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

$5.47

11 Nov
2026

0.250

OPEN

$5.08

4.79%

HIGH

$5.47

5,961,099

LOW

$5.06

TARGET
$7.36

-0.47 change from previous day

 34.6% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . LEG . NIC . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
IGO: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 19.2 48.5 xxx
DPS (cps) xxx 5.0 19.3 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx N/A 100.0% xxx
PE Ratio xxx N/A 10.7 xxx
Dividend Yield xxx N/A 3.7% xxx
Div Pay Ratio(%) xxx 26.1% 39.7% xxx

Dividend yield today if purchased 3 years ago: 0.56%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.96

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: 09/09 - ex-div 5.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx19.2
DPS All xxxxxxxxxxxxxxx5.0
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

0.6

No. Of Recommendations

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

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

30/10/2026

1

Outperform

$7.00

27.97%

Macquarie found the first quarter operating result from IGO Ltd strong, as Greenbushes beat production estimates and CGP3 reached capacity.

Record spodumene production of 435,000t at Greenbushes was 11% above estimates. Cash costs were -11% below forecasts at $418/t, which lifted the EBITDA margin to 83%.

The broker was disappointed the extended timeline on the strategic options review has been confirmed. TLEA cash continues to build and the board will assess distributions in the December quarter.

Outperform rating retained. Target is reduced to $7.00 from $9.00.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 24.90 cents.
Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of 8.00 cents.

UBS

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

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

02/11/2026

3

Neutral

$5.70

4.20%

Jarden maintains a Neutral rating for IGO Ltd with its target price decreased to $5.70 from $5.95 following a quarterly report highlighting a record quarter at Greenbushes as CGP3 ramped up to full capacity.

First-quarter production of 435kt exceeded consensus by 15%, prompting Jarden to lift its FY27 Greenbushes production forecast to 1,750kt at the top of the guidance range.

The analyst notes that while TLEA distributions are expected to flow through in the second quarter to support an approximately 21cps FY27 dividend forecast, lithium hydroxide production estimates have been cut to 8.1kt due to a weak first-quarter result of 918t.

Nova delivered a solid final full quarter with mining and processing scheduled to conclude by the end of October ahead of its planned divestment to Global Lithium Resources ((GL1)).
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Australian Broker Call *Extra* Edition – Nov 12, 2026

10:45 AM - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Nov 02, 2026

Nov 02 2026 - Daily Market Reports
3
Rudi’s View: More Risk, Higher Yields & Early Signs

Oct 14 2026 - Rudi's View
4
Weekly Ratings, Targets, Forecast Changes – 09-10-26

Oct 12 2026 - Weekly Reports
5
Weekly Ratings, Targets, Forecast Changes – 02-10-26

Oct 05 2026 - Weekly 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