UBS:South32:4Q disappointing,but is it priced in? S32's Jun-Q is soft vs expectations with Sierra Gorda &Worsley missing FY24 guidance, FY25 guidance below expectations, and S32announcing US$818m (pre-tax) impairments at Worsely & Cerro Matoso. On thebright side, a US$180m working capital reversal & the IMCsalesupport a net cash position & cash returns in FY25 with spot cashflow yield~7% over FY25/26. We update our forecasts for the new guidance, cutting our EPSis 9%-23%lower across FY24/26E and taking our Price Target down ~10% to A$3.80/sh. Wemaintain a Buy on S32 due to its commodity mix, restructuring potential(Samancor), and the balance of cash returns/ growth. Linkto S32 note
News: S32 Noronex Says Earn-In & Strategic Alliance With South 32 On Namibia Copper, page-7
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Last
$3.09 |
Change
0.060(1.98%) |
Mkt cap ! $13.99B | |||
| Open | High | Low | Value | Volume |
| $3.04 | $3.11 | $3.04 | $34.15M | 11.06M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 102483 | $3.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.10 | 44755 | 4 |
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| Last trade - 16.10pm 26/08/2024 (20 minute delay) ? |
| S32 (ASX) Chart |