SOUTH32 LIMITED (S32)
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S32

S32 - SOUTH32 LIMITED

FNArena Sector : Mining
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.51
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

$5.21

27 Aug
2026

0.070

OPEN

$5.24

1.36%

HIGH

$5.29

17,106,245

LOW

$5.11

TARGET
$5.14 -1.3% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMN . APC . ARV . AZY . BCI . BML . CNB . COD . DRE . E25 . EM2 . HFR . KSN . LM8 . LNQ . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY27
Forecast		 FY28
Forecast
EPS (cps) 35.0 xxx
DPS (cps) 67.9 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 15.0 xxx
Dividend Yield 12.9% xxx
Div Pay Ratio(%) 193.9% 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: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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: 05/03 - ex-div 5.48c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx35.2
DPS All xxxxxxxxxxxxxxx13.0
Sales/Revenue xxxxxxxxxxxxxxx8,582.9 M
Book Value Per Share xxxxxxxxxxxxxxx312.4
Net Operating Cash Flow xxxxxxxxxxxxxxx2,411.4 M
Net Profit Margin xxxxxxxxxxxxxxx18.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx11.39 %
Return on Invested Capital xxxxxxxxxxxxxxx9.94 %
Return on Assets xxxxxxxxxxxxxxx7.48 %
Return on Equity xxxxxxxxxxxxxxx11.39 %
Return on Total Capital xxxxxxxxxxxxxxx6.89 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,980.5 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx751 M
Long Term Debt xxxxxxxxxxxxxxx1,921 M
Total Debt xxxxxxxxxxxxxxx2,672 M
Goodwill - Gross xxxxxxxxxxxxxxx201 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3,080 M
Price To Book Value xxxxxxxxxxxxxxx1.25

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx1,673.5 M
Capex % of Sales xxxxxxxxxxxxxxx19.50 %
Cost of Goods Sold xxxxxxxxxxxxxxx7,047 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx410 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,466 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

0.5

No. Of Recommendations

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

Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Citi

27/08/2026

1

Buy

$5.30

1.73%

First take: South32's FY26 underlying EBITDA of US$2.46bn rose 28% y/y and was 1% ahead of consensus, while underlying NPAT of US$1.09bn beat Citi by 11% and consensus by 7%, helped by lower finance costs and tax.

Citi highlights Cannington EBITDA of US$451m was 17% ahead of its forecast, while Sierra Gorda generated US$758m and contributed to free cash flow of US$610m, 38% above forecasts.

Weakness was concentrated in manganese and Brazil Alumina, while FY27 Cannington production guidance was upgraded by management and the Sierra Gorda expansion is expected to lift copper-equivalent production by around 30% from FY31.

Citi expects a positive market reaction given the strong cash generation and higher dividend and reiterates its Buy rating. Target $5.30.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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UBS

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

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

FNArena News on S32

1
FNArena Corporate Results Monitor – 28-08-2026

Aug 28 2026 - Australia
2
Rudi’s View: That’s The Way Markets Crumble

Aug 06 2026 - Rudi's View
3
Rudi’s View: Pre-August Picks In Resources, Retail & Small Caps

Jul 23 2026 - Rudi's View
4
South32 Targets Growth Through Transformation

Jul 23 2026 - Commodities
5
Material Matters: Copper, Aluminium And Zircon

Jul 13 2026 - Commodities

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