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IGO Ltd (IGO) $10.91

The selling over recent weeks has been largely influenced by investors positioning as opposed to the long term outlook for a particular sector, or business. The battery materials names had become very popular through 2021 / 22 leaving plenty of room for a correction while ironically a number of fossil fuel stocks have enjoyed a great start to 2022 i.e. the crowd is often wrong.

  • Nickel/lithium company IGO is one clean energy stock that MM has been monitoring over recent weeks and after correcting more than 30% it’s very much in our “buy zone”.
  • For the last reported quarter the company delivered a very healthy $133mn in earnings – the stock’s valuation is far from challenging for the sector and it even pays a small yield.
  • We really like the acquisition of WSA at what is a fair price in our opinion i.e. no silly premium.

We feel the uncertainty around the WSA deal and pullback in battery facing stocks is providing an excellent opportunity to buy into IGO.

IGO
MM likes IGO around $11
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IGO Ltd (IGO)
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