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

$0.76

11 Aug
2025

0.020

OPEN

$0.74

2.70%

HIGH

$0.77

5,075,144

LOW

$0.74

TARGET
$1.033 36.0% 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) 6.3 xxx
DPS (cps) 2.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.1 xxx
Dividend Yield 2.6% xxx
Div Pay Ratio(%) 31.7% 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: 3.48%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.26

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

0.7

No. Of Recommendations

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

Citi

xx/xx/xxxx

3

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$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxx

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

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UBS

22/07/2025

1

Buy

$0.95

25.00%

UBS maintains a positive stance on Nickel Industries despite a stagnant commodity pricing outlook, citing its low-cost position and near-term operational catalysts.

While UBS's global commodity team remains bearish on the nickel market through 2025-28, there is thought to be limited downside with spot prices near the 75th percentile of the cost curve.

The broker's nickel price forecasts remain unchanged at US$6.90/lb for 2025 and US$7.50/lb for 2026, implying stability around current levels.

For Nickel Industries, the analysts highlight three key positives: its lowest-quartile cost base, the ramp-up of the ENC plant (which can deliver into LME markets), and potential upstream mine expansion including Sampala.

UBS is also incrementally more positive on management securing an expanded RKAB quota following feedback from its Indonesian nickel analyst.

Note: Without an approved RKAB or an approved increase in quota, a company cannot legally mine beyond specified volumes.

The broker raises its target price to 95c from 90c and continues to prefer Nickel Industries as a long-term play on low-cost nickel exposure. Buy.

FORECAST
UBS forecasts a full year FY25 dividend of 6.19 cents and EPS of 6.19 cents.
UBS forecasts a full year FY26 dividend of 6.19 cents and EPS of 10.83 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

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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

07/05/2025

3

Hold

$0.55

-27.63%

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, the commentary highlights.

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 4.64 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

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