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

$0.755

02 Oct
2025

0.030

OPEN

$0.73

4.14%

HIGH

$0.76

16,654,672

LOW

$0.73

TARGET
$1.042

+0.02 change from previous day

 38.0% 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) 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: 5.00%

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

25.83%

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

04/09/2025

3

Hold

$0.68

-9.93%

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 3.11 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

Latest Nickel News

1
You Go Where IGO

Mar 08 2022 - Technicals
2
Nickel Mines’ Bumper Quarter Well Received

Jan 27 2021 - Australia
3
Odysseus Holds The Key To Western Areas

Nov 02 2020 - Australia
4
Nickel Mines An Emerging Force

Oct 21 2020 - Small Caps
5
Nickel Mines Poised For Price Recovery

Jul 10 2020 - Small Caps
6
SPONSORED: Galileo, Next Fraser Range Nickel Success Story?

Mar 04 2020 - FYI
7
IGO Dependent On Exploration Success

Feb 03 2020 - Australia
8
Independence Day?

Oct 29 2019 - Technicals
9
Cash Flowing For Western Areas

Jul 23 2019 - Australia
10
Nickel Takes The Limelight, But Will It Last?

Jul 19 2019 - Commodities