BHP Group Plc

BHP Billiton is a resources company. Co. extracts and processes minerals, oil and gas, primarily in Australia and the Americas. Co. operates four reportable segments: Petroleum, which is engaged in the exploration, development and production of oil and gas; Copper, which is engaged in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron Ore, which is engaged in the mining of iron ore; and Coal, which is engaged in the mining of metallurgical coal and energy coal. Co.'s Petroleum unit comprises conventional and unconventional oil and gas assets, and includes exploration, development and production activities.
  • TickerBHP
  • ISINGB00BH0P3Z91
  • ExchangeLondon Stock Exchange
  • SectorMining
  • CountryUnited Kingdom

Analysts

BHP: BHP's reports strong 1H fiscal 2020 results; well positioned to manage potential headwinds

BHP's 1H fiscal 2020 results are credit positive.

Nurhayati Wan

BHP Group

Nurhayati Wan

BHP Group

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/18/2020

CaixaBank has seen a gradual but steady re-rating since last September, which will likely continue, amid reassuring signs of better operating momentum (upturn in Q3 2019) and the prospect of a less tough than expected outcome on the IRPH issue (decision beginning of March). The group should therefore reach its solvency target (FL CET1 ratio of 13% in 2021e) and favour shareholder returns (dividend CAGR of +25% over 2019-2021e, yield ~8% vs sector ~6%). Buy rating maintained, target pr...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/02/2020

CaixaBank s’est engagé depuis septembre dernier dans un processus graduel mais régulier de rerating, qui devrait se poursuivre, sur fond de momentum rassurant sur l’opérationnel (inflexion depuis le T3 2019) et de perspectives moins sombres qu’anticipé sur la problématique IRPH (décision début mars). Le groupe devrait ainsi atteindre son objectif de solvabilité (ratio CET1 FL 13% en 2021e) et favoriser le retour à l’actionnaire (TMVA 19/21 dividende +25%, rendement ~8% vs secteur ~6%)...

BHP: BHP's reports strong 1H fiscal 2020 results; well positioned to manage potential headwinds

BHP's 1H fiscal 2020 results are credit positive.

BHP Group Limited: Credit opinion update

Our credit view of BHP reflects its robust financial profile, strong cost position and disciplined financial policy which supports its resilience against volatility in commodity prices.

BHP Group Limited: Credit opinion update

Our credit view of BHP reflects its robust financial profile, strong cost position and disciplined financial policy which supports its resilience against volatility in commodity prices.

BHP Group Limited - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

BHP: Credit opinion update

Our credit view of BHP reflects its robust financial profile, strong cost position and disciplined financial policy which supports its resilience against volatility in commodity prices.

Nurhayati Wan

BHP Group

Nurhayati Wan

BHP Group

Alain William

BHP Group Plc : Underlying EBITDA in line with the consensus. Demand unaffected so far by the virus outbreak

>Underlying EBITDA in line with consensus expectations - BHP reported H1 2019-20 (financial year ending in June) underlying EBITDA of $ 12.1bn, i.e. well ahead of our expectations (ODDO BHF: $ 11.4bn) but in line with Vuma consensus ($ 12bn). This compares with $ 10.5bn EBITDA in H1 2018-19, i.e. +15% y-o-y. This increase is attributable to 1/ the iron ore division (59% of H1 2019-20 EBITDA) posting an EBITDA of $ 7.1bn (ODDO BHF: $ 6.9bn; consensus: $ 7.1bn vs $ 4.3b...

Alain William

BHP Group Plc : Underlying EBITDA in line with the consensus. Demand unaffected so far by the virus outbreak

>Underlying EBITDA in line with consensus expectations - BHP reported H1 2019-20 (financial year ending in June) underlying EBITDA of $ 12.1bn, i.e. well ahead of our expectations (ODDO BHF: $ 11.4bn) but in line with Vuma consensus ($ 12bn). This compares with $ 10.5bn EBITDA in H1 2018-19, i.e. +15% y-o-y. This increase is attributable to 1/ the iron ore division (59% of H1 2019-20 EBITDA) posting an EBITDA of $ 7.1bn (ODDO BHF: $ 6.9bn; consensus: $ 7.1bn vs $ 4.3b...

