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General Information

Independence Group NL
IGO
http://www.igo.com.au
Diversified Metals & Mining
1,136
234

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$4.85 $4.82 $4.89 $4.79 $4.77 2631860 $0.08 ( 1.68% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Hold
26/05/2015
6

Company Overview

Business Description
Independence Group NL (IGO) is a mineral exploration company focusing on nickel, copper and zinc mining in Australia. IGO has two key mining operations being Long and Jaguar/Bentley in Western Australia. IGO currently focuses on its development Tropicana Gold project as well as Stockman copper-zinc-silver-gold project.
Strategy Analysis
Independence Group's focus is to achieve long term growth through the discovery and development of high value orebodies with a focus on gold, nickel and copper. Other commodities such as rare earths and tin will be considered. The company believes there are many more ore bodies yet to be discovered in Australia, in areas under barren cover and in previously unrecognised mineralised belts. The preferred focus is within Australia but Independence Group will also consider other jurisdictions. To achieve its goals the company seeks to apply leading edge geological science, invest in technical innovation particularly aimed at the discovery of deposits hidden under thick cover, apply new technology to established and emerging mineral belts, acquire major land positions in frontier belts and to efficiently farm out or relinquish projects not meeting internal technical milestones. Independence Group reported NPAT of $16.5m for the half-year ended 31 December 2012. The return to profitability for the half-year is as a result of a solid performance by the Long Nickel Operation, together with a promising turnaround in the performance of the Jaguar/Bentley Copper and Zinc Operation. The Jaguar/Bentley Operation was impaired in the prior comparative December 2011 half-year by $157.74m. Revenues from ordinary activities were $122.15m, up 15.7% from the same period last year. Diluted EPS was 7.05 cents compared to (70.63) cents last year. Net operating cash flow was $38.18m compared to $9.79m last year. The interim dividend declared was 1.0 cent compared with 2.0 cents last year.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 101.5 42.9 4.8% 11.3 15.0 3.1% 100.0%
2015 F 97.0 41.0 39.8% 11.8 15.0 3.1% 100.0%
2014 A 69.0 29.3 208.4% 12.6 8.0 2.2% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
BHP Billiton (BHP) $93,781M 0.1223 -0.2501 -0.4038 12.0532 16.0740 26.9621 3.99% 5.38% 5.38%
Independence Group (IGO) $1,117M 0.9316 1.1537 0.4007 24.1153 11.1972 7.9940 1.68% 3.04% 3.83%
Iluka Resources (ILU) $3,655M -0.5350 1.4446 0.5731 61.2202 25.0430 15.9190 2.18% 3.12% 4.39%
Rio Tinto (RIO) $24,455M -0.1938 -0.4311 0.0932 9.3130 16.3695 14.9740 4.55% 4.94% 5.26%
South32 (S32) $11,606M 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00% 0.00% 0.00%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.68 12.20 1.65 0.19
Market 1.02 17.20 1.32 1.56
Sector 0.77 13.80 0.70 0.53

Directors

Name Position Start Date
Mr Peter John Luckhurst Bradford Chief Executive Officer, Managing Director 17/03/2014
Mr Peter Ross Bilbe Non-Executive Chairman 31/03/2009
Mr Keith William Spence Non-Executive Director 17/12/2014
Mr Geoffrey Clifford Non-Executive Director 10/12/2012
Mr Peter Buck Non-Executive Director 03/10/2014

Management

Name Position
Andrew Eddowes Business Development Manager
Scott Steinkrug Chief Financial Officer
Rodney Jacobs Development Manager
Tim Kennedy Exploration Manager
Anthony(Tony) Michael Walsh General Manager Corporate,Company Secretary

Substantial Shareholders

Holding Name
17,841,661 (7.62%) Commonwealth Bank of Australia
15,399,951 (6.57%) FMR LLC and FIL (formerly FMR Corp and FIL)

Calendar of Events

Date Event
20 April 2016 Report (Quarterly)
22 February 2016 Report (Interim)
17 February 2016 Report (Interim)
27 January 2016 Report (Quarterly)
28 October 2015 Report (Quarterly)
19 October 2015 Report (Annual)
27 August 2015 Report (Prelim)
27 July 2015 Report (Quarterly)
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