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

$3.93

24 Mar
2026

0.080

OPEN

$4.02

2.08%

HIGH

$4.05

21,843,352

LOW

$3.91

TARGET
$5.008 27.4% 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 . LNQ . MPK . PEX . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 26.8 xxx
DPS (cps) 11.2 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 15.3 xxx
Dividend Yield 2.7% xxx
Div Pay Ratio(%) 42.0% 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: 2.09%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.09

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
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Sentiment Indicator

0.7

No. Of Recommendations

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

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Macquarie

13/02/2026

1

Outperform

$5.00

27.23%

South32's 1H26 earnings per share beat Macquarie by 6%, with operating cash flow a -17% miss on working capital. The US3.9c dividend was a 23% beat and the buyback has been extended.

While guidance is cut at Alumar, more mine life at Cannington and resource upside at Sierra Gorda and Hermosa improved net asset values. Macquarie upgrades forecast FY26 earnings by 5% but cuts FY27-30  by -7% on Alumar production.

Macquarie remains optimistic on Hermosa's potential, reiterating Outperform. Target rises to $5.00 from $4.80.

FORECAST
Macquarie forecasts a full year FY26 dividend of 10.60 cents and EPS of 26.35 cents.
Macquarie forecasts a full year FY27 dividend of 8.33 cents and EPS of 21.05 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
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No. Of Recommendations

0

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
Access Extra Coverage Research History >

S32 STOCK CHART

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