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

$3.71

20 Feb
2025

0.050

OPEN

$3.67

1.37%

HIGH

$3.71

19,688,965

LOW

$3.61

TARGET
$4.175 12.5% 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 . PEX . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 32.9 xxx
DPS (cps) 12.6 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.4 xxx
Dividend Yield 3.4% xxx
Div Pay Ratio(%) 38.4% 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: 1.25%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.47

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

1.0

No. Of Recommendations

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

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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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

14/02/2025

1

Upgrade to Buy from Neutral

$4.00

7.82%

Citi assesses a solid performance, though cost pressures remain, in South32's 1H25 results. Earnings (EBITDA) of US$375m were in line with consensus but beat the broker's forecast of US$322m.

FY25 production guidance was largely unchanged, but unit cost guidance was raised.

Group net debt decreased by -US$715m to US$47m due to the sale of metallurgical coal, offset by Hermosa capex, including a $267m build in working capital.

Positively, the broker notes cash generation rose with an unwinding of working capital and reduced open positions on increased production. The buyback was extended, with news on exiting Cerro Matoso.

The broker upgrades the stock to Buy from Neutral, lifting the target price to $4 from $3.90, highlighting investors should focus on FY27 and increased production, with Citi forecasting an FY27 copper price of US$4.76/lb.

FORECAST
Citi forecasts a full year FY25 dividend of 8.86 cents and EPS of 27.79 cents.
Citi forecasts a full year FY26 dividend of 16.64 cents and EPS of 33.29 cents.

UBS

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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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

Canaccord Genuity

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Goldman Sachs

17/02/2025

1

Buy

$4.00

7.82%

South32's first half results were in line with estimates. Goldman Sachs found the update positive in terms of operations and costs. The interim dividend of US3.4c continues and the on-market share buyback are ongoing. FY25 guidance is largely unchanged.

A key positive was the update on costs at Worsley alumina with guidance below the broker's estimates. The Australian manganese jetty rebuild and recovery in production appear on track.

The company has started a divestment process for Cerro Matoso nickel, with the broker commenting this is indicating its focus is on growing base metals exposure in the Americas. Buy rating. Target is unchanged at $4.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 13.59 cents and EPS of 33.13 cents.
Goldman Sachs forecasts a full year FY26 dividend of 24.28 cents and EPS of 47.49 cents.
Access Extra Coverage Research History >

S32 STOCK CHART

FNArena News on S32

1
Rudi’s View: Best Ideas & Conviction Calls

Feb 20 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – Feb 19, 2025

Feb 19 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Feb 17, 2025

Feb 17 2025 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 14-02-25

Feb 17 2025 - Weekly Reports
5
FNArena Corporate Results Monitor – 14-02-2025

Feb 14 2025 - Australia

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