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

$0.83

06 Aug
2026

-0.005

OPEN

$0.84

-0.60%

HIGH

$0.85

6,794,226

LOW

$0.82

TARGET
$1.35 62.7% 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) 7.9 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 10.5 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: 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

0.8

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

30/07/2026

1

Buy

$1.45

74.70%

Nickel Industries' 2Q production was below Bell Potter's forecasts, with attributable nickel production of 22,291t impacted by lower output and higher input costs.

Cash costs increased to US$12,595/t, while consolidated EBITDA of US$120.5m missed expectations as earnings from both the NPI and HPAL operations softened.

Despite the weaker operating result, cash increased to US$268m following debt refinancing completed during the quarter.

The Hengjaya mine maintained strong ore production despite a temporary operational suspension in April, and commissioning of the 46%-owned Excelsior Nickel Cobalt (ENC) HPAL project is progressing.

EPS forecasts lift by 21% for 2026, 5% for 2027, reflecting lower production and higher operating costs.

Buy rated. Target reduced to $1.45 from $1.55.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.80 cents.
Bell Potter forecasts a full year FY27 dividend of 6.00 cents and EPS of 26.75 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

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

01/08/2026

1

Buy

$1.10

32.53%

Canaccord Genuity maintains a Buy rating for Nickel Industries with its target price lowered to $1.10 from $1.15 following a June quarter 2026 report detailing mixed operational performance.

Group EBITDA fell -8% sequentially to US$120.5m as Rotary Kiln Electric Furnace and high-pressure acid leach (HPAL) production declined, partially offset by the Hengjaya mine where EBITDA expanded 58% to US$45.7m on higher realised saprolite and limonite pricing.

The company announced further HPAL investments, agreeing to acquire a 36% interest in CNE HPAL via a share swap and a 17.5% interest in TMI HPAL for -US$169m to add approximately 17ktpa of nickel exposure by mid-2027.

Rising third-party power and sulphuric acid costs negatively impacted margins, leading the analyst to reduce 2026 and 2027 EBITDA forecasts by -8% and -10% respectively.

Net debt closed the quarter at US$982m, with the broker expecting existing cash reserves and operational cash flows to largely fund upcoming acquisition payments while acknowledging a debt backstop remains available.
Access Extra Coverage Research History >

NIC STOCK CHART

FNArena News on NIC

1
Rudi’s View: That’s The Way Markets Crumble

Aug 06 2026 - Rudi's View
2
Australian Broker Call *Extra* Edition – Aug 03, 2026

Aug 03 2026 - Daily Market Reports
3
Rudi’s View: Pre-August Picks In Resources, Retail & Small Caps

Jul 23 2026 - Rudi's View
4
Next Week At A Glance – 29 June-3 Jul 2026

Jun 26 2026 - Weekly Reports
5
Rudi’s View: When Aussie Companies Move Overseas

Jun 17 2026 - Rudi's View

Latest Nickel News

1
Nickel Industries: Potential & Risks

May 18 2023 - Small Caps
2
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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
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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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Independence Day?

Oct 29 2019 - Technicals