Financials IGO Limited

Equities

IGO

AU000000IGO4

Specialty Mining & Metals

Market Closed - Australian S.E. Other stock markets 02:10:43 2024-04-26 am EDT			5-day change	1st Jan Change
7.11 ^AUD	-2.20%		+0.57%	-21.44%

Apr. 11	Citi Downgrades IGO to Neutral from Buy, Price Target is AU$7.60	MT
Mar. 28	Antipa Minerals Encounters Gold Anomaly at Paterson Project; Shares Fall 8%	MT

Valuation

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,787	2,877	5,777	7,523	11,494	5,374	-	-
Enterprise Value (EV) ¹	2,523	2,424	5,248	8,114	11,079	5,084	4,837	4,555
P/E ratio	36.8 x	18.6 x	9.48 x	22.8 x	21 x	14.7 x	18.4 x	12.3 x
Yield	2.12%	2.26%	1.31%	1.01%	3.82%	2.14%	1.93%	2.54%
Capitalization / Revenue	3.55 x	3.22 x	6.29 x	8.35 x	11.2 x	6.56 x	8.23 x	8.89 x
EV / Revenue	3.22 x	2.72 x	5.71 x	9.01 x	10.8 x	6.21 x	7.41 x	7.54 x
EV / EBITDA	7.4 x	5.27 x	11 x	11.3 x	5.58 x	7.29 x	10.6 x	8.04 x
EV / FCF	9.08 x	7.8 x	14.5 x	26 x	10.1 x	12.3 x	13.3 x	7.73 x
FCF Yield	11%	12.8%	6.92%	3.85%	9.91%	8.13%	7.54%	12.9%
Price to Book	1.51 x	1.49 x	1.77 x	2.19 x	3.03 x	1.48 x	1.37 x	1.26 x
Nbr of stocks (in thousands)	590,478	590,797	757,093	756,878	756,169	755,860	-	-
Reference price ²	4.720	4.870	7.630	9.940	15.20	7.110	7.110	7.110
Announcement Date	8/28/19	7/28/20	8/30/21	7/26/22	8/30/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	784.5	892.4	919	900.6	1,024	818.7	652.9	604.3
EBITDA ¹	341	459.6	475	716.9	1,987	697.3	457.4	566.4
EBIT ¹	103.9	224.6	247.3	541.3	1,700	475.8	332.6	519.4
Operating Margin	13.24%	25.17%	26.91%	60.1%	166.02%	58.11%	50.94%	85.96%
Earnings before Tax (EBT) ¹	105.4	219.5	780.7	463.5	680.3	529.2	308.7	576.9
Net income ¹	76.08	155.1	548.7	330.9	549.1	342	311.1	439.3
Net margin	9.7%	17.38%	59.7%	36.74%	53.63%	41.78%	47.64%	72.7%
EPS ²	0.1284	0.2613	0.8051	0.4354	0.7227	0.4821	0.3856	0.5798
Free Cash Flow ¹	277.9	310.8	363	312.1	1,098	413.2	364.8	588.9
FCF margin	35.42%	34.83%	39.5%	34.65%	107.24%	50.47%	55.87%	97.46%
FCF Conversion (EBITDA)	81.49%	67.62%	76.42%	43.53%	55.26%	59.26%	79.75%	103.98%
FCF Conversion (Net income)	365.21%	200.39%	66.16%	94.32%	199.96%	120.82%	117.28%	134.05%
Dividend per Share ²	0.1000	0.1100	0.1000	0.1000	0.5800	0.1524	0.1373	0.1807
Announcement Date	8/28/19	7/28/20	8/30/21	7/26/22	8/30/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Giugno	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q3	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	474.7	417.7	462.5	456.5	-	189.2	378.4	245.5	277.9	523.4	285	256.7	541.7	235.7	246.5	482.2	177.5	417.7	300	294.5	266.3	-
EBITDA ¹	271	188.6	242.3	232.7	97.4	-	225.9	-	-	491	-	436.1	834.1	-	-	1,153	64	180	159	180	-	-
EBIT	146.3	78.24	-	128.3	-	-	137.3	-	-	404	-	-	49.3	-	-	-	-	-	-	-	-	-
Operating Margin	30.83%	18.73%	-	28.1%	-	-	36.28%	-	-	77.19%	-	-	9.1%	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	143.7	75.83	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	100	55.1	-	494.5	45.9	-	90.7	133	-	240.2	-	338	591	412.3	-	-42	-	178	-	-	-	-
Net margin	21.07%	13.19%	-	108.32%	-	-	23.97%	54.18%	-	45.89%	-	131.67%	109.1%	174.93%	-	-8.71%	-	42.61%	-	-	-	-
EPS	-	-	-	0.7156	-	-	0.1194	-	-	0.3160	-	-	0.7784	-	-	-0.0557	-	0.2350	0.1500	0.1800	0.1900	0.2300
Dividend per Share	-	-	-	0.1000	-	-	0.0500	-	-	0.0500	-	-	-	-	-	0.4400	-	0.1090	0.0740	0.0850	0.0870	0.0990
Announcement Date	1/29/20	7/28/20	1/27/21	8/30/21	10/31/21	1/30/22	1/30/22	4/29/22	7/26/22	7/26/22	10/30/22	1/30/23	1/30/23	4/28/23	8/30/23	8/30/23	-	-	-	-	-	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	590	-	-	-	-
Net Cash position ¹	264	453	529	-	415	290	537	819
Leverage (Debt/EBITDA)	-	-	-	0.8234 x	-	-	-	-
Free Cash Flow ¹	278	311	363	312	1,098	413	365	589
ROE (net income / shareholders' equity)	4.19%	8.22%	6.39%	9.97%	42.3%	13.9%	8.63%	11.3%
ROA (Net income/ Total Assets)	3.49%	6.92%	5.55%	7.83%	31.8%	10.1%	5.72%	9.69%
Assets ¹	2,183	2,242	9,884	4,227	1,725	3,373	5,437	4,532
Book Value Per Share ²	3.130	3.260	4.300	4.540	5.010	4.790	5.190	5.620
Cash Flow per Share ²	0.6300	0.6700	0.6500	0.4700	1.870	0.9600	0.6000	0.9300
Capex ¹	94.4	84.6	86.1	37.4	337	282	66.8	64.3
Capex / Sales	12.04%	9.48%	9.37%	4.15%	32.95%	34.41%	10.23%	10.65%
Announcement Date	8/28/19	7/28/20	8/30/21	7/26/22	8/30/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IGO Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7.11 AUD

Average target price

7.707 AUD

Spread / Average Target

+8.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nickel Ore Mining

	1st Jan change	Capi.
IGO LIMITED	-21.44%	3.5B
PT MERDEKA BATTERY MATERIALS TBK.	-1.79%	3.66B
PT TRIMEGAH BANGUN PERSADA TBK	-5.00%	3.69B
PT VALE INDONESIA TBK	-5.10%	2.51B
NICKEL INDUSTRIES LIMITED	+25.90%	2.45B
NICKEL ASIA CORPORATION	-26.46%	972M
PT ADHI KARTIKO PRATAMA TBK	0.00%	270M
CANADA NICKEL COMPANY INC.	+29.82%	195M
GLOBAL FERRONICKEL HOLDINGS, INC.	-8.25%	168M
PACIFIC METALS CO LTD.,	+7.83%	162M

Nickel Ore Mining