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: 4.87
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

$1.10

07 May
2026

0.050

OPEN

$1.07

4.76%

HIGH

$1.11

20,811,460

LOW

$1.06

TARGET
$1.325 20.5% upside
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . IGO . LEG . QPM . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
NIC: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 8.5 xxx
DPS (cps) 2.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.8 xxx
Dividend Yield 1.8% xxx
Div Pay Ratio(%) 23.5% 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: 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: 27/02 - (franking ex-div 1.50c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-2.0
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx2,557.5 M
Book Value Per Share xxxxxxxxxxxxxxx70.6
Net Operating Cash Flow xxxxxxxxxxxxxxx157.7 M
Net Profit Margin xxxxxxxxxxxxxxx-3.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-2.73 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.84 %
Return on Assets xxxxxxxxxxxxxxx-1.39 %
Return on Equity xxxxxxxxxxxxxxx-2.73 %
Return on Total Capital xxxxxxxxxxxxxxx3.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx106.3 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx151 M
Long Term Debt xxxxxxxxxxxxxxx1,653 M
Total Debt xxxxxxxxxxxxxxx1,804 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx535 M
Price To Book Value xxxxxxxxxxxxxxx1.18

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx59.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.31 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,301 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx65 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,872 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

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

-

xx.xx%

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Bell Potter

04/05/2026

1

Buy

$1.45

31.82%

Nickel Industries announced production of 30,264t, slightly lower than Bell Potter's forecast with in line cash costs of US$10,453/t, reflecting a rise of 4% on the prior quarter.

Consolidated earnings (EBITD) of US$135.6m was better than forecast and cash came in at US$212m, down from US$361m q/q.

Notably the RKEF (Rotary Kiln Electric Furnace) operations were viewed as standing out with earnings (EBITDA) rising 145% largely due to NPI pricing up 19% rather than volume, down -4%.

Bell Potter retains a Buy rating and target of $1.45. EPS forecasts are cut by -14% for 2026 and 2027 largely unchanged.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 2.00 cents and EPS of 7.20 cents.
Bell Potter forecasts a full year FY27 dividend of 10.00 cents and EPS of 27.31 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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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

09/05/2026

1

Buy

$1.15

4.55%

Canaccord Genuity maintains a Buy rating and $1.15 target price for Nickel Industries following a March quarter result featuring the strongest operational earnings since late 2023.

Group EBITDA of US$135.6m rose 264% quarter-on-quarter, driven by a step change in mine earnings and improved margins across operations via increased nickel pricing.

The business successfully increased its 2026 sales license by 60% to 14.3Mt, allowing ore sales volumes to rebound sharply.

Despite the strong operating performance, the cash balance fell to US$212m as the company prioritised purchasing and stockpiling saprolite ore in response to industry-wide supply quota disruptions.

To reflect the cash position and minor margin revisions, the broker lowers 2026 earnings per share forecasts to US5.0c from US6.0c, while retaining 2027 estimates at US6.0c.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.46 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.95 cents.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Australian Broker Call *Extra* Edition – May 07, 2026

May 07 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Apr 20, 2026

Apr 20 2026 - Daily Market Reports
3
The Critical State Of Critical Minerals

Apr 07 2026 - Feature Stories
4
Australian Broker Call *Extra* Edition – Mar 04, 2026

Mar 04 2026 - Daily Market Reports
5
FNArena Corporate Results Monitor – 24-02-2026

Feb 24 2026 - Australia

Latest Nickel News

1
Nickel Industries: Potential & Risks

May 18 2023 - Small Caps
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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
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Mar 04 2020 - FYI
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Feb 03 2020 - Australia
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Independence Day?

Oct 29 2019 - Technicals