Nickel Asia’s Big-Year Paradox: Strong Results, Bigger Cash — and a Quiet “War Chest” for What Comes Next
We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer: This is for informational purposes and is not investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. Nickel Asia Corp. (NAC) delivered a year that reads like a bull case in headline form—strong earnings, swelling cash, and a balance sheet that still looks comfortably geared. Yet the company also leaned on borrowings while cash piled higher, a combination that typically invites two questions from the market: what is management preparing for—and how aggressive can it get? The first part of the answer is clear from NAC’s own disclosures: the cash build-up is largely a war chest for a pipeline of capital-hungry projects , especially in renewable energy, where spending is front-loaded and returns arrive only once projects are commissioned. The second part—the optionality—requires more ...