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
UBS: South32:4Q disappointing,but is it priced in? S32's Jun-Q...
Add S32 (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$2.98 |
Change
-0.010(0.33%) |
Mkt cap ! $13.49B | |||
| Open | High | Low | Value | Volume |
| $2.99 | $3.05 | $2.94 | $69.09M | 23.13M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 28169 | $2.98 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.99 | 82960 | 4 |
View Market Depth
| Last trade - 16.10pm 23/07/2024 (20 minute delay) ? |
| S32 (ASX) Chart |