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

$0.75

05 Dec
2025

-0.005

OPEN

$0.76

-0.66%

HIGH

$0.76

3,675,544

LOW

$0.74

TARGET
$1.10

+0.08 change from previous day

 46.7% 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 20.9 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: 3.96%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.33

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

0.8

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

03/10/2025

3

Neutral, High Risk

$0.80

6.67%

Citi revised its model for Nickel Industries to factor in ENC acquisition payment delays and a new US$800m bond issuance.

The two ENC acquisition payments of US$126.5m each are now due in 1H27, a delay of six months. The US$800m 9% senior unsecured notes maturing 2030 will replace the 11.25% $400m notes that were due to amortise Oct 2028.

The broker expects US$250m to be used to repay existing Indonesian debt. While bond refinancing and bank debt repayments are positive outcomes, the larger new issuance means higher interest payments, the broker explains.

Catalysts ahead include RKAB permit at Hengjaya mine, outstanding $100m VAT refund and ENC commissioning in 1H2026.

Neutral, High Risk. Target rises to 80c from 70c on roll forward.

FORECAST
Citi forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.02 cents.
Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.54 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$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

08/10/2025

3

Hold

$0.80

6.67%

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

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