17-21 Mar 2025

Mar 14 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Mar 03, 2025

Mar 03 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 25-02-2025

Feb 25 2025 - Australia
5
Rudi’s View: Best Ideas & Conviction Calls

Feb 20 2025 - Rudi's View

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