28/11/2023 09:11

IGO Ltd (IGO) $8.45

Last month's 1Q update for the nickel and lithium company wasn’t well received by the market, which is not good news when combined with an underlying commodity in freefall - EBITDA fell 42%, mostly on the back of lower profits from their Tianqi Joint Venture which was impacted by weaker lithium prices

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30/10/2023 16:59

IGO Ltd (IGO) $9.69

IGO -9.01%: A mixed bag in the 1Q update for the nickel and lithium company IGO today, though the market seemed to focus on the negatives and shares hit 12-month lows. EBITDA fell 42%, mostly on the back of lower profits from their Tianqi Joint Venture which was impacted by weaker lithium prices.

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24/10/2023 09:01

IGO Ltd (IGO) $10.58

Nickel and lithium miner IGO delivered a strong result in August, but after enjoying a bounce for a few weeks, the stock has followed the ESG sector lower, i.e. it doesn’t matter how good the theme is if everybody's long, the short move is likely to be on the downside.

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05/10/2023 09:03

IGO Ltd (IGO) $12.05

Nickel and lithium miner IGO delivered a strong result in August, including a large 60c fully franked dividend, which was paid last month and, by definition, is responsible for some of the weakness over the last four weeks. Although the company made a mess of its takeover of Western Areas (WSA), having to write down $1bn in an amazingly short space of time, we believe this is an excellent decarbonisation story. With both of IGO’s core commodities enduring an extremely tough six months, from a contrarian perspective the time to start accumulating could be approaching fast.

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14/09/2023 09:16

IGO Ltd (IGO) $13.17

Yesterday saw IGO trade ex-dividend 60c fully franked, but on the day, it fell by more, ultimately closing down $1.08. Nickel and lithium miner IGO delivered a strong result in August, including the surprisingly large dividend we saw on Wednesday.

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06/09/2023 09:12

IGO Ltd (IGO) $14.61

IGO was the Material Sector's top performer on Tuesday and has now driven up over +20% from its mid-August low after reporting a strong FY23 result which included an unexpected special dividend i.e. 60cps total. This lithium and nickel miner has rapidly moved on from its billion-dollar write-down around Western Areas (WSA) delivering over $1bn in revenue for FY23 even without the need for buoyant commodity prices. Unfortunately, our initial thought is the horse has bolted from a risk-reward perspective as the performance gap has rapidly closed between SFR and IGO.

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01/09/2023 09:02

IGO Ltd (IGO) $13.92

IGO closed up +5.45% on Thursday popping the most in 2 months after reporting a strong FY23 result plus they announced a 44c final dividend plus a 16c special dividend (60cps total). This lithium and nickel miner has successfully put the Western Areas (WSA) billion-dollar write-down behind it managing to deliver over $1bn revenue for FY23 even with depressed commodity prices, it could become an attractive “cash cow” if the lithium price were to advance further.

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29/08/2023 09:25

IGO Ltd (IGO) $12.91

IGO has been under significant pressure over recent weeks after the company wrote down ~$1bn of Nickel assets only 12 months after purchasing Western Areas (WSA) i.e. its one thing to grow a business and another buy and integrate new assets. This is not a stock that we are ready to start accumulating but the risk/reward will start to look compelling into fresh 2023 lows. This is another miner with cost issues although their Tier 1 asset at Greenbushes warrants it - IGO is now being valued as a ~90% lithium and ~10% nickel miner.

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15/08/2023 09:09

IGO Ltd (IGO) $12.91

IGO has been under pressure since topping out with most miners following Beijing’s initial stimulus move last month.  They disappointingly announced a non-cash and pre-tax impairment of $880-$980m for assets they bought from Western Areas (WSA) just a year ago.

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25/07/2023 09:16

IGO Ltd (IGO) $14.00

IGO has been under pressure for the last few weeks after they announced a non-cash and pre-tax impairment of $880-$980m for assets they bought from Western Areas just a year ago – integration as well as the development of ESG assets can be a tough gig reiterating our opinion that valuations are often too optimistic in this space.

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