BHP Group Ltd

BHP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$57.50	Bsxtq	Mtlrqjq

BHP: Sales of Iron Ore, the Main Profit Driver, Are Solid Along With Copper Sales

Jon Mills

Jan 18, 2024

No-moat BHP’s fiscal 2024 second-quarter sales were in line with our expectations. The company also reiterated fiscal 2024 guidance, except metallurgical coal. Fiscal 2024 production will likely be lower and unit cash costs higher than originally guided. We lower our fiscal 2024 EBITDA forecast by 3% to USD 32.7 billion. But our longer-term forecasts remain largely intact, and the near-term decrease is immaterial to our unchanged AUD 43 per share fair value estimate.

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