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Undervalued
Morningstar Quantitative Rating as of 12 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 6.33 Fair value 8.35 One-star price 11.01
Morningstar Quantitative Rating as of 12 NOV 2026.
Morningstar Quantitative Rating as of 12 NOV 2026. The slider runs from the five-star price (6.33) to the one-star price (11.01).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 6.08 |
| Price - 12 month high | 8.69 |
| Price - 12 month low | 4.94 |
| Pricing date | 12 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.48 |
| Market capitalization | 2,622.00 |
| 12 Month High price date | 12 MAY 2026 |
| 12 Month Low price date | 23 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 2.10 |
| Price - 1 Day % Change | -2.56% |
| Price - 13 week price percent change | -17.84% |
| Price - 26 week price percent change | -27.27% |
| Price - 5 Day % Change | -1.30% |
| Price - 52 week price percent change | -7.03% |
| Price - YTD price percent change | 5.01% |
| Price % Change Month To Date | 11.36% |
| EPS excluding extraordinary items - most recent fiscal year | -0.673 |
| EPS excluding extraordinary items - trailing 12 month | -0.943 |
| EPS Normalized - most recent fiscal year | 0.182 |
| Revenue/share - most recent fiscal year | 2.368 |
| Revenue/share - trailing 12 month | 2.080 |
| Book value per share - most recent fiscal year | 4.814 |
| Book value per share - most recent half-year | 4.722 |
| Book value (tangible) per share - most recent fiscal year | 4.814 |
| Book value (tangible) per share - most recent half-year | 4.722 |
| Cash per share - most recent fiscal year | 0.106 |
| Cash per share - most recent half-year | 0.117 |
| Cash Flow per share - most recent fiscal year | -0.134 |
| Cash Flow per share - trailing 12 month | 0.443 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.060 |
| EBITD per share - trailing 12 month | -0.943 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.673 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.943 |
| EPS including extraordinary items - most recent fiscal year | -0.673 |
| EPS including extraordinary items - trailing 12 month | -0.943 |
| Free Cash Flow per share - trailing 12 month | -1.465 |
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 2.92 |
| Price to Tangible Book - most fiscal year | 1.29 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | 13.74 |
| Price to Book - most recent fiscal year | 1.29 |
| P/E excluding extraordinary items high, trailing 12 months | 16.22 |
| P/E excluding extraordinary items low, trailing 12 months | 11.29 |
| Net Debt, LFI | 1,232.10 |
| Net Debt, LFY | 1,091.80 |
| Dividend Yield - 5 Year Average | 1.47% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.94% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.99% |
| Free Cash Flow - most recent fiscal year | -919.60 |
| LT debt/equity - most recent fiscal year | 54.40% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 54.98% |
| LT debt/equity - most recent half-year | 61.92% |
| Total debt/total equity - most recent half-year | 62.99% |
| Free Cash Flow - trailing 12 month | -629.30 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,015.40 |
| Revenue - trailing 12 month | 893.50 |
| EBITD - most recent fiscal year | -177.90 |
| EBITD - trailing 12 month | -404.90 |
| Earnings before taxes - most recent fiscal year | -427.20 |
| Earnings before taxes - trailing 12 month | -595.60 |
| Net Income available to common - most recent fiscal year | -288.40 |
| Net Income available to common - trailing 12 months | -404.30 |
| Earnings before taxes Normalized - most recent fiscal year | 129.60 |
| Net Income Available to Common, Normalized - most recent fiscal year | 78.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.02 |
| Net Profit Margin % - 1st historical fiscal year | -28.40% |
| Net Profit Margin % - trailing 12 month | -45.25% |
| Operating margin - 1st historical fiscal year | 11.69% |
| Operating margin - trailing 12 month | -4.31% |
| Pretax margin - trailing 12 month | -66.66% |
| Pretax margin - 1st historical fiscal year | -42.07% |
| Operating Margin - 5 year average | 29.26% |
| Pretax Margin - 5 year average | 19.99% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -19.55% |
| Free Operating Cash Flow/Revenue, TTM | -70.43% |
| Net Profit Margin - 5 year average | 14.70% |
