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.
Ann: 2024 Full Year Financial Results, page-18
Add S32 (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$3.68 |
Change
-0.060(1.60%) |
Mkt cap ! $16.66B | |||
| Open | High | Low | Value | Volume |
| $3.64 | $3.70 | $3.63 | $46.35M | 12.65M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 16139 | $3.67 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.69 | 45098 | 7 |
View Market Depth
| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| S32 (ASX) Chart |