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I just got this in an email ...Fri, 23 Dec at 9:49 am


Friday, 23 December 2022

IGO - IGO LIMITED

Macquarie rates IGO as Outperform (1) - Production has resumed ar IGO's Nova following an eighteen day outage. The commissioning of a new generation power capacity, following a fire that caused damage to the power station, allowed mining operations to resume on December 11 and processing operations on December 21, notes Macquarie.

The company has warned full year production from Nova is now likely to be at, or just below, the bottom end of guidance. Macquarie has adjusted its earnings forecasts to reflect slightly reduced production.

The Outperform rating and target price of $21.00 are retained.

Target price is $21.00 Current Price is $13.92 Difference: $7.08 If IGO meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges). Current consensus price target is $15.44, suggesting upside of 10.9%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 43.00 cents and EPS of 215.90 cents . At the last closing share price the estimated dividend yield is 3.09%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.45. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.2, implying annual growth of 371.9%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 79.00 cents and EPS of 304.90 cents . At the last closing share price the estimated dividend yield is 5.68%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.57. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.1, implying annual growth of -1.5%. Current consensus DPS estimate is 101.8, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 6.9.

Market Sentiment: 0.2All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources