Financials BHP Group Limited

Equities

BHP

AU000000BHP4

Diversified Mining

Market Closed - Australian S.E. Other stock markets 02:10:37 2024-05-17 am EDT			5-day change	1st Jan Change
44.89 ^AUD	+0.79%		+4.61%	-10.95%

May. 17	European Equities Traded in the US as American Depositary Receipts Trend Modestly Higher in Friday Trading	MT
May. 17	BHP needs to bid about 32 pounds a share for Anglo, JPMorgan says	RE

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	139,218	116,017	169,397	143,969	151,748	152,128	-	-
Enterprise Value (EV) ¹	148,433	129,555	174,904	144,302	162,914	163,383	163,192	163,094
P/E ratio	18.1 x	15.7 x	16.3 x	4.67 x	11.8 x	21 x	11.7 x	12.8 x
Yield	4.6%	4.86%	8.27%	11.4%	5.67%	4.98%	4.98%	4.52%
Capitalization / Revenue	3.14 x	2.7 x	2.79 x	2.21 x	2.82 x	2.76 x	2.8 x	2.92 x
EV / Revenue	3.35 x	3.02 x	2.88 x	2.22 x	3.03 x	2.96 x	3 x	3.13 x
EV / EBITDA	6.41 x	5.87 x	4.68 x	3.55 x	5.83 x	5.71 x	5.72 x	5.93 x
EV / FCF	13.8 x	16.1 x	8.7 x	5.72 x	13.6 x	17.1 x	15.5 x	16.4 x
FCF Yield	7.24%	6.23%	11.5%	17.5%	7.35%	5.86%	6.45%	6.1%
Price to Book	3.17 x	2.61 x	3.59 x	3.2 x	3.41 x	3.45 x	3.12 x	2.93 x
Nbr of stocks (in thousands)	5,057,685	5,056,735	5,057,690	5,061,151	5,064,466	5,069,816	-	-
Reference price ²	28.89	24.72	36.41	28.45	29.96	30.01	30.01	30.01
Announcement Date	8/19/19	8/17/20	8/17/21	8/15/22	8/21/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,288	42,931	60,817	65,098	53,817	55,106	54,341	52,041
EBITDA ¹	23,158	22,071	37,379	40,634	27,956	28,591	28,518	27,493
EBIT ¹	17,065	15,874	30,291	34,400	22,820	22,402	23,425	21,074
Operating Margin	38.53%	36.98%	49.81%	52.84%	42.4%	40.65%	43.11%	40.49%
Earnings before Tax (EBT) ¹	15,049	13,510	24,601	33,137	21,401	17,395	21,489	20,018
Net income ¹	8,306	7,956	11,304	30,900	12,921	7,866	13,248	12,770
Net margin	18.75%	18.53%	18.59%	47.47%	24.01%	14.28%	24.38%	24.54%
EPS ²	1.599	1.570	2.235	6.093	2.547	1.426	2.564	2.345
Free Cash Flow ¹	10,748	8,066	20,114	25,215	11,968	9,570	10,523	9,946
FCF margin	24.27%	18.79%	33.07%	38.73%	22.24%	17.37%	19.36%	19.11%
FCF Conversion (EBITDA)	46.41%	36.55%	53.81%	62.05%	42.81%	33.47%	36.9%	36.18%
FCF Conversion (Net income)	129.4%	101.38%	177.94%	81.6%	92.62%	121.65%	79.43%	77.89%
Dividend per Share ²	1.330	1.200	3.010	3.250	1.700	1.495	1.495	1.358
Announcement Date	8/19/19	8/17/20	8/17/21	8/15/22	8/21/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Juni	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 Q1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	22,294	20,637	25,639	35,178	30,527	34,571	12,992	25,713	28,104	27,232	28,649
EBITDA	12,084	9,987	14,680	22,699	18,463	22,171	-	13,230	14,726	13,875	15,000
EBIT	9,041	6,833	11,292	18,999	15,574	18,826	-	10,753	12,067	11,233	12,068
Operating Margin	40.55%	33.11%	44.04%	54.01%	51.02%	54.46%	-	41.82%	42.94%	41.25%	42.12%
Earnings before Tax (EBT)	7,790	5,720	8,826	15,775	14,493	18,644	-	10,181	11,220	3,982	11,878
Net income	4,868	3,088	3,876	7,428	9,443	21,457	-	6,457	6,464	927	10,048
Net margin	21.84%	14.96%	15.12%	21.12%	30.93%	62.07%	-	25.11%	23%	3.4%	35.07%
EPS	0.9602	-	-	-	1.866	-	-	1.273	1.274	0.1830	1.570
Dividend per Share	0.6500	-	1.010	-	1.500	1.750	-	0.9000	0.8000	0.7200	0.8800
Announcement Date	2/17/20	8/17/20	2/15/21	8/17/21	2/14/22	8/15/22	2/20/23	2/20/23	8/21/23	2/19/24	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,215	13,538	5,507	333	11,166	11,255	11,064	10,966
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3979 x	0.6134 x	0.1473 x	0.008195 x	0.3994 x	0.3937 x	0.388 x	0.3989 x
Free Cash Flow ¹	10,748	8,066	20,114	25,215	11,968	9,570	10,523	9,946
ROE (net income / shareholders' equity)	17.7%	19%	31.7%	49.5%	28.9%	28.7%	28.4%	24.4%
ROA (Net income/ Total Assets)	8.57%	8.81%	15.9%	30.3%	13.2%	13.7%	14.8%	13.1%
Assets ¹	96,886	90,306	71,047	102,047	98,231	57,424	89,789	97,415
Book Value Per Share ²	9.120	9.480	10.10	8.880	8.790	8.690	9.610	10.20
Cash Flow per Share ²	3.440	3.100	5.370	5.780	3.690	3.940	4.190	3.960
Capex ¹	6,250	7,640	6,606	5,855	6,733	9,580	9,762	9,421
Capex / Sales	14.11%	17.8%	10.86%	8.99%	12.51%	17.38%	17.96%	18.1%
Announcement Date	8/19/19	8/17/20	8/17/21	8/15/22	8/21/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BHP Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

30.01 USD

Average target price

30.62 USD

Spread / Average Target

+2.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
BHP GROUP LIMITED	-10.95%	152B
RIO TINTO PLC	-0.98%	125B
GLENCORE PLC	+5.27%	76.75B
GRUPO MÉXICO, S.A.B. DE C.V.	+19.27%	49.6B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	+2.78%	49.11B
ANGLO AMERICAN PLC	+35.87%	41.27B
HINDUSTAN ZINC LIMITED	+94.59%	29.89B
TECK RESOURCES LIMITED	+30.73%	27.93B
VEDANTA LIMITED	+77.10%	19.73B
IVANHOE MINES LTD.	+64.05%	19.67B

Integrated Mining