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

$0.93

21 Jan
2026

0.010

OPEN

$0.92

1.09%

HIGH

$0.94

11,746,153

LOW

$0.91

TARGET
$1.13 21.5% 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) 3.6 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 25.2 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: 3.57%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.40

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-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

0.8

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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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

29/10/2025

1

Buy

$1.20

29.03%

Nickel Industries released its September quarterly report, with Bell Potter noting contained nickel production of 31,148t, in line with expectations, and cash costs -14% below forecast at US$9,846/t.

The Huayue Nickel Cobalt (HNC) High-Pressure Acid Leach (HPAL) plant produced 2,166t of mixed hydroxide precipitate (MHP), above the broker's 2,021t forecast, with costs of -US$7,610/t.

Hengjaya Mine achieved record ore sales of 3.1mt despite delays to an increased sales permit, which the analysts explain temporarily halted sales.

Overall, Bell Potter highlights strong operational performance and a strengthened balance sheet with US$986.9m in cash after a US$800m bond issue.

The Buy rating is kept and the target lowered to $1.20 from $1.35.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.00 cents.
Bell Potter forecasts a full year FY26 dividend of 8.00 cents and EPS of 2.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx, xxxx xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$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

12/01/2026

1

Upgrade to Buy from Hold

$1.05

12.90%

Canaccord Genuity notes base metals have continued to perform strongly, supported by global growth, with copper a standout due to tight supply, surging demand and zero TCRCs highlighting concentrate scarcity. TCRC stands for Treatment and Refining Charges.

The broker revised its base metals outlook, lifting near-term prices across all metals (except lead) and raising long-term assumptions for copper, aluminium, cobalt and tin. Copper’s long-term price forecast increased by 22% to US$5.50/lb to reflect a structural market shift.

At Nickel Industries' December quarterly, the broker expects operational EBITDA to decline -4% to US$80m due to weaker nickel prices, driving a -36% fall in cash to US$633m.

Rating upgraded to Buy from Hold. Target rises to $1.05 from $0.80 on a higher nickel price forecast and trimming of the discount rate to 11% from 12%.
Access Extra Coverage Research History >

NIC STOCK CHART

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2
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