| Return on average assets - most recent fiscal year | -7.02% |
| Return on average assets - trailing 12 month | -9.39% |
| Return on average equity - most recent fiscal year | -12.57% |
| Return on average equity - trailing 12 month | -18.49% |
| Return on average assets - 5 year average | 8.05% |
| Return on average equity - 5 year average | 12.53% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 0.51% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | -45.47% |
| Revenue/share (5 yr growth) | 0.21% |
| Growth rate% - Revenue, 3 year | -14.27% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 9.52% |
| Capital Spending growth rate, 5 year | 64.67% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
ILU is a very different company to LYC when it comes to rare earths; today it’s a mineral sands operator forecast to generate $922mn revenue from its traditional business, with rare earths revenue not expected until 2028. However, by FY30, total revenue is estimated to come in around $2.2bn as the rare earths contribution builds. Hence, ILU is set to become a diversified miner with dependency on two very different markets:
From a revenue perspective, ILU is still a mineral sands business but its shifting from exposure to rare earths as a by‑product to building a fully integrated rare‑earth supply chain, which over time could become a material part of its business.
This mineral sands and rare earths company has been weighed down by persistently weak demand primarily out of China due to its much discussed embattled property market. However, ILU does have future exposure to rare earths and it was this that propelled the stock up almost 30% last week following the DoD’s move into MP.
We are making several changes to the Growth Portfolio this morning.
This rare earths/mineral sands business has struggled in line with the Chinese property market; we’re glad we didn't go long until late 2024. Any recovery in China's embattled property market feels more like an oil tanker in terms of how quickly it may recover, especially compared to the EV story.
Iluka (ILU) rallied +3.2% on Monday, with the rare earth/mineral sands business enjoying returning optimism towards China. ILU remains a leveraged demand story, primarily around China's beleaguered property market.
ILU rallied +3.9% on Monday, an infrequent day in the winner's enclosure for this rare earth/mineral sands business. We have discussed ILU several times over the last six months, but while it is operating well, this remains a demand story, particularly from China. ILU should recover strongly if/when things turn for China's ceramic industry, i.e., the property market.
ILU –2.56%: Released FY24 results today (December year-end) with their financial metrics coming in slightly ahead of expectations, though it’s the demand outlook that really matters here, and there was nothing new on that front;
ILU became a frustrating “recovery play” for MM after disappointing updates around its Eneabba rare earth project and ongoing challenging conditions for Mineral Sands as the Chinese economy struggled through 2024.
ILU –6.95%; Challenging conditions remained in Q4 for ILU with Mineral Sands below expectations despite seeing some sales growth (25%) relative to Q3.
MM is neutral toward ILU ~$6
MM is cautiously bullish towards ILU
MM is cautiously bullish ILU below $5
MM are selling ILU in the Active Growth Portfolio, taking a loss around $3.84
MM is cautiously bullish toward ILU
MM is cautiously bullish toward ILU
MM is cautiously bullish toward ILU
MM remains cautiously bullish ILU
MM is long and cautiously bullish ILU
MM remains long ILU as a high-risk China exposure
Iluka Resources is a leading global mineral sands miner. It is the largest global producer of zircon, and one of the largest producers of titanium dioxide feedstocks (rutile, synthetic rutile). Low zircon costs are underpinned by the high-grade Jacinth-Ambrosia mine in South Australia, but reserve life is less than 10 years. A 20% shareholding in Deterra Royalties brings exposure to the high-quality Mining Area C iron ore royalty. Production from the Balranald rutile and zircon mine commenced in late 2025, and Iluka is also building a rare-earth refinery at Eneabba. The refinery will be able to process Iluka's existing monazite stockpile as well as feed from third parties, Balranald, and future Iluka projects.
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