IGO LIMITED (IGO)
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IGO

IGO - IGO LIMITED

FNArena Sector : Nickel
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.32
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

IGO is an Australian resources company focused on metals for clean energy, with the Nova nickel-copper-cobalt operation and lithium interests through its Tianqi Lithium Energy Australia joint venture.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.29

27 Aug
2026

0.100

OPEN

$8.03

1.22%

HIGH

$8.54

1,913,355

LOW

$8.01

TARGET
$8.26 -0.4% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . LEG . NIC . QPM . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
IGO: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 19.2 67.0 xxx
DPS (cps) xxx 0.0 13.0 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 12.8 xxx
Dividend Yield xxx N/A 1.5% xxx
Div Pay Ratio(%) xxx N/A 19.4% xxx

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: 11/09 - ex-div 26c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx19.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx442.3 M
Book Value Per Share xxxxxxxxxxxxxxx296.3
Net Operating Cash Flow xxxxxxxxxxxxxxx132.4 M
Net Profit Margin xxxxxxxxxxxxxxx32.85 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx6.71 %
Return on Invested Capital xxxxxxxxxxxxxxx6.69 %
Return on Assets xxxxxxxxxxxxxxx6.05 %
Return on Equity xxxxxxxxxxxxxxx6.71 %
Return on Total Capital xxxxxxxxxxxxxxx-6.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx131.3 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx15 M
Long Term Debt xxxxxxxxxxxxxxx2 M
Total Debt xxxxxxxxxxxxxxx17 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx486 M
Price To Book Value xxxxxxxxxxxxxxx2.49

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx6.1 M
Capex % of Sales xxxxxxxxxxxxxxx1.38 %
Cost of Goods Sold xxxxxxxxxxxxxxx522 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx60 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,803 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

0.4

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

28/08/2026

3

Equal-weight

$6.85

-17.37%

Morgan Stanley maintains an Equal-weight rating for IGO Ltd with its target price maintained at $6.85 following an FY26 result featuring a final dividend of 5.0c per share.

The company reported revenue of $463m and underlying EBITDA of $286m alongside operating cash flow of $132m.

Underlying NPAT reached $109m, missing estimates by -4%-5% driven by higher depreciation and amortisation charges of -$187m.

FY27 guidance remains unchanged, with the Greenbushes operation targeting 1650kt of production and $275m in capital expenditure.

The analyst retains an Attractive industry view for the materials sector while balancing near-term operational challenges at Greenbushes against current spot lithium prices.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 25.00 cents and EPS of 64.00 cents.
Morgan Stanley forecasts a full year FY28 dividend of 43.00 cents and EPS of 62.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

30/07/2026

3

Neutral

$6.00

-27.62%

Jarden maintains a Neutral rating for IGO Ltd with its target price lowered to $6.00 from $6.20 following the release of a quarterly production update.

The resumption of the Windfield dividend, delivering a $390m payout with 97m attributable to the company, served as the primary highlight of the period.

Operations at Greenbushes concluded FY26 at the upper end of revised guidance, generating an 80% EBITDA margin despite lithium oxide grades tracking below historical averages at 1.73%.

The joint venture structure continues restricting visibility on mining and processing physicals, prompting the analyst to await the upcoming life-of-mine optimisation disclosure.

The broker considers the stock the preferred lithium exposure, noting the current share price implies a long-term spodumene concentrate price of US$1,400/t.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
FNArena Corporate Results Monitor – 27-08-2026

Aug 27 2026 - Australia
2
Australian Broker Call *Extra* Edition – Aug 06, 2026

Aug 06 2026 - Daily Market Reports
3
The Surge of Chinese EVs in Australia

Aug 03 2026 - Australia
4
Australian Broker Call *Extra* Edition – Aug 03, 2026

Aug 03 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Jul 30, 2026

Jul 30 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