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

$2.97

15 Jul
2025

0.020

OPEN

$2.97

0.68%

HIGH

$2.98

19,475,939

LOW

$2.90

TARGET
$3.508

-0.03 change from previous day

 18.1% 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) 24.5 xxx
DPS (cps) 9.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.8 xxx
Dividend Yield 3.4% 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: 1.57%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.86

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

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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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

15/07/2025

1

Overweight

$3.05

2.69%

Morgan Stanley believes the risk to power at the Mozal smelter is well flagged but remains an ongoing earnings risk for South32.

The analyst expects Mozal to produce 370kt of aluminium for FY26 and generate earnings (EBITDA) of US$238m. If a power deal is not reached, the impact to 4Q26 earnings would be estimated at around -US$67m to the group FY26 earnings (EBITDA) forecast of US$2.7bn.

A shutdown for FY27 would result in an estimated -US$210m earnings impact or some circa -7% of Morgan Stanley's earnings (EBITDA) forecast of around US$3bn.

The smelter represents around 4% of Mozambique's GDP and employs some 1,150 full-time staff with 21,000 indirect jobs and around 1,200 contractors, and thus is considered important to the country, the broker explains.

Overweight rating and no change to target price at $3.05. Industry view: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY25 dividend of 10.82 cents and EPS of 24.73 cents.
Morgan Stanley forecasts a full year FY26 dividend of 12.37 cents and EPS of 43.28 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

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

09/07/2025

3

Hold

$2.60

-12.46%

South32 is divesting the Cerro Matoso nickel mine in Colombia to CoreX for a nominal amount plus up to US$100m in contingent payments.

Canaccord Genuity sees the deal as neutral as the declining grade at the mine makes it uneconomical for the company at current nickel prices.

The broker believes the asset sale would increase its FY26 EBITDA estimate by 2%, with FY25 accounts reflecting -US$130m impairment.

Hold. Target unchanged at $2.60.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 8.22 cents and EPS of 19.47 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 5.41 cents and EPS of 12.06 cents.
Access Extra Coverage Research History >

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