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

$2.94

27 Jun
2025

0.040

OPEN

$2.95

1.38%

HIGH

$3.01

26,517,882

LOW

$2.94

TARGET
$3.742 27.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
5EA . AMN . APC . ARV . AZY . 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) 27.9 xxx
DPS (cps) 10.9 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 10.5 xxx
Dividend Yield 3.7% 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: 1.32%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.82

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

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

23/04/2025

1

Add

$4.30

46.26%

Morgans describes the March quarter as solid for South32, with production broadly meeting expectations aside from a downgrade at Cannington due to its late-life volatility.

Production at Worsley alumina and aluminium assets slightly exceeded the broker's estimates, while Sierra Gorda copper and South African manganese were in line. Cannington missed estimates by -10%, prompting FY25 guidance to be revised lower.

Net cash rose to US$252m, with further improvement expected due to modest capex, highlighting to the analysts balance sheet strength.

The broker retains a constructive view on copper and aluminium, and sees South32 as a value opportunity given recent share price weakness.

Morgans retains an Add rating and a $4.30 target price.

FORECAST
Morgans forecasts a full year FY25 dividend of 11.88 cents and EPS of 27.47 cents.
Morgans forecasts a full year FY26 dividend of 14.35 cents and EPS of 43.68 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$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

30/04/2025

3

Upgrade to Hold from Sell

$2.60

-11.56%

Canaccord Genuity upgrades South32 to Hold from Sell after the March quarter update, noting alumina and aluminium production met expectations while manganese, silver and copper were weaker.

The analyst highlights a -10% downgrade to Cannington production guidance due to geotechnical issues, along with higher cost expectations at US$195/t ore processed.

Despite industrial metal price weakness and Hermosa capital cost concerns, valuation metrics have improved with South32’s earnings before interest, tax, depreciation and amortisation multiple now 4–5 times, implying limited downside.

Canaccord Genuity's FY25 earnings forecasts are raised by 9% on lower group costs, while FY26 is lowered by -3% on weaker copper revenues. Target price remains unchanged at $2.60.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 8.21 cents and EPS of 19.45 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 5.40 cents and EPS of 12.04 cents.
Access Extra Coverage Research History >

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