In a review Analyst Research it flies above the Macquarie Bank recommended $10 valuation.
Goldman Sachs indicates:
Valuation: Trading at 0.91xNAV and a significant relative discount to peers on an earnings multiple basis. In our view, IGO's share price is implying ~18.5x FY22E EBITDA for the lithium JV (at 5.0x for Nova and the rest of the business), vs. >35x for global integrated lithium comps.
FCF and returns: With cash flow from Nova underpinning ~6-7% FCF yield through the ramp-up and significant expansion of both Kwinana and Greenbushes. IGO remains net cash, and could look to continue returning excess cash or pursue further value-accretive M&A.
Differentiated and high-quality commodity exposure: Positioned in the bottom quartile of the cost curve across nickel, spodumene, and lithium hydroxide and well positioned to take advantage of growing demand across key battery materials.
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- Goldman Sachs today lifts IGO valuation to $11.
Goldman Sachs today lifts IGO valuation to $11.
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Last
$5.80 |
Change
0.100(1.75%) |
Mkt cap ! $4.392B |
Open | High | Low | Value | Volume |
$5.75 | $5.85 | $5.71 | $13.86M | 2.393M |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 22758 | $5.79 |
Sellers (Offers)
Price($) | Vol. | No. |
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$5.80 | 12207 | 2 |
View Market Depth
No. | Vol. | Price($) |
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4 | 13903 | 5.780 |
3 | 14138 | 5.770 |
5 | 47077 | 5.760 |
7 | 27887 | 5.750 |
9 | 10101 | 5.700 |
Price($) | Vol. | No. |
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5.800 | 12207 | 2 |
5.810 | 5680 | 3 |
5.830 | 16450 | 4 |
5.840 | 53390 | 6 |
5.850 | 25309 | 4 |
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