Ann: Quarterly Activities Report, page-39

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

	TITLE	FY19 ACTUAL	FY20 ACTUAL	FY21 FORECAST	FY22 FORECAST
1	EPS (cps)	4.9	5.7	5.5	5.5
2	DPS (cps)	0.0	3.0	2.6	2.6
3	EPS Growth	N/A	15.9%	- 2.6%	- 0.5%
4	DPS Growth	N/A	N/A	- 12.9%	0.0%
5	Div Pay Ratio(%)	0.0%	52.6%	47.0%	47.3%

This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago:N/A

Last ex-div: 07/09 - 1c (0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2021 FactSet UK Limited. All rights reserved

TITLE	2017	2018	2019	2020
EPS Basic	-0.4	-0.3	4.8	8.2
DPS All	0.0	0.0	0.0	3.0
Sales/Revenue	11.4 M	17.5 M	679.4 M	760.4 M

EPS Basic

2017201820192020-137

DPS All

20172018201920200123

Sales/Revenue

20172018201920200200400600800

This is work in progress. Bear with us. It'll be amazing.

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EXPERT VIEWS

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Sentiment Indicator

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No. Of Recommendations

3

BROKER	DATE	RATING	RECOMMENDATION
Macquarie	28/04/2021	1	Outperform
TARGET PRICE $1.30 % TO REACH TARGET 20.37% COMMENTARY First quarter results were weaker than expected. Macquarie cuts realised prices by -4% to better reflect pricing trends. Nevertheless, the company is set to double production over the next three years and the broker notes it is trading on free cash flow yields of above 10% from 2023. Outperform rating maintained. Target is cut to $1.30 from $1.50. FORECAST Macquarie forecasts a full yearFY21dividend of3.57cents and EPS of7.13cents. Macquarie forecasts a full yearFY22dividend of3.57cents and EPS of7.13cents.
Citi	28/04/2021	3	Neutral
TARGET PRICE $1.50 % TO REACH TARGET 38.89% COMMENTARY December quarter nickel production of 10.07kt was -4% below Citi's expectation, due to a power outage from a seismic event and labour availability. Cash costs of US$8683/t were 7% higher than expected though ore pricing came in US$2/t above the analyst's estimate. Weighted realised pricing of US$13600/t was a -77% discount to LME. Citi appreciates NPI pricing is negotiated at arms-length though doesn't view the removal of the floor pricing agreement with Tsingshan as beneficial to shareholders. Neutral rating and $1.50 target. FORECAST Citi forecasts a full yearFY21dividend of2.74cents and EPS of9.19cents. Citi forecasts a full yearFY22dividend of2.74cents and EPS of7.68cents.
Credit Suisse	28/04/2021	1	Outperform
TARGET PRICE $1.50 % TO REACH TARGET 38.89% COMMENTARY Production in the March quarter of 10,100t was in line with Credit Suisse estimates. Increased costs amid changes to ore pricing contracts and a higher nickel price added to operating expenditure being 15% ahead of the December quarter. The impact on cash margins was amplified by a decline in the realised nickel price to US$13,600/t. Still, the company's structurally low-cost position should sustain margins and cash flow under a range of nickel price scenarios, the broker suggests. Outperform with a target of $1.50. FORECAST Credit Suisse forecasts a full yearFY21dividend of5.49cents and EPS of6.43cents. Credit Suisse forecasts a full yearFY22dividend of5.49cents and EPS of7.82cents.