last year nickel west made an EBITDA margin of 8% which is crap and given the capital intensity of the Nickel operations I’d imagine the depreciation charge would be humongous.
But don’t get me wrong, I still believe bhp have a world class iron ore and copper business (if not best in class) and good cashflow to still juice out of met coal if they hold it. It’s still a good stock. My point is they really messed up by not getting rid of nickel west when they had the chance.
BHP Price at posting:
$44.93 Sentiment: Hold Disclosure: Held
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