BHP Billiton's heavy investment through the China boom has diluted returns and destroyed the moat.
No change to our AUD 18.50 fair value estimate for no-moat-rated BHP Billiton. Adjusted first-half fiscal 2017 net profit after tax improved to USD 3.2 billion from USD 412 million a year ago. However, net profit was slightly softer than we forecast due to a slower decline in iron ore costs, lower realised prices for copper and coking coal, and a higher tax rate of 35%. BHP Billiton guides for an effective tax rate of 35%-40% for the full year. A stronger petroleum result was a partial offset wi...
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