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

$0.62

30 Oct
2026

-0.010

OPEN

$0.65

-1.59%

HIGH

$0.65

5,189,625

LOW

$0.61

TARGET
$1.17 88.7% upside
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . IGO . LEG . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
NIC: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 3.3 xxx
DPS (cps) N/A xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 17.9 xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A 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

0.8

No. Of Recommendations

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

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

23/10/2026

1

Outperform

$1.00

61.29%

Post the initial look outlined below, Macquarie lowers its target price to $1, down -17% on lower near-term earnings forecasts.

EPS forecasts are downgraded by -17% for 2026 and -7% for 2027. Outperform rating maintained, with Nickel Industries offering robust upside leverage. Every 10% move in the nickel price results in a circa 25% change in valuation.

In a flash update, Macquarie highlights Nickel Industries' September quarter adjusted EBITDA of US$125.9m, beating consensus by 21%, driven by record ore sales and earnings at Hengjaya.

Ore sales of 4.5Mt exceeded expectations by 13%, with unit costs falling 15%, although RKEF production missed forecasts and costs rose due to higher benchmark prices and maintenance at HNI.

Cash declined to US$145.9m, reflecting working capital pressures, while ENC secured US$245m in debt financing after quarter-end.

The analyst notes December quarter guidance implies lower NPI production, with upside to mine sales dependent on approval of an increased 19Mt annual quota, while HNI's overhaul is expected to lift production by approximately 17% upon completion.

Outperform rated. Target $1.20.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.43 cents and EPS of 5.17 cents.
Macquarie forecasts a full year FY27 dividend of 3.88 cents and EPS of 17.37 cents.

UBS

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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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

13/10/2026

1

Buy

$1.15

85.48%

Canaccord Genuity maintains a Buy rating for Nickel Industries with its target price increased to $1.15 from $1.10 following a site visit to the Indonesia Morowali Industrial Park in Sulawesi.

The analyst notes the imminent completion of an extensive nine-year capital build phase positions the producer for an inflection point in free cash flow and earnings per share accretion.

Ramping up the new ENC high-pressure acid leach operation shifts the product mix towards high-end refined materials, driving total refined product output from 103k tonnes in 2026 to 151k tonnes in 2028.

The ongoing Sampala mine development will secure long-life ore feedstock for existing facilities, supporting a transition from a peak net debt position of US$1.02bn in the June 2027 quarter to a net cash position by 2030.

Canaccord Genuity upgrades earnings per share estimates by 10% for 2027 and 48% for 2028 while altering the valuation methodology to incorporate a one-year forward price-to-earnings multiple of 15x.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Rudi’s View: High Conviction ASX Opportunities

Oct 29 2026 - Rudi's View
2
Rudi’s View: Quality At Home, Value Abroad

Oct 22 2026 - Rudi's View
3
Australian Broker Call *Extra* Edition – Oct 13, 2026

Oct 13 2026 - Daily Market Reports
4
Rudi’s View: Resources, Healthcare & Best Buys

Sep 03 2026 - Rudi's View
5
Australian Broker Call *Extra* Edition – Aug 31, 2026

Aug 31 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