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: 2.08
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

$3.05

12 Aug
2025

-0.020

OPEN

$3.02

-0.65%

HIGH

$3.07

17,653,633

LOW

$2.99

TARGET
$3.567 16.9% 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 . EM2 . HFR . KSN . LM8 . PEX . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 24.1 xxx
DPS (cps) 9.5 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.7 xxx
Dividend Yield 3.1% xxx
Div Pay Ratio(%) 39.5% 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: 1.32%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.74

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: 19/09 - ex-div 4.57c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-6.9
DPS All xxxxxxxxxxxxxxx5.2
Sales/Revenue xxxxxxxxxxxxxxx8,361.2 M
Book Value Per Share xxxxxxxxxxxxxxx297.2
Net Operating Cash Flow xxxxxxxxxxxxxxx1,707.6 M
Net Profit Margin xxxxxxxxxxxxxxx-11.64 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-7.08 %
Return on Invested Capital xxxxxxxxxxxxxxx-6.17 %
Return on Assets xxxxxxxxxxxxxxx-4.51 %
Return on Equity xxxxxxxxxxxxxxx-7.08 %
Return on Total Capital xxxxxxxxxxxxxxx1.67 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-131.2 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx334 M
Long Term Debt xxxxxxxxxxxxxxx2,011 M
Total Debt xxxxxxxxxxxxxxx2,345 M
Goodwill - Gross xxxxxxxxxxxxxxx208 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,261 M
Price To Book Value xxxxxxxxxxxxxxx1.23

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1,710.7 M
Capex % of Sales xxxxxxxxxxxxxxx20.46 %
Cost of Goods Sold xxxxxxxxxxxxxxx7,661 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx429 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,621 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

0.7

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

22/07/2025

3

Neutral

$3.40

11.48%

South32’s June quarter production was broadly in line with Citi's forecasts. Strong copper and aluminium offset softer alumina and manganese output, note the analysts.

Sierra Gorda benefited from higher copper grades and improved molybdenum recoveries, explains the broker, helping the group exceed FY25 production guidance by 2%.

A US$225m working capital release supported cash generation in the second half, and Citi estimates FY25 will close with net cash of around US$450m.

FY26 production guidance is largely unchanged, though Mozal remains under review due to electricity tariff uncertainty, leading Citi to reduce its risk weighting on the asset to 70% from 80%.

The broker maintains a Neutral rating and $3.40 target.

FORECAST
Citi forecasts a full year FY25 dividend of 10.05 cents and EPS of 28.15 cents.
Citi forecasts a full year FY26 dividend of 12.22 cents and EPS of 25.52 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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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

31/07/2025

3

Hold

$2.70

-11.48%

Canaccord has slightly raised its target price on South32 to $2.70 while maintaining a Hold rating, noting short-term earnings upgrades driven by stronger aluminium and silver prices.

FY25 EBITDA guidance has been lifted by 6%, though expectations weaken beyond FY26 as Cannington mining constraints and declining grades at Sierra Gorda weigh on output.

The broker flags significant uncertainty surrounding the Mozal Aluminium power contract, expiring March 2026. While shutdown risk is seen as low, South32 is likely to incur higher energy costs.

FY27 forecasts were cut -13%, and while the balance sheet is strong (net cash of US$171m expected for FY25), medium-term valuation upside is limited, the report concludes.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 8.82 cents and EPS of 20.11 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 5.72 cents and EPS of 12.37 cents.
Access Extra Coverage Research History >

S32 STOCK CHART

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