IGO Sees Risk of Dilutive Inorganic Growth, Says Jefferies

MT Newswires Live

Oct 31

IGO's (ASX:IGO) limited disclosure on Greenbushes due to its holding structure, and the risk of dilutive inorganic growth has led Jefferies to reiterate its rating, said the investment firm in a Thursday note.

The company on Thursday said that its sales revenue rose to AU$105.3 million in the fiscal first quarter from AU$143.1 million last year.

Jefferies said that Greenbushes production was again lower than the investment firm's and Visible Alpha's estimates, driven by weather restrictions and reduced mill feed grades.

The investment firm noted that the company's saleable production was a 14% beat to its estimates, as contributions from Buchanan and Mammoth commenced in the quarter.

Performance, while soft, did not demonstrate a material divergence from our long-term view of the asset quality or strategic direction of the company, the note added.

Jefferies maintained an underperform rating and a price target of AU$4 on IGO.

IGO's shares fell almost 2% in recent Friday trade.

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