Source UBS:South32:FY24in line; cash returns lift after restructuring. Wemaintain a Buy on S32 as we expect Al & Cu prices to lift in 2025,offsetting the normalisation in alumina. We are encouraged S32 is to recoverproperty damage & business interruption costs at GEMCO through insurance;however, the competitiveness of Worsley remains at risk due to the onerouspermitting conditions (release); there will be more visibility on this at endCY24. We trim FY25/26 EBITDA by ~10% due to higher costs at Worsley, Cannington& SA Mn, and lower PT to £1.95/sh or R48/sh (from £2.10/sh or R51/sh)(based on 1x NPV & 5.0x EV/EBITDA). In our opinion, the valuation isattractive with S32 trading at a spot FCF yield (pre growth) of >10% at spot& UBSe. We see potential for S32 to restructure Samancor over next 12mths.
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Last
$2.90 |
Change
0.060(2.11%) |
Mkt cap ! $13.04B | |||
| Open | High | Low | Value | Volume |
| $2.82 | $2.90 | $2.81 | $57.84M | 20.11M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 7860 | $2.89 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.90 | 335692 | 9 |
View Market Depth
| Last trade - 16.10pm 26/06/2025 (20 minute delay) ? |
| S32 (ASX) Chart |