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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$5.02 |
Change
-0.060(1.18%) |
Mkt cap ! $3.801B |
Open | High | Low | Value | Volume |
$5.00 | $5.16 | $4.96 | $11.95M | 2.359M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
46 | 15409 | $5.01 |
Sellers (Offers)
Price($) | Vol. | No. |
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$5.02 | 3954 | 9 |
View Market Depth
No. | Vol. | Price($) |
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31 | 13408 | 5.010 |
50 | 33449 | 5.000 |
23 | 36526 | 4.990 |
18 | 29153 | 4.980 |
16 | 39198 | 4.970 |
Price($) | Vol. | No. |
---|---|---|
5.020 | 12015 | 16 |
5.030 | 23619 | 15 |
5.040 | 38346 | 15 |
5.050 | 123032 | 10 |
5.060 | 17454 | 6 |
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