BHP Billiton | Increased focus
BHP's FY '18 results were slightly softer than our expectations. Solid Free Cash Flow generation allowed BHP to continue its de-gearing efforts. Encouragingly, BHP's strong balance sheet should allow the Group to return the net proceeds from the Onshore US divestment to shareholders. Following the divestment of its Onshore US business, BHP's further simplified portfolio should allow the Group to focus on its underperforming assets.We believe that BHP could remain cautious in the short-term as the Group commented that “downside risks have increased†as rising trade protectionism could negatively impact global growth in 2019f and 2020f.
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