IGO –5.1%: Still losing money although underlying EBITDA returned to the black. Balance sheet is good but hard to get too excited over this one.
- Net loss: $34.1m (vs $782.1m loss y/y)
- Underlying EBITDA: $49.2m (vs -A$82m y/y)
- Revenue (cont ops): $194.1m (-32% y/y)
- Net cash: $299m
A stabilising half, balance sheet strength remains the key support while lithium is the swing factor, though we’re now more cautious on this sector overall as latent volumes become reincentivized.
MM is neutral IGO ~8.00
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