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

$0.725

22 Sep
2025

0.025

OPEN

$0.71

3.57%

HIGH

$0.73

6,176,967

LOW

$0.71

TARGET
$1.005 38.6% 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) 4.3 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 17.0 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: 4.88%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.71

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

0.5

No. Of Recommendations

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

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xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxx

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xx.xx%

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xx/xx/xxxx

3

xxxxxxx

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Macquarie

29/08/2025

3

Neutral

$0.73

0.69%

Nickel Industries' underlying earnings were -11% below consensus and profit -63% below on lower revenue, higher costs, and higher taxes. No dividend was declared.

Deciding not to declare a dividend makes sense, in Macquarie's view, to conserve the balance sheet in a suppressed nickel market.

The company has indicated it expects to refinance its debt during the Dec and March Qs. Management has taken early steps to enter into a new US$100m debt facility, which will bolster the cash position.

While there are some positive catalysts approaching, Macquarie believes the balance sheet position is a headwind for the stock, and any further levers Nickel Industries can pull to improve its balance sheet position would likely be viewed favourably. 

Target falls to 73c from 75c, Neutral retained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.17 cents.
Macquarie forecasts a full year FY26 dividend of 1.24 cents and EPS of 5.12 cents.

Ord Minnett

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

04/09/2025

3

Hold

$0.68

-6.21%

Canaccord Genuity notes Nickel Industries' 1H25 result highlighted ongoing cash flow and balance sheet pressures despite revenue coming in line.

EBITDA and net profit both missed expectations, free cash flow was materially weaker than forecast, and net debt increased, underlining liquidity concerns ahead of upcoming obligations.

The company is yet to receive the outstanding US$110m in VAT payments from the government, but expects this will happen in the next 6-12 months.

The broker highlights the attributable EBITDA from 10% stake in HNC HPAL is a positive read-through for ENC. 

The cathode plant commissioning is deferred until 1Q2026, aligned with expected sales license issuance, with focus shifted to completing ENC HPAL and sulphate circuit first.

Hold. Target price 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 3.10 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Australian Broker Call *Extra* Edition – Sep 04, 2025

Sep 04 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 29-08-2025

Aug 29 2025 - Australia
3
Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More

Aug 14 2025 - Rudi's View
4
Weekly Ratings, Targets, Forecast Changes – 08-08-25

Aug 11 2025 - Weekly Reports
5
Rudi’s View: AI Updates, Hot Favourites & First August Results

Aug 07 2025 - Rudi's View

Latest Nickel News

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Nickel Industries: Potential & Risks

May 18 2023 - Small Caps
2
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Nov 03 2022 - Australia
3
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Mar 08 2022 - Technicals
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Jan 27 2021 - Australia
5
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Nov 02 2020 - Australia
6
Nickel Mines An Emerging Force

Oct 21 2020 - Small Caps
7
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Jul 10 2020 - Small Caps
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Oct 29 2019 - Technicals