Alain William

ODDO : Growth and late-cycle commodities: favour AngloAmerican

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - >§p...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/18/2020

CaixaBank has seen a gradual but steady re-rating since last September, which will likely continue, amid reassuring signs of better operating momentum (upturn in Q3 2019) and the prospect of a less tough than expected outcome on the IRPH issue (decision beginning of March). The group should therefore reach its solvency target (FL CET1 ratio of 13% in 2021e) and favour shareholder returns (dividend CAGR of +25% over 2019-2021e, yield ~8% vs sector ~6%). Buy rating maintained, target pr...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/02/2020

CaixaBank s’est engagé depuis septembre dernier dans un processus graduel mais régulier de rerating, qui devrait se poursuivre, sur fond de momentum rassurant sur l’opérationnel (inflexion depuis le T3 2019) et de perspectives moins sombres qu’anticipé sur la problématique IRPH (décision début mars). Le groupe devrait ainsi atteindre son objectif de solvabilité (ratio CET1 FL 13% en 2021e) et favoriser le retour à l’actionnaire (TMVA 19/21 dividende +25%, rendement ~8% vs secteur ~6%)...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Michael Foundoukidis
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/27/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Michael Foundoukidis
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/01/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Nurhayati Wan

BHP Group

Philip Morrish

Value Indicator - UK Basic Resources 30122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis fof the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 30122019

Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Basic Resources 23122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 23122019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.

MarketLine Department

Cameco Corporation - Strategy, SWOT and Corporate Finance Report

Summary Cameco Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Cameco Corporation (Cameco) is a uranium producing company. It explores and processes uranium to produce uranium fuel for nuclear power plants. The company's operating properties include McArthur River and Key Lake, Rabbit Lake, Crow Butte, Inkai, Smith Ranch-Highland and Cigar Lake. It a...

MarketLine Department

Vedanta Resources Plc - Strategy, SWOT and Corporate Finance Report

Summary Vedanta Resources Plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Vedanta Resources Plc required for business and competitor intelligence needs - A study of the major internal and external factors affecting Vedanta Resources Plc in the form of a SWOT analysis - An in-depth view of the business model of Vedanta Resources Plc includi...

MarketLine Department

MMC Norilsk Nickel - Strategy, SWOT and Corporate Finance Report

Summary MMC Norilsk Nickel - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights MMC Norilsk Nickel (Norilsk Nickel) is an integrated metal and mining company in Russia. The company is engaged in prospecting, mining, exploration, concentration and processing of minerals. It also processes, markets and sells precious and base metals. The company’s product portfolio incl...

MarketLine Department

Antofagasta Plc - Strategy, SWOT and Corporate Finance Report

Summary Antofagasta Plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Antofagasta plc (Antofagasta) is a copper mining company. It explores, mines, processes, transports and markets a range of products, spanning bulk commodities and base metals. The company's portfolio of mining assets and resources include copper, gold, molybdenum and silver. It is also the pr...

MarketLine Department

Coal India Ltd - Strategy, SWOT and Corporate Finance Report

Summary Coal India Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Coal India Ltd (CIL) is a government owned coal mining company that produces coal and coal based products. The company’s portfolio of products include coking coal, semi coking coal, non-coking coal, hard coal, washed and beneficiated coal, coal fines, heavy oil and coke. The company operates o...

Expert Corporate Governance Service (ECGS)

BHP Group Plc - 17 October 2019

The Company operates as a Dual Listed Company (DLC). BHP Group plc is incorporated and listed in the UK while BHP Group Ltd is incorporated and listed in Australia. There are two external shareholder resolutions led by the Australasian Centre for Corporate Responsibility (ACCR). Co-filers of the resolutions are Australia’s Vision Super, the Netherlands’ ACTIAM, Denmark’s MP Pension and the Church of England Pensions. This proposal calls the BHP Group to suspend its membership of industry associations whose lobbying activities are not in line with the goals of the Paris Climate and, thus, with ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities consolidating We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency). Weakness within EM raises concerns that global equities may also succumb to weakness... see charts below. • Global equities consolidating. We take a look at the big picture, providing overviews on broad MSCI indexes (ACWI, ACWI ex-U.S., and EAFE)... see page 2. ...

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