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Yesterday, BHP reported half-year 2012/13 results that pretty much met expectations. The group booked $3bn in impairment charges, associated with the Aluminium and Nickel division. The fairly modest rise in the interim dividend and lack of any news disclosed about a cost-cutting plan disappointed the market. Nonetheless, there is evidence that costs are being controlled (reduction of $1.9bn on an annualised basis), and this will continue. Although CEO Marius Kloppers had not been expected to retire this year, the news he is to be replaced by Andrew Mackenzie (currently Chief Executive of the Non-Ferrous Metals division) dispelled any uncertainty over the succession and will ensure continuity in the strategy being pursued in recent months (portfolio streamlining and better resource allocation). PLUS rating confirmed.
BHP has published annual results in line with expectations overall. Like its competitors, the results were adversely affected by price volatility and cost inflation as well as a $3.7 billion writedown (already announced at the beginning of August). We are maintaining our PLUS rating on this share because of the diversity and excellent quality of its assets, which make it more resilient than its rivals in this uncertain environment.
BHP Billiton has published first half results which fell slightly short of consensus expectations after eliminating exceptional items. The results were adversely affected by price volatility and cost inflation (especially in Australia). We are maintaining our PLUS opinion on this share. The group benefits from the diversity and excellent quality of its assets on which the margins are the highest in the sector.
In this uncertain macroeconomic environment, BHP Billiton benefits from a particularly defensive position in the sector. The group’s business diversity, assets of excellent quality with the highest margins in the sector and strong cash flow generation make it more resilient than its rivals in times of crisis. We confirm our PLUS code for this share.
We confirm our PLUS code for this share. Our investment thesis is based on the group’s business diversity and assets of excellent quality with the highest margins in the sector, recovery of demand and strong cash flow generation, which will support its organic growth while also providing a cash return to shareholders (share buyback, dividend).
Yesterday, BHP Billiton published its results for H1, in line with expectations. The management announced the extension of its share buyback program to a total of USD 10 billion by the end of the financial year (30 June), and a dividend up 9.5%. The cash return to shareholders is at the bottom end of the expected range and disappointed the market. We maintain our PLUS code because of the quality of the group’s assets, the diversification of its activities and strong cash flow generation.
BHP Billiton has just announced the withdrawal of its offer for the Potash Corp. and launched a new share buyback programme worth USD 4.2 billion. In view of the strong free cash flow generation and the absence of any major acquisition in 2011, the management should be in a position to renew its share buyback programme next year. We confirm our PLUS code.
BHP Billiton has published an excellent production report. All the divisions performed more strongly than expected with very robust figures. Investors were also able to gain a more accurate idea of the financial impact of the termination of the JV with Rio Tinto in iron ore. The acquisition of Potash Corp is still on hold following the rejection by the latter. To be continued… PLUS code maintained.
BHP Billiton has defensive qualities in a very cyclical industry, accompanied by substantial leverage in the event of an economic recovery thanks to several factors: a robust balance sheet, strong cash flow generation, business diversification, multiple opportunities, attractive competitive positions and assets of excellent quality. PLUS code.
BHP Billiton published strong annual results in line with market expectations, or even better. Forecasts announced by the company highlight several interesting factors concerning the markets: short term caution (linked to Chinese leading indicators and weakness of the US building industry) and uncertainties over the intrinsic volatility of the markets and inflation. BHP Billiton also indicated that it would not buy Potash Corp at an excessive price. PLUS code maintained.
BHP Billiton has defensive advantages in a very cyclical industry, but in the event of an economic recovery can also leverage resources using several elements: a solid balance sheet, strong generation of cash flow, business diversification, multiple opportunities, attractive competitive positions and assets of excellent quality. PLUS code.
BHP Billiton has announced good production results for Q1 2009/2010. Absolute levels reached record figures in several divisions. However, BHP Billiton remains very cautious over the recovery of real demand both in China and in the developed countries. PLUS code confirmed.
BHP Billiton has defensive advantages in a very cyclical industry, but in the event of an economic recovery can also leverage resources using several elements: a solid balance sheet, strong generation of cash flow, business diversification, multiple opportunities, attractive competitive positions and assets of excellent quality. PLUS code.
BHP Billiton has published its production figures for Q3 2009. Performance is somewhat disappointing, but the quarter has been affected by adverse seasonal factors (hurricanes) as well as the international crisis. Our PLUS code remains unchanged because BHP Billiton has the strongest and most defensive profile among all diversified mining companies.
BHP Billiton has defensive qualities in a very cyclical sector but nonetheless offers significant potential in the event of economic recovery thanks to a number of factors: diversification of activities, multiple opportunities, attractive competitive positions, solid balance sheet, strong cash-flow generation and excellent asset quality. New PLUS code.
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