Goldman Sachs today lifts IGO valuation to $11.

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.