Hi Folks,
I am trying to do some rough benchmarking of a few resource stocks. I haven't looked too closely at BHP since the GFC so would value some opinions.
Looking at an EBIT breakdown I'd have thought valuation would be about 40% for iron, 20 for each of copper and petroleum, 10 for met coal/ manganese and 10 for the rest.
However looking at the growth they've just bought in petroleum, growth options in copper and potential for a rough landing for iron ore prices trumping volume growth I was wondering whether 30% might be more reasonable for iron, with 25 to 30 for petroleum and 20 to 25 for copper?
Their petroleum business has traditionally been relatively short lived assets reliant of exploration to replace, however it looks to me like with the shale the petroleum division has transitioned to the long lived, expandable resource base of iron ore and to a lesser extent copper.
Also I can't see BHP going aggressively beyond 220 mmtpa (85%) in the current Chinese boom.
Wondering how those more familiar with BHP feel about some of these so far superficial views?
EL
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Hi Folks,I am trying to do some rough benchmarking of a few...
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