Nickel Industries Limited

ASX:NIC Stock Report

Market Cap: AU$4.6b

Nickel Industries Future Growth

Future criteria checks 4/6

Nickel Industries is forecast to grow earnings and revenue by 38.1% and 12.4% per annum respectively. EPS is expected to grow by 38% per annum. Return on equity is forecast to be 19.2% in 3 years.

Key information

38.1%

Earnings growth rate

37.97%

EPS growth rate

Metals and Mining earnings growth15.3%
Revenue growth rate12.4%
Future return on equity19.19%
Analyst coverage

Good

Last updated04 May 2026

Recent future growth updates

Recent updates

NIC: Revised Commodity Deck And Hengjaya Suspension Will Shape Future Earnings Reset Narrative

Analysts have lifted their price target on Nickel Industries to A$1.20 from A$1.10, reflecting updated commodity price assumptions and a modest recalibration of fair value, discount rate, margin and future P/E inputs. Analyst Commentary Bullish Takeaways Bullish analysts frame the A$1.20 price target as aligned with revised commodity assumptions for nickel and related metals.

NIC: Revised Commodity Price Decks Will Support Future Earnings Reset Narrative

Analysts have lifted their price target for Nickel Industries to A$1.20 from A$1.10, citing updated commodity price assumptions that contribute to higher sector-wide targets across Australian base metal producers. Analyst Commentary Recent research updates on Nickel Industries focus on revised commodity price assumptions and refreshed sector models, which flow directly into higher price targets and changed views on the shares.

NIC: Higher Commodity Price Decks Will Support Stronger Future Upside

Analysts have lifted their price target for Nickel Industries to A$1.20 from A$1.10, reflecting updated commodity price forecasts and revised long term assumptions for growth, margins, discount rate and future P/E multiples. Analyst Commentary Recent research points to a clear upswing in bullish sentiment around Nickel Industries, with several price target revisions and rating changes linked directly to updated commodity price assumptions.

NIC: Higher Commodity Price Decks Will Support Future Earnings Reset Narrative

Analysts have raised their price target on Nickel Industries to A$1.20 from A$1.10, reflecting updated commodity price assumptions. These updates flow through to slightly higher fair value, revenue growth, profit margin, and a lower future P/E in their models.

NIC: Higher Commodity Price Decks Will Support Future Earnings Rerating

Analysts have raised their fair value estimate for Nickel Industries from A$1.11 to A$1.17. This change reflects recent increases in sector price targets and updated commodity price assumptions across Australian base metal producers.

NIC: Higher Nickel Pricing And Margins Will Support Stronger Future Upside

Analysts have lifted their fair value estimate for Nickel Industries from A$1.73 to A$2.02 per share, citing updated commodity price assumptions, a higher assumed profit margin, and a richer future P/E multiple. This comes despite more moderate revenue growth forecasts and a slightly higher discount rate.

NIC: Higher Nickel Price Assumptions Will Support Future Earnings Rerating

Narrative update Analysts have lifted their fair value estimate for Nickel Industries from A$1.04 to about A$1.11, citing updated commodity price assumptions and refreshed sector valuations. These factors also underpin a higher A$1.05 price target in recent Street research.

NIC: Higher Profit Margins And Lower Risk Profile Will Support Rerating

Analysts have nudged their price target for Nickel Industries slightly higher, reflecting updated views on fair value, profit margins, and a lower discount rate, while also incorporating Street research that points to more constructive sentiment toward comparable financial names. Analyst Commentary Recent Street research on comparable financial names, including upgrades tied to higher price targets, offers a useful reference point for how analysts are thinking about valuation, execution, and growth trajectories.

NIC: Lower Risk Profile Will Support Stronger Future Earnings Multiple

Analysts have raised their price target for Nickel Industries, citing improved long term revenue growth expectations and a slightly lower discount rate that more than offset trimmed margin forecasts, lifting the valuation modestly from A$1.03 to A$1.03 per share on a higher future earnings multiple. Analyst Commentary Analyst discussions around Nickel Industries remain relatively aligned, leading to a broadly constructive outlook rather than a sharply divided bull and bear debate.

NIC: Improved Earnings Visibility Will Support Higher Future Multiple

Analysts have raised their fair value estimate for Nickel Industries from $0.94 to $1.03 per share, citing slightly stronger long term earnings visibility. This supports a higher future P/E multiple despite moderating revenue growth and slimmer projected margins.

Are Investors Undervaluing Nickel Industries Limited (ASX:NIC) By 36%?

Nov 30
Are Investors Undervaluing Nickel Industries Limited (ASX:NIC) By 36%?

