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Nickel Industries Has Ability to Strike Net Present Value-Accretive Deals, Indonesian Policy Warrants Caution, Jefferies Says

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Nickel Industries (ASX:NIC) can strike net present value-accretive deals, but caution is warranted because of "Indonesia's capricious policy regime," Jefferies said in a note on Monday.

The model for Nickel Industries was updated to account for the $169 million acquisition of a 17.5% stake in the TMI HPAL and the share-for-share acquisition of a 36% interest in the CNE HPAL in exchange for an 18% stake in the Sampala mine.

Ore supply agreements are believed to materially improve the likelihood of Sampala's securing an RKAB sufficient to support TMI and CNE's combined demand.

The investment firm has a hold rating on Nivckel Industries with a price target of AU$1.05 per share.

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