Financials BHP Group Limited

Equities

BHP

AU000000BHP4

Diversified Mining

Market Closed - Australian S.E. Other stock markets 02:10:52 2024-05-31 am EDT			5-day change	1st Jan Change
44.51 ^AUD	+0.47%		-0.29%	-11.70%

May. 31	Botswana's Debswana diamond sales fall 48% in first quarter	RE
May. 31	Citigroup Restarts BHP Group Coverage at Buy	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	139,218	116,017	169,397	143,969	151,748	149,829	-	-
Enterprise Value (EV) ¹	148,433	129,555	174,904	144,302	162,914	161,021	160,475	160,265
P/E ratio	18.1 x	15.7 x	16.3 x	4.67 x	11.8 x	21 x	11.1 x	12.1 x
Yield	4.6%	4.86%	8.27%	11.4%	5.67%	5.04%	5.21%	4.73%
Capitalization / Revenue	3.14 x	2.7 x	2.79 x	2.21 x	2.82 x	2.71 x	2.72 x	2.85 x
EV / Revenue	3.35 x	3.02 x	2.88 x	2.22 x	3.03 x	2.92 x	2.92 x	3.05 x
EV / EBITDA	6.41 x	5.87 x	4.68 x	3.55 x	5.83 x	5.62 x	5.5 x	5.83 x
EV / FCF	13.8 x	16.1 x	8.7 x	5.72 x	13.6 x	16.7 x	15.2 x	16.2 x
FCF Yield	7.24%	6.23%	11.5%	17.5%	7.35%	5.99%	6.57%	6.17%
Price to Book	3.17 x	2.61 x	3.59 x	3.2 x	3.41 x	3.4 x	3.08 x	2.9 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	29.55	29.55	29.55
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	55,202	55,014	52,618
EBITDA ¹	23,158	22,071	37,379	40,634	27,956	28,667	29,177	27,473
EBIT ¹	17,065	15,874	30,291	34,400	22,820	22,231	23,693	21,659
Operating Margin	38.53%	36.98%	49.81%	52.84%	42.4%	40.27%	43.07%	41.16%
Earnings before Tax (EBT) ¹	15,049	13,510	24,601	33,137	21,401	17,441	22,298	20,603
Net income ¹	8,306	7,956	11,304	30,900	12,921	7,795	13,566	12,962
Net margin	18.75%	18.53%	18.59%	47.47%	24.01%	14.12%	24.66%	24.63%
EPS ²	1.599	1.570	2.235	6.093	2.547	1.411	2.668	2.443
Free Cash Flow ¹	10,748	8,066	20,114	25,215	11,968	9,651	10,551	9,883
FCF margin	24.27%	18.79%	33.07%	38.73%	22.24%	17.48%	19.18%	18.78%
FCF Conversion (EBITDA)	46.41%	36.55%	53.81%	62.05%	42.81%	33.66%	36.16%	35.97%
FCF Conversion (Net income)	129.4%	101.38%	177.94%	81.6%	92.62%	123.8%	77.77%	76.24%
Dividend per Share ²	1.330	1.200	3.010	3.250	1.700	1.489	1.539	1.397
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	2025 S1	2025 S2
Net sales ¹	22,294	20,637	25,639	35,178	30,527	34,571	12,992	25,713	28,104	27,232	28,996	-	-
EBITDA	12,084	9,987	14,680	22,699	18,463	22,171	-	13,230	14,726	13,875	14,748	15,071	14,812
EBIT	9,041	6,833	11,292	18,999	15,574	18,826	-	10,753	12,067	11,233	12,702	-	-
Operating Margin	40.55%	33.11%	44.04%	54.01%	51.02%	54.46%	-	41.82%	42.94%	41.25%	43.81%	-	-
Earnings before Tax (EBT)	7,790	5,720	8,826	15,775	14,493	18,644	-	10,181	11,220	3,982	12,237	-	-
Net income	4,868	3,088	3,876	7,428	9,443	21,457	-	6,457	6,464	927	7,608	-	-
Net margin	21.84%	14.96%	15.12%	21.12%	30.93%	62.07%	-	25.11%	23%	3.4%	26.24%	-	-
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	11,192	10,645	10,436
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3979 x	0.6134 x	0.1473 x	0.008195 x	0.3994 x	0.3904 x	0.3649 x	0.3799 x
Free Cash Flow ¹	10,748	8,066	20,114	25,215	11,968	9,651	10,551	9,883
ROE (net income / shareholders' equity)	17.7%	19%	31.7%	49.5%	28.9%	29.1%	29.4%	24.9%
ROA (Net income/ Total Assets)	8.57%	8.81%	15.9%	30.3%	13.2%	12.5%	13.7%	12.2%
Assets ¹	96,886	90,306	71,047	102,047	98,231	62,163	99,134	106,352
Book Value Per Share ²	9.120	9.480	10.10	8.880	8.790	8.680	9.580	10.20
Cash Flow per Share ²	3.440	3.100	5.370	5.780	3.690	3.980	4.230	3.970
Capex ¹	6,250	7,640	6,606	5,855	6,733	9,495	9,769	9,657
Capex / Sales	14.11%	17.8%	10.86%	8.99%	12.51%	17.2%	17.76%	18.35%
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

29.55 USD

Average target price

30.95 USD

Spread / Average Target

+4.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
BHP GROUP LIMITED	-11.70%	150B
RIO TINTO PLC	-6.26%	119B
GLENCORE PLC	+1.83%	74.34B
GRUPO MÉXICO, S.A.B. DE C.V.	+11.36%	48.2B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	-4.84%	45.45B
ANGLO AMERICAN PLC	+27.55%	38.79B
HINDUSTAN ZINC LIMITED	+116.04%	34.78B
TECK RESOURCES LIMITED	+26.57%	26.97B
VEDANTA LIMITED	+74.05%	20.02B
IVANHOE MINES LTD.	+53.15%	18.25B

Integrated Mining