Arguably, IGO is one of the ultimate falls from grace, with both nickel and lithium weighing on the miner before we even consider its botched purchase of Western Areas (WSA). There was nothing exciting in IGO’s report this week, which showed FY EBITDA of $588mn, and downgrades followed in quick succession from the likes of Morgan Stanley, Macquarie, and Goldman Sachs. IGO has felt cheap before this year, and remaining on the sidelines has saved $$; we aren’t planning to change this stance.
- We see no reason to fade the trend yet, but the stock’s decline does appear to be maturing.
MM is neutral towards IGO
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