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: 4.87
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

$1.065

01 May
2026

0.030

OPEN

$1.07

2.90%

HIGH

$1.08

5,466,184

LOW

$1.05

TARGET
$1.533 44.0% upside
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . IGO . LEG . QPM . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
NIC: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 8.5 xxx
DPS (cps) 2.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.4 xxx
Dividend Yield 1.9% xxx
Div Pay Ratio(%) 23.5% 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: 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: 27/02 - (franking ex-div 1.50c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-2.0
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx2,557.5 M
Book Value Per Share xxxxxxxxxxxxxxx70.6
Net Operating Cash Flow xxxxxxxxxxxxxxx157.7 M
Net Profit Margin xxxxxxxxxxxxxxx-3.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-2.73 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.84 %
Return on Assets xxxxxxxxxxxxxxx-1.39 %
Return on Equity xxxxxxxxxxxxxxx-2.73 %
Return on Total Capital xxxxxxxxxxxxxxx3.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx106.3 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx151 M
Long Term Debt xxxxxxxxxxxxxxx1,653 M
Total Debt xxxxxxxxxxxxxxx1,804 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx535 M
Price To Book Value xxxxxxxxxxxxxxx1.18

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx59.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.31 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,301 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx65 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,872 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

1.0

No. Of Recommendations

3
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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Macquarie

30/04/2026

1

Outperform

$1.20

12.68%

Nickel Industries posted first quarter results that were largely in line with forecasts, as Macquarie observes a strong start to the year with group-adjusted EBITDA of $136m.

Management has flagged potential upside from a higher mining quota, with an application to be submitted mid year that could further reduce the constraints on operations.

Although diesel price volatility remains a headwind the company has signalled that only around 65% of the mining fleet is diesel-powered and exposure is set to fall once the limonite slurry pipeline is commissioned for ENC. Target rises to $1.20 from $1.10 and an Outperform rating is maintained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 1.34 cents and EPS of 8.52 cents.
Macquarie forecasts a full year FY27 dividend of 6.58 cents and EPS of 19.43 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

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

20/04/2026

1

Buy

$1.15

7.98%

Canaccord Genuity notes the closure of the Strait of Hormuz has several potential flow-on effects for base metals pricing.

Around 10% of global aluminium supply is linked to flows through Hormuz, while roughly 45% of global sulphur supply originates from the Middle East, with about a quarter transiting the strait, the analysts explain.

Against this backdrop, the broker has made modest adjustments to its price deck, lifting short-term nickel and short- to mid-term tin price forecasts.

Canaccord increases its target for Nickel Industries to $1.15 from $1.10, reflecting higher nickel production and improved RKEF assumptions, partially offset by increased HPAL costs due to higher acid prices. Buy rating retained.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 2.99 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 2.99 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Australian Broker Call *Extra* Edition – Apr 20, 2026

Apr 20 2026 - Daily Market Reports
2
The Critical State Of Critical Minerals

Apr 07 2026 - Feature Stories
3
Australian Broker Call *Extra* Edition – Mar 04, 2026

Mar 04 2026 - Daily Market Reports
4
FNArena Corporate Results Monitor – 24-02-2026

Feb 24 2026 - Australia
5
Australian Broker Call *Extra* Edition – Feb 03, 2026

Feb 03 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