We Think Nickel Industries (ASX:NIC) Is Taking Some Risk With Its Debt

Sep 28
We Think Nickel Industries (ASX:NIC) Is Taking Some Risk With Its Debt

Nickel Industries Limited (ASX:NIC) Looks Inexpensive But Perhaps Not Attractive Enough

Jul 02
Nickel Industries Limited (ASX:NIC) Looks Inexpensive But Perhaps Not Attractive Enough

Does Nickel Industries (ASX:NIC) Have A Healthy Balance Sheet?

Mar 09
Does Nickel Industries (ASX:NIC) Have A Healthy Balance Sheet?
User avatar

Hengjaya Mine Expansion Will Significantly Increase Production In 2025

Strategic acquisitions and new projects could drive substantial growth in revenue, profits, and operational efficiency through increased nickel production and enhanced self-sufficiency.

Nickel Industries Limited's (ASX:NIC) P/E Is On The Mark

Jan 21
Nickel Industries Limited's (ASX:NIC) P/E Is On The Mark

Here's Why Nickel Industries (ASX:NIC) Can Manage Its Debt Responsibly

Dec 09
Here's Why Nickel Industries (ASX:NIC) Can Manage Its Debt Responsibly

Earnings Tell The Story For Nickel Industries Limited (ASX:NIC)

Sep 23
Earnings Tell The Story For Nickel Industries Limited (ASX:NIC)

Here's Why Nickel Industries Limited's (ASX:NIC) CEO Might See A Pay Rise Soon

May 24
Here's Why Nickel Industries Limited's (ASX:NIC) CEO Might See A Pay Rise Soon

We Think Nickel Industries (ASX:NIC) Can Stay On Top Of Its Debt

May 12
We Think Nickel Industries (ASX:NIC) Can Stay On Top Of Its Debt

A Look At The Fair Value Of Nickel Industries Limited (ASX:NIC)

Apr 10
A Look At The Fair Value Of Nickel Industries Limited (ASX:NIC)

Nickel Industries Limited (ASX:NIC) Stock Rockets 27% But Many Are Still Ignoring The Company

Mar 10
Nickel Industries Limited (ASX:NIC) Stock Rockets 27% But Many Are Still Ignoring The Company

Nickel Industries Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Mar 01
Nickel Industries Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Estimating The Fair Value Of Nickel Industries Limited (ASX:NIC)

Dec 29
Estimating The Fair Value Of Nickel Industries Limited (ASX:NIC)

An Intrinsic Calculation For Nickel Industries Limited (ASX:NIC) Suggests It's 25% Undervalued

Sep 27
An Intrinsic Calculation For Nickel Industries Limited (ASX:NIC) Suggests It's 25% Undervalued

Calculating The Intrinsic Value Of Nickel Industries Limited (ASX:NIC)

Jun 15
Calculating The Intrinsic Value Of Nickel Industries Limited (ASX:NIC)

Earnings and Revenue Growth Forecasts

ASX:NIC - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20282,8815189198335
12/31/20272,7314388307467
12/31/20262,2052264934507
12/31/20251,649-57150188N/A
9/30/20251,690-110136174N/A
6/30/20251,731-162121159N/A
3/31/20251,738-166163220N/A
12/31/20241,744-169205281N/A
9/30/20241,768-34212321N/A
6/30/20241,791100218360N/A
3/31/20241,836111112295N/A
12/31/20231,8801226230N/A
9/30/20231,757108-28165N/A
6/30/20231,63494-63100N/A
3/31/20231,426126-6081N/A
12/31/20221,217159-5763N/A
9/30/20221,045162-4191N/A
6/30/2022872165-25118N/A
3/31/202275915158154N/A
12/31/2021646138141189N/A
9/30/2021615145145173N/A
6/30/2021584152150157N/A
3/31/2021554131146153N/A
12/31/2020523111143150N/A
12/31/20194721131776N/A
6/30/20196566N/A4N/A
3/31/20193931N/A-2N/A
12/31/201813-4N/A-8N/A
9/30/201813-4N/A-8N/A
6/30/201814-3N/A-8N/A
6/30/20179-4N/A0N/A
6/30/20165-1N/A0N/A
6/30/20150-4N/A-1N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NIC is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.6%).

Earnings vs Market: NIC is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: NIC is expected to become profitable in the next 3 years.

Revenue vs Market: NIC's revenue (12.4% per year) is forecast to grow faster than the Australian market (6.5% per year).

High Growth Revenue: NIC's revenue (12.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NIC's Return on Equity is forecast to be low in 3 years time (19.2%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/05 08:21
End of Day Share Price 2026/05/05 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nickel Industries Limited is covered by 16 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Taylor GuyotBarrenjoey Markets Pty Limited
Richard KnightsBarrenjoey Markets Pty Limited
Dale KoendersBarrenjoey Markets Pty Limited