SOUTH32 LIMITED (S32)
Share Price Analysis and Chart

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S32

S32 - SOUTH32 LIMITED

FNArena Sector : Mining
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.32
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

South32 is a mining and metals company producing alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. It was spun out of BHP Billiton in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.60

05 Feb
2026

-0.190

OPEN

$4.52

-3.97%

HIGH

$4.66

25,631,138

LOW

$4.51

TARGET
$4.625 0.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
5EA . AMN . APC . ARV . AZY . BCI . BML . CNB . COD . CXM . DRE . E25 . EM2 . HFR . KSN . LM8 . PEX . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 31.1 xxx
DPS (cps) 12.1 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 14.2 xxx
Dividend Yield 2.8% xxx
Div Pay Ratio(%) 39.1% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 1.80%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.94

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 18/09 - ex-div 4.01c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx8.9
DPS All xxxxxxxxxxxxxxx9.3
Sales/Revenue xxxxxxxxxxxxxxx8,924.8 M
Book Value Per Share xxxxxxxxxxxxxxx300.3
Net Operating Cash Flow xxxxxxxxxxxxxxx2,061.4 M
Net Profit Margin xxxxxxxxxxxxxxx5.50 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx3.65 %
Return on Invested Capital xxxxxxxxxxxxxxx3.17 %
Return on Assets xxxxxxxxxxxxxxx2.32 %
Return on Equity xxxxxxxxxxxxxxx3.65 %
Return on Total Capital xxxxxxxxxxxxxxx7.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx67.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx407 M
Long Term Debt xxxxxxxxxxxxxxx2,086 M
Total Debt xxxxxxxxxxxxxxx2,493 M
Goodwill - Gross xxxxxxxxxxxxxxx212 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,559 M
Price To Book Value xxxxxxxxxxxxxxx0.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,548.7 M
Capex % of Sales xxxxxxxxxxxxxxx17.35 %
Cost of Goods Sold xxxxxxxxxxxxxxx7,382 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx398 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,749 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Morgans

23/01/2026

1

Buy

$5.00

8.70%

South32 delivered a modest operational beat in the December quarter (2Q26), supported by strong alumina and silver output, partly offsetting disappointing Brazil Aluminium, Morgans notes.

The company left FY26 guidance unchanged but flagged Brazil Aluminium is under review.

Following the Illawarra divestment, South32 is now 90% base metals, carrying limited execution risk and benefiting from higher copper, aluminium and silver prices, the broker highlights.

Target rises to $5.00 from $4.30, reflecting updated metal price forecasts and FX assumptions. Buy maintained.

FORECAST
Morgans forecasts a full year FY26 dividend of 11.99 cents and EPS of 53.80 cents.
Morgans forecasts a full year FY27 dividend of 13.68 cents and EPS of 33.81 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Login above or Get a Free Trial

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

12/12/2025

-1

No Rating

-

Canaccord Genuity has suspended its coverage of South32.
Access Extra Coverage Research History >

S32 STOCK CHART

FNArena News on S32

1
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Feb 04 2026 - Australia
2
Weekly Ratings, Targets, Forecast Changes – 30-01-26

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Weekly Ratings, Targets, Forecast Changes – 23-01-26

Jan 27 2026 - Weekly Reports
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