Higher Near-Term Commodity Prices Lift BHP FVE to AUD 22 per share
We raise our fair value estimate for no-moat BHP Billiton to AUD 22 per share from AUD 20 per share previously. The increase reflects higher near-term earnings forecasts, primarily due to very strong commodity prices--particularly iron ore and metallurgical coal--in the past few months. We lift our 2018 forecasts for copper by 4% to USD 2.60 per pound, iron ore by 9% to USD 56 per tonne, and coking coal by 27% to USD 175 per tonne. We also raise our 2019 forecasts for iron ore by 22% to USD 47 p...
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