Added to YB: 2026-10-06
Pitch date: 2026-09-30
NIC.AX [bullish]
Nickel Industries Limited
-11.32%
current return
Author Info
Ironic Capital Research is focused on Mining, Energy, and Hydrogen. Sign up for the newsletter.
Company Info
Nickel Industries Limited engages in nickel ore mining, nickel pig iron, cobalt, and nickel matte production activities.
Market Cap
AUD 2.3B
Pitch Price
AUD 0.80
Price Target
1.36 (+93%)
Dividend
N/A
EV/EBITDA
11.32
P/E
-145.63
EV/Sales
2.12
Sector
Metals and Mining
Category
turnaround
Nickel Industries Limited - $NIC.AX
NIC.AX: Nickel Industries is entering a cash-flow inflection as flagship ENC and other Indonesian HPAL assets ramp, with modeled EBITDA of US$745M in CY27 and US$927M in CY28. At A$0.80, it trades near book value and ~3x CY28 EV/EBITDA; a move to 4x implies ~30% upside, while 5x CY28 implies ~70%. Modeled FCF is A$1.1B through 2028. The case requires nickel above US$15,000/t and an end to damaging equity issuance.
Read full article (36 min)