SOUTH32 LIMITED (S32)
Share Price Analysis and Chart

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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

$3.51

20 Jan
2025

0.030

OPEN

$3.53

0.86%

HIGH

$3.54

9,755,462

LOW

$3.48

TARGET
$4.125

+0.02 change from previous day

 17.5% 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 . G1A . HFR . KLL . KSN . LM8 . LRS . PEX . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 31.7 xxx
DPS (cps) 12.1 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.3 xxx
Dividend Yield 3.4% xxx
Div Pay Ratio(%) 38.3% 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: 1.37%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.57

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

0.8

No. Of Recommendations

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

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

21/01/2025

1

Buy

$4.00

13.96%

UBS observes South32 reported a "strong" 4Q 2024 operationally, with aluminium and copper exceeding expectations and Cannington showing quarter-on-quarter improvement with higher silver and lead output, the broker states.

Cerro Matoso achieved 15% quarter-on-quarter growth due to higher plant utilisation, with a review anticipated in 1H25.

Management retained FY25 production guidance but expects higher aluminium unit costs, 5%-10% above guidance.

South32 is set to report 1H25 results on February 13, with UBS forecasting earnings of around US$1bn, in line with consensus. The buyback is expected to remain at approximately $170m.

Buy rating and $4 target price are unchanged. UBS lowers the FY25 EPS estimate by -28%.

FORECAST
UBS forecasts a full year FY25 dividend of 12.17 cents and EPS of 28.91 cents.
UBS forecasts a full year FY26 dividend of 18.26 cents and EPS of 47.17 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

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

2

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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

23/12/2024

5

Sell

$2.35

-33.05%

South32 announced road blockages were cleared in Mozambique following civil unrest, enabling alumina to be transported to its Mozal aluminium smelter from the port.

The company also said it reduced amperage to the plant to preserve raw materials, which Canaccord Genuity sees as a risk of escalation in the unrest.

Further disruption would lead to the shutdown of the pot line or the smelter entirely, curtailing production further and likely leading to significant future restart costs, according to the broker. 

The broker considers this risk to be partially offset by the sale of any unconsumed alumina from the Worsley Alumina unit in the market at a premium to average price.

No change to Sell rating. Target price remains at $2.35.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 4.78 cents and EPS of 10.61 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 5.28 cents and EPS of 11.75 cents.
Access Extra Coverage Research History >

S32 STOCK CHART

FNArena News on S32

1
South32’s Update Fuels Analysts’ Optimism

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2
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3
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Dec 23 2024 - Rudi's View
4
Australian Broker Call *Extra* Edition – Dec 23, 2024

Dec 23 2024 - Daily Market Reports
5
ESG Focus: The Little Big Things – 19-12-2024

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