Nickel Industries_A growth year

ab 24 February 2025 NIC pre-reported revenue, EBITDA & ending cash at their Dec-Q production update (link); the key incremental information from today's result included 1) the $204m impairment for HNI & RNI and 2) dividend of ~A1.5cps with DRP overlay. We refine our modelling assumptions around RKEF output and ENC ramp-up, taking into account the tentative commodity outlook with the market still in oversupply and (non- nickel) LFP batteries continuing to eek share from ternary batteries. This sees us downgr ...