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

$0.78

10 Oct
2025

-0.035

OPEN

$0.81

-4.29%

HIGH

$0.81

5,497,045

LOW

$0.78

TARGET
$1.042 33.5% 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) 4.5 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 16.9 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: 5.41%

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

xxxxxxx, xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

19/09/2025

1

Buy

$0.95

21.79%

UBS notes trade/war macro risks did not materialise as feared in 2Q2025, and the improved outlook since then supports rotation into miners. 

On a 12-month view, the broker is constructive on commodities with supportive supply dynamics and secular demand drivers, especially copper and aluminium. On gold, the broker is still positive but less so than at the start of 2025.

Coal and nickel have limited downside but no tightness either. In the case of lithium, the outlook is supportive but with wide price dispersion depending on China's supply scrutiny.

With iron ore, supply remains a potential overhang but over the next 6-12 months, the broker sees US$100/t hold.

No change to earnings forecasts for Nickel Industries despite trimming nickel benchmark prices by -3-5%.

Buy. Target unchanged at 95c.

FORECAST
UBS forecasts a full year FY25 dividend of 6.22 cents and EPS of 6.22 cents.
UBS forecasts a full year FY26 dividend of 6.22 cents and EPS of 10.88 cents.

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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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

10/10/2025

3

Hold

$0.80

2.56%

Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.

While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.

Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.

For Nickel Industries, the broker forecasts 2% q/q rise in nickel production at each of the two producing assets, RKEF and HNC. EBITDA forecast for FY25 lifted by 7% and by 41% for FY26.

Hold. Target rises to 80c from 68c.

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 3.11 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Australian Broker Call *Extra* Edition – Oct 10, 2025

Oct 10 2025 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 03-10-25

Oct 06 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Sep 04, 2025

Sep 04 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 29-08-2025

Aug 29 2025 - Australia
5
Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More

Aug 